BAU: Malaysia has witnessed a significant surge in electronic payments (e-Money) with citizens increasingly embracing digital transactions.
According to statistics released by Bank Negara Malaysia in its 2022 Annual Report, data reveals a remarkable transition toward e-payments, with individuals in Malaysia conducting an average of 291 e-Money transactions in 2022, up from 221 transactions in the previous year.
BNM chief here Irman Mohd Din said this at the launch of e-Duit at the Great Baruk Hall, Kampung Serikin, here Saturday (Sept 30).
“Moreover, in the first half of 2023, the country experienced a staggering 20.9 per cent increase in electronic transactions compared to the same period in the previous year,” he said.
“Transaction values also soared, rising by 6 per cent to reach RM12.7 trillion within the same timeframe.
“These statistics underscore the growing confidence of both traders and consumers in adopting e-Money as a preferred mode of payment.
“This trend aligns with Malaysia’s push toward a digital economy, where the convenience and efficiency of e-payments are becoming increasingly evident,” Irman said.
The surge in e-Money transactions, he added, is not only attributed to consumer preferences but also driven by government initiatives promoting digital literacy and the advantages of digital payments.
As Malaysia continues to navigate its digital transformation, the financial landscape is evolving rapidly, with e-Money poised to play a pivotal role in shaping the nation’s economic future, he said.
He said financial experts and authorities are emphasising the importance of digital financial literacy to ensure the safe and secure use of e-Money, as well as to protect consumers from potential financial fraud and scams.
Towards this end he assured that BNM recently implemented measures to enhance the security of digital transactions, reassuring users and small-scale merchants that transaction fees will remain at zero per cent, dispelling any concerns about increased costs for using e-payments.
“As the nation observes Financial Literacy Month in October, there is a renewed focus on educating Malaysians about the benefits and responsible usage of e-Money. Authorities are urging citizens to stay informed, vigilant, and proactive in safeguarding their financial interests while actively participating in the digital economy.
“In light of these developments, the Serikin e-Money Campaign, which promotes the motto of ‘Safe, Convenient, and Prompt’ e-payments, has gained momentum. This campaign, along with other educational initiatives, aims to empower individuals and businesses with the necessary skills to navigate Malaysia’s evolving financial landscape securely.
“With the rise of e-Money transactions and the commitment to financial literacy, Malaysia is well-positioned to continue its journey toward a thriving digital economy, offering convenience and security to its citizens while bolstering economic growth,” he said.
