Cashless Transaction Hits RM11.5 Billion In 2023: BNM

Bank Negara Malaysia announced that it recorded a total of RM11.5 billion in cashless payment transactions last year, mainly contributed from the availability of better 4G and 5G coverage and Internet services throughout the country.

Deputy Digital Minister Datuk Wilson Ugak Umbong said the amount shows an increase compared to RM9.5 billion in 2022 and RM7.2 billion in 2021. “The ministry will also continue to collaborate with various parties in an effort to encourage entrepreneurs to use cashless payment methods in line with the development of technology. “In this regard, BNM is the leading agency in promoting the use of e-payments among consumers and merchants to promote easy and safe digital transactions,” he said

The Deputy Minister added through the JENDELA project implemented by the Ministry of Communications previously, 4G network coverage has been expanded throughout the country so that 100 percent coverage in populated areas (CoPA) can be achieved by 2025. Additionality DNB will also complete 7,509 5G sites throughout the country to further increase 5G access.

With this he hopes that the use of digital payments, especially among small entrepreneurs, will expand throughout the country.

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