Bank Negara seeks feedback on payment card reform framework

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KUALA LUMPUR (Oct 14): Bank Negara Malaysia is seeking public feedback on the central bank's planned payment card reform framework.

In a statement today, Bank Negara said it was issuing a concept paper on the framework for public consultation.

"The framework aims to foster an efficient, transparent and competitive payment card industry in Malaysia, in line with the Bank’s statutory mandate under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, and the recommendations outlined in the Bank’s Financial Sector Blueprint.
 
"Members of the public, industry players and other relevant stakeholders are invited to provide written comments on this concept paper," Bank Negara said.

The framework aims to ensure that any increase in the acceptance cost of payment cards is reasonable by establishing an objective and transparent mechanism for the reimbursement of fees among players in the payment card industry.

The framework also introduces measures to promote greater usage and acceptance of cost-effective payment cards through the use of correct price signals and empowerment of merchants.

Bernama reported on August 7 this year that the review of the payment card industry was to facilitate point-of-sale terminals and encourage wider acceptance of debit cards to drive financial inclusion in the industry.