Bank Negara Malaysia (BNM) has launched a new pricing strategy for payment services that will clear the price difference between e-payments and cheques.
As per the new pricing strategy, the fee for Interbank GIRO (IBG) transaction conducted through Internet and mobile banking is capped at MYR0.1 ($0.03), which was effective from 2 May 2013, compared to MYR2 previously.
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Similarly, for processing a cheque, a fee of MYR0.5 ($0.15) was supposed to be imposed from 1 April 2014.
However, it was noticed that many federal and state government agencies did not install the devices that accept e-payments. Therefore, BNM will now impose the cheque processing fee of MYR0.5 ($0.15) from 2 January 2015.
The initiation of the new pricing strategy has tripled the monthly growth rate to 6% or 10 million IBG transactions during May to December 2013, compared to 2% or six million IBG transactions in the preceding eight months.
Cheques issuance has also come down from 1 million cheques in 2012 to 6.7 million cheques in 2013.
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By GlobalData
