70215
E-Payments Becoming a Norm in Malaysia
E-Payments Becoming a Norm in Malaysia

E-Payments Becoming a Norm in Malaysia

E-Payments Becoming a Norm in Malaysia

Bank Negara Malaysia said electronic-based payments may result in savings amounting to up to 1% of a country’s economy due to lower retail payment cost versus cash transactions, theedgemarket reported. The Edge Malaysia business and investment weekly, in its latest August 14-20 issue, quoted Bank Negara payment systems policy department director Tan Nyat Chuan as saying the central bank had been advocating a cashless society as cash was costly for the economy. “A study by the European Central Bank in 2012 found that countries with high usage of cash and checks incurred an annual retail payment cost of up to 1.43% of gross domestic product, whereas countries with high adoption of electronic payments incurred an annual retail payment cost as low as 0.42% of GDP. So, going from paper-based to electronic payments could save a country up to 1% of GDP. These savings are significant,” Tan told The Edge Malaysia. He said financial technology disruption in Malaysia’s payment backdrop was inevitable as electronic-based transactions became a norm here.

 

Short URL : https://goo.gl/osgSCg
  1. https://goo.gl/YoA7WV
  • https://goo.gl/qgpQxE
  • https://goo.gl/UWQ58J
  • https://goo.gl/zNfdMT
  • https://goo.gl/LEQ981

You can also read ...

Lower-income families, already pinching pennies, are most exposed, given the likelihood of tariff-related price increases on everyday items.
China canceled trade talks with the US and will no longer send...
Apple Begins Selling IPhone XS, XS Max Worldwide
Apple’s newest iPhone XS went on sale worldwide Friday as...
Dairy Exports Hinder US-Canada Deal
One of the last remaining points of contention in the trade...
Turkey, Venezuela Plan to Use Local Currencies
Turkey and Venezuela are eager to use local currencies in...
EU foreign affairs chief Federica Mogherinia (L) and Transport Commissioner Violeta Bulc present the proposal  for an EU strategy for connecting Europe and Asia.
While European Union leaders were in the middle of another...
Japan to Resist New Auto Tariffs
The Japan-US ministerial-level trade talks scheduled on Monday...
Pakistan Seeks  to Increase  Exports to China
In a positive development, an important mission from China is...
Taiwan Consumers More Upbeat on Economy
Confidence in Taiwan’s economy edged higher in September after...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus