Malaysian Cards & Payments Sector Evaluated by Timetric in New Research Report Now Available at MarketPublishers.com18 Nov 2015 • by Natalie Aster
LONDON – Malaysia’s central banks such as Bank Negara Malaysia (BNM) and its wholly-owned subsidiary Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) launched in Aril 2015 JomPAY – national bill payment scheme to promote electronics payments across the country. The service is supported by 42 banks offering a common payment platform for local consumers to pay their bills using mobile or online banking channels. Customers can make bill payments without charge to any merchant registered with JomPAY using a current account, savings account or a credit card.
On January 2, 2015, BNM launched the e-Payment Incentive Fund (ePIF), forcing banks to divert check-processing rates and fees to encourage customers to adopt electronic payments, by providing such initiatives as waiving e-payment transaction, security token and monthly maintenance fees. In 2013, BNM raised check-processing fees and reduced charges for Inter Bank Giro (IBG) online or mobile transactions. These initiatives are anticipated to drive electronic payments through to 2019.
BNM launched the Malaysian Chip Card Specification (MCCS) initiative in 2014, as part of a shift towards MasterCard, Europay, Visa, (Europay MasterCard Visa) standards. Complete migration to EMV standards with contactless functionality is set to end by January 1, 2018. Thus, from 2015, banks will likely gradually begin substituting local debit cards with EMV-compliant cards with contactless functionality. This is poised to further drive the value and volume of debit card transactions.
New report “The Cards and Payments Industry in Malaysia: Emerging Trends and Opportunities to 2019” developed by Timetric provides an extensive analysis of Malaysia’s card and payments sector. It examines the prevalent market trends, provides volumes and values for a set of key performance indicators in the industry, including direct debits, check payments, credit transfers, payment cards and cash transactions during 2010-2014. The report gives an assessment of a variety of payment card markets in the industry and presents granular information on the number of cards in use, and transaction volumes and values during the analysis period and through to 2019. It also canvasses the country’s competitive scene, comprising market shares of card-issuing banks and schemes.
The Cards and Payments Industry in Malaysia: Emerging Trends and Opportunities to 2019
Published: November, 2015
Price: US$ 3,995.00
More studies by the publisher can be found at Timetric page.