Bank Negara Malaysia (BNM) has revealed several interesting statistics regarding e-payment transactions, showcasing its strong growth in our country. In a speech by Assistant Governor Abd Rahman Abu Bakar, Malaysia recorded 9.5 billion e-payment transactions in 2022.
This is over 2.3 billion more than the previous year, with each Malaysian making 291 e-payment transactions on average last year. This statistic is set to increase this year too as more businesses adopt cashless transactions.
In the first 3 months of 2023, 100,000 QR code registrations were recorded, with overall registrations totalling 1.7 million as of 2023’s first quarter. Abd Rahman hoped that this growth would further increase with commitment from the industry to continue helping micro and small traders adopt e-payment into their businesses.
Accordingly, the Assistant Governor said that the industry had taken appropriate steps to reduce the effects of the DuitNow QR payments transaction fee imposed on merchants. For example, major banks and various non-bank financial service providers had announced that they would continue to waive the transaction fee on micro and small businesses receiving payments via DuitNow QR.
He thus stressed that BNM’s goal, together with financial sector institutions, is to ensure the convenience of e-payment can be enjoyed by all levels of society, whether in urban areas or villages. Abd Rahman also noted that the strong growth achieved in the use of e-payment was due to cooperation and commitment from the public and private sectors as well as urban and rural communities.
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