[UPDATED] BNM launches e-Duit to boost e-payment usage

PETALING JAYA – Bank Negara Malaysia (BNM) has launched the e-Duit campaign that highlights education to protect the money of e-payment users.

BNM deputy governor Datuk Abdul Rasheed Ghaffour said with the slogan “Selamat, Senang, Segera”, the campaign will run continuously for five years, in line with the Financial Sector Blueprint 2022-2026. 

“We aim to accelerate e-payment adoption among businesses and households by 15% per year for the next five years. In line with this aspiration, BNM and the payment industry will ensure readiness and access to various e-payment instruments such as payment cards, online payment, and a competitive QR code,” he said at the launch of the campaign and the unveiling of the official iTEKAD programme logo here today.

Rasheed said as a result of the joint efforts between the government and the payments industry, the use of e-payments has expanded in both urban and rural areas.

“Based on the Global Findex 2021 report by the World Bank, it is estimated that 79% of adults in Malaysia used digital or e-payments during the Covid-19 pandemic.

“To further benefit consumers, efforts are being expedited to implement cross-border payment facilities,” he added.

Rasheed also announced that five new financial institutions have joined the iTEKAD programme, making the total number eight so far.

First launched in 2020, iTEKAD is a “blended social finance programme to support low-income micro-entrepreneurs,” BNM said in a statement in conjunction with the launch.

The five new members are RHB Islamic Bank Bhd, Bank Rakyat (Bank Kerjasama Rakyat Malaysia Bhd), Bank Simpanan Nasional, Agrobank (Bank Pertanian Malaysia Bhd), and SME Bank (Small Medium Enterprise Development Bank Malaysia Bhd).

“The iTEKAD programme has produced a performance that it can be proud of, with 95% of its entrepreneurs having implemented online sales and 48% having successfully generated monthly sales of over RM4,000,” he noted. – Bernama, October 29, 2022