KUALA LUMPUR: Six strategic measures will be undertaken by Bank Negara Malaysia (BNM) to accelerate the pace of the country’s migration to e-payments, in a move to reduce the use of cash and cheques in the financial system.

BNM Deputy Governor Muhammad Ibrahim said an additional 50,000 Point-of-Sale terminals would be deployed in 2015, targeting the lower-tier merchants to promote the acceptance and usage of debit cards among consumers.

“We also need to expand and redouble efforts to raise the level of awareness on basic safety steps to deter payment fraud such as the recent ‘Think Online Safety, Think C.A.R.D.’ campaign,” he said at the Payment System Forum and Exhibition 2014 held here, today.

Muhammad said the industry should ensure the timely implementation of JomPAY, a national bill payment scheme that increases the efficiency and convenience of online bill payments by consumers and businesses across the country.

“Banking institutions should conduct regular reviews on the adequacy and robustness of payment system risk management measures and the effectiveness of consumer protection measures,” he added.

Muhammad said the industry should also keep its customers informed of dispute resolution procedures in the event of fraud, and step up efforts to maintain public confidence and trust.

Meanwhile, Muhammad said that with 45 million debit cards for a population of 30 million, Malaysia is well-positioned to migrate from a high dependency on cash usage to the cost-effective debit cards.

“Greater use of debit cards will minimise the country’s retail payments cost and contribute to greater savings and efficiency,” he added.

Based on a study conducted by the central bank, he said the total cost incurred by the banking industry, the business community and BNM in cash handling and management, was estimated at around RM4.8 billion in 2012.

This, Muhammad said, had imposed an unnecessary cost to the economy as cash is an expensive payment instrument. - BERNAMA