Malaysian banks will use cheque fees to incentivise electronic payments
Central bank spends $107 million a year on banknotes and coins
Malaysian banks will use their cheque-processing fees to incentivise customers to adopt e-payments from January 2, 2015, under a new scheme unveiled today by Bank Negara Malaysia's deputy governor, Muhammad bin Ibrahim.
This was one of six strategic measures announced by the deputy at the Payment System Forum and Exhibition 2014 in Kuala Lumpur, as the central bank looks to accelerate the pace of the country's migration to e-payments, and reduce the use of cash and cheques.
Implementation of the
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