Malaysia Records Soaring E-Payment Growth: 9.5 Billion Transactions in 2022

Bank Negara Malaysia (BNM) reports a remarkable increase in e-payment transactions in Malaysia, with 9.5 billion transactions recorded in 2022, compared to 7.2 billion in the previous year. Each Malaysian, on average, made 291 e-payment transactions in 2022, a significant rise from 222 transactions in 2021. BNM aims to make e-payment accessible to all segments of society and continues to promote e-payment through campaigns and pilot projects.

16 October 2023 – Malaysia’s electronic payment landscape has witnessed substantial growth, thanks to the collaborative efforts and commitment of both public and private sectors, urban and rural communities, according to Bank Negara Malaysia (BNM). Assistant governor Abd Rahman Abu Bakar announced that e-payment transactions surged to 9.5 billion in the previous year, a substantial increase from 7.2 billion in 2021.

In a statement released on a recent Saturday, Abd Rahman highlighted that each Malaysian conducted an average of 291 e-payment transactions in 2022, a significant rise from the 222 transactions reported in 2021. He also noted that the momentum continued with over 100,000 QR code registrations during the first three months of the current year, accumulating to 1.7 million registrations in the first quarter of 2023.

Abd Rahman emphasized the importance of sustaining this growth by encouraging the industry to support micro and small traders in adopting e-payment solutions into their businesses. He conveyed these remarks during the eDuit Desa Jom Cashless Programme event in Bagan Nakhoda Omar, Selangor.

Addressing concerns about transaction fees on DuitNow QR payments for merchants, Abd Rahman acknowledged that the industry has taken steps to mitigate the impact on businesses. Several major banks and non-bank financial service providers have pledged to continue waiving transaction fees for micro and small businesses receiving payments via DuitNow QR.

He also stressed that BNM’s primary objective, working alongside financial sector institutions, is to ensure that the convenience of e-payment is accessible to individuals across all segments of society, including those in urban and rural areas. E-payment is lauded as a secure, convenient, and instant payment method.

Abd Rahman revealed that the e-Duit campaign, initiated the previous year, would be extended to further raise awareness about the benefits of e-payment. He cited the success of the pilot e-Duit project on Pulau Redang, where 70% of local businesses adopted e-payment, resulting in a notable transformation of the island’s economy. The positive outcomes included enhanced safety and convenience, increased revenue, and economic opportunities through tourism.

In conclusion, Abd Rahman emphasized that grassroots efforts such as the e-Duit campaign could stimulate domestic economic growth and empower small and medium enterprises, contributing to the realization of the National Entrepreneurship Policy 2030 and elevating Malaysia towards the status of an advanced nation. – ref: The Edge Malaysia

Author: Terry KS

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