This post is also available in:
简体中文 (Chinese)
A report from Bank Negara Malaysia (BNM) shows that the volume of electronic payment transactions will reach 11.5 billion in 2023, an increase of 23.7% from the previous year.
It is expected that the annual growth rate of per capita electronic payment transaction volume will exceed 15% from 2022 to 2026. Credit transfer services account for 43% of the market share, and DuitNow Transfer has a growth rate of 32% and accounts for 39% of the market share. The central bank emphasized the increased acceptance of electronic payments by small businesses, especially the widespread adoption of DuitNow QR code transactions, which are low-cost and convenient.
At the same time, the National Bank is exploring the potential of central bank digital currency (CBDC) and will strengthen internal exploration work in 2024.
Finally, the central bank will continue to ensure the safety, efficiency and reliability of payment systems and the money services industry, promote wider use of electronic payments, and promote the adoption of emerging technologies in the financial system.
(Source: Bernama Image source: freepik)
