eduit

Bank Negara Malaysia Launches e-Duit Desa Program in Yan, Kedah

On November 16, 2024, Deputy Governor of Bank Negara Malaysia (BNM), Marzunisham Omar, officially launched the e-Duit Desa program in Guar Ghempedak, Yan, Kedah. The event marks a significant step towards advancing e-payments and promoting financial inclusion in Malaysia, particularly in rural areas.

Growth of E-Payments in Malaysia

In his speech, Marzunisham highlighted the rapid growth of e-payments in Malaysia, with a notable increase in transactions. In 2023, Malaysians conducted 11.5 billion e-payment transactions, a 24% rise from the previous year. The use of DuitNow QR codes has doubled, with 360 million transactions amounting to RM14.6 billion. The growing adoption of e-payments is attributed to over 2 million merchants, most of whom are micro-merchants.

This surge in e-payment transactions aligns with BNM’s target of achieving 400 e-payment transactions per capita by 2026. The deputy governor noted that the increasing use of e-payments reflects a shift in people’s lifestyles, with more individuals embracing digital payment methods due to their security, convenience, and speed.

The Benefits of E-Payments

Marzunisham emphasized that e-payments are safe to use, with banks implementing various measures to protect against cyber threats and scams. E-payments also reduce the risks associated with handling cash, allowing users to make payments without carrying large sums of money and helping merchants reduce the need to store large amounts of cash.

Additionally, e-payments like DuitNow QR are easy to use. With just a simple scan of a QR code, payments can be completed instantly. The registration process for merchants to accept DuitNow QR is also simplified, especially for those who already have an account with the relevant bank or e-wallet provider.

The immediacy of e-payments benefits businesses as well, with payments received directly into merchants’ accounts. This allows for better cash flow management, and the data recorded from transactions can help build a credit profile for merchants to access financing from financial institutions.

Expanding Access to E-Payments

BNM, along with the financial industry and government, is committed to ensuring that every individual, regardless of background or location, has access to safe, convenient, and instant e-payment services. The e-Duit Desa program aims to bring e-payment awareness and confidence to rural communities, helping them adopt digital payment methods securely.

Since its launch in 2020, the e-Duit Desa initiative has expanded significantly, with nine programs launched in 2024 alone. Marzunisham also acknowledged the efforts of the Kedah State Government for its support, with many local departments and agencies offering e-payment platforms to residents.

Combating Financial Crimes

While the benefits of e-payments are clear, Marzunisham also cautioned about the risks associated with online financial crimes, including scams. He urged the public to adopt the “Soal, Sekat, Sebar” (Question, Block, Share) approach to protect themselves from fraud. This involves questioning any suspicious financial offers, blocking potential scams, and sharing information about scams with family and friends.

He also advised against participating in mule accounts and to remain vigilant to the tactics used by financial scammers. In the event of becoming a victim of fraud, Marzunisham encouraged individuals to report the incident to their bank or the National Scam Response Centre (NSRC) via the hotline.

Acknowledging Partnerships

In his closing remarks, Marzunisham expressed gratitude to the various partners involved in the e-Duit Desa program, including the Kedah State Government, Bank Simpanan Nasional, Bank Kerjasama Rakyat Malaysia, Bank Islam, Maybank, Public Bank, Touch ‘n Go, and PayNet. He emphasized that the success of the program would not have been possible without the collective effort of these stakeholders.

Moving Forward

The e-Duit Desa program is expected to serve as a catalyst for the widespread adoption of e-payments, particularly in Kedah. Marzunisham hopes that the initiative will empower communities in rural areas to embrace digital payments, further contributing to Malaysia’s digital economy and ensuring that financial services are accessible to everyone across the nation.

Source: https://www.bnm.gov.my/-/dgmo-spch-eduit1124

Comments are closed.