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(MoneyNewsWire.Net, November 26, 2018 ) The Malaysian payment cards market registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 7%. In terms of transaction value, payment cards registered a review-period CAGR of 6.8%. Robust economic performance, improved banking infrastructure, new product developments and growing acceptance of card-based payments at POS terminals and on public transport were key factors driving growth. The adoption of Europay, MasterCard and Visa (EMV) standards, and the emergence of contactless technology also supported the growth.
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Malaysia’s central bank, Bank Negara Malaysia (BNM) is taking initiatives to encourage cashless and electronic payments, and has been striving to reduce the use of checks, expand merchant acceptance of electronic payments, and increase the adoption of cashless payments by the government, consumers and businesses. With initiatives such as these, and a shift towards electronic payments by banks and participating merchants, card-based payments are growing constantly both in value and volume terms.
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The growing use of Touch ‘n Go (TNG) payments on public transit systems have driven the growth of prepaid cards. TNG is a prepaid e-cash card launched in 1997, and was one of the first to offer contactless card transactions in the country. Initially developed as a toll card, TNG has expanded its application into areas such as public transport, parking, theme parks and some retail outlets. The card can be reloaded at multiple locations such as customer service centers on highways, some petrol stations, TNG ‘hubs’, and bank automated teller machines (ATMs) and cash deposit machines (CDMs).
Credit transfers were the country’s most popular and largest payment instrument. The main factors for this are Malaysia’s ATM network that facilitates interbank giro (IBG) transfers to third parties and interbank fund transfers, and government initiatives to make electronic fund transfers mandatory for all payments.
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BNM has also taken initiatives to encourage customers to use electronic payments and reduce check-based payments, announcing a reduction in IBG fees and an increase in check-processing fees. This is expected to drive the growth of electronic payments over the forecast period. However, stricter regulations on credit card issuance are expected to restrict the growth of credit cards.
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