Bank Negara governor says effective July next year, the instant transfer fee of 50 sen will be waived for up to RM5,000 per transaction.
KUALA LUMPUR: Bank Negara Malaysia has taken further steps to enhance its e-payment platform, paving the way towards a cashless society.
Bank Negara governor Muhammad Ibrahim said effective July 1 next year, the instant transfer fee of 50 sen will be waived for up to RM5,000 per transaction made by individuals and small medium enterprises (SMEs).
However, the cheque fee will be increased from 50 sen to RM1.00, beginning Jan 2, 2021, to reflect the higher processing cost.
“The soaring digital economy will need an e-payment method which is a critical component that could increase productivity and be more cost efficient,” he said at the Payment System Forum and Exhibition here today.
Source : http://www.freemalaysiatoday.com/category/nation/2017/12/08/malaysia-moving-towards-a-cashless-society-say-bank-negara/