Bank Negara unveils payment card reform framework

The framework will see consumers being able to use payment cards more widely.

PETALING JAYA: Bank Negara has issued the payment card reform framework as a standard under the Financial Services Act 2013 and the Islamic Financial Services Act 2013 to encourage an efficient, transparent and competitive payment card industry.

“The framework seeks to ensure that the cost of accepting payment cards is fair and reasonable through the establishment of an objective and transparent mechanism for the reimbursement of fees among payment card network participants,” Bank Negara’s statement said.