BNM is actively promoting the migration to e-payment agenda. Since cheques are paper-based, why is BNM making the paper-based payment instruments more efficient?
While there has been a shift in the payment mode from cheques to more electronic payments in the recent years, cheques still account for a significant portion of non-cash retail transactions, at 93% in 2007. Hence, enhancing the efficiency of cheque clearing is still an important area of focus for BNM in efforts to lower the cost of doing business. Besides, the experience in the United States has shown that cheque conversion is a necessary prelude to transforming such paper-based payment modes into e-payments.
Related Questions
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