ePayments Can Help Country to Save 1% GDP Annually

Sept 4, 2013 (Wed): Under Bank Negara Malaysia’s (BNM) financial sector blueprint, Malaysia aims to reduce currency in circulation (CIC) over gross domestic product (GDP) from current 6.0 per cent to 4.6 per cent, same level as that of advanced countries, within the next seven years.

According to BNM deputy governor Datuk Muhammad Ibrahim, there is a lot of room for improvement for Malaysia to migrate to using e-payment as a mechanism and the migration can save the country about 1.0 per cent of GDP annually, Business Times reported. However, Muhammad said cheques and cash remain prevalent in Malaysia.