Finance Minister: Utilising Cashless Systems Can Reduce Corruption
Author Avatar


Finance Minister: Utilising Cashless Systems Can Reduce Corruption(Image: Juice Online)

According to Finance Minister Lim Guan Eng, utilizing cashless payment systems in the country may help reduce the corruption rate in Malaysia.

Based on Bank Negara Malaysia’s data, cash worth RM106bil was circulating in the Malaysian economy in 2018 or about 7.4 GDP. Even though the use of cash is relatively high in Malaysia, the recorded amount in 2018 was lower than the previous two years (7.7% in 2017 and 7.9% in 2016). This is widely attributed to the wider usage of both mobile and online payments.

Lim Guan Eng said that since corruption happens because of cash, adopting the cashless system makes it easier to trace corruption. “Corruption happens because of money. Practising the cashless system makes it easy to trace corruption as it has a paper trail,” he said.

(Image: Shopback)

The Finance Minister mentioned that even though the adoption of e-wallets in Malaysia is still considerably low compared to cards and online banking, the local industry offers tremendous growth potential. There are currently more than 40 digital wallets adopted locally including Maybank Anytime Everyone, FavePay, Boost, AliPay, GrabPay, TNG eWallet, and WeChat Pay MY.

(Source: The Sun Daily, The Star)


0 0 votes
Article Rating


Comments (0)

Notify of
Inline Feedbacks
View all comments
Top e-wallet Articles
Post Image
Shopping Responsibly, Is ‘Buy Now, Pay Later’ The Way To Go?
Katrina Balan Quiroz
- 18th June 2021
E-commerce has experienced a boom over the last year with an 87% growth in 2020 compared to 2019 […]
Post Image
How To Pay TNB Bills With Boost, GrabPay, And Touch ‘n Go eWallet
Pang Tun Yau
- 13th February 2020
In recent months, e-wallets (and even Shopee and Lazada) began offering bill payment options, which means Malaysians can […]
Post Image
GrabPay DuitNow QR Supports Seamless Digital Payments For Both Consumers And Businesses
The RinggitPlus Team
- 15th June 2021
It’s a timely launch by Grab, as many Malaysians have adopted contactless payments during the pandemic in an […]
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image