Yet, quietly and without fuss, Bank Negara Malaysia (BNM_official), Malaysia's central bank, has been the enabler for e-payment adoption for years. epayment Malaysia Adoption BNM MyDIGITAL eDuit EconomicOutput GlobalFindex2021 microSME
Real-time transactions unlocked US$394mil of additional economic outputSome banks in Malaysia have recently begun talking about creating the first cashless kampung in the country. Yet, quietly and without fuss, Bank Negara Malaysia , Malaysia's central bank, has been the enabler for e-payment adoption for years., an e-payment initiative on Redang Island. The program recorded an impressive 73% migration to e-payment among the small merchants and businesses across the island.
The campaign is timely as e-payment usage has spiked and stayed high over the course of the pandemic. The Global Findex 2021 report by the World Bank estimated that 79% of adults in Malaysia used e-payments during the pandemic. In the 2021 Real-Time Report of Payments by ACI Worldwide, a US-based real-time payments provider, Malaysia was rated the third fastest growing market for real-time payments with a CAGR of 83.9%. Based on the report, Malaysia recorded 1.
More merchants have been onboarded to accept payments via QR code – 1.4 million merchants registered a DuitNow QR code in 3Q 2022 .A standout aspect of any BNM initiative in the e-payment space is its strong belief in partnering with relevant stakeholders. This is evident across all of its many initiatives.
BNM has also partnered with key stakeholders such as the Ministry of Trade and Consumer Affairs via the Retail Sector Digitalisation Initiative , financial institutions, local authorities, business chambers and consumer associations to encourage the adoption of e-payment.
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