Efforts intensified for migration to e-payment

KUALA LUMPUR: As the usage of cash and cheques remains prevalent in Malaysia, efforts should be intensified to migrate to e-payment since the potential cost savings and efficiency gains are quite substantial, says Bank Negara director of payment system policy department Tan Nyat Chuan.

He said the usage of cheques per capita was 6.9 in 2012 compared with an average of 0.2 in advanced countries while the cash currency in circulation over gross domestic product (GDP) was about 6.1%, higher from an average of 3.8% in advanced countries.