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PUBLISHED: Oct 7, 2014 4:34pm

Campaign for more cashless payments

Credit Card Dollar

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KUALA LUMPUR, Oct 7:

The National Cards Group (NCG) is joining hands with relevant industry parties to encourage more local merchants to accept cashless payment.

“We will engage more merchants to adopt point of sales systems by the middle of next year, because the cost structure is much lower if they accept credit and debit card payments,” said chairman Perry Ong at the launch of the “Think Online Safety, Think CARD Campaign” here today.

He was asked to comment on some merchants setting minimum spending limits or slapping extra charges if consumers want to charge their bills to credit/debit cards.

The move towards cashless payment is in line with the government’s Economic Transformation Programme and Bank Negara Malaysia’s (BNM) vision to transform Malaysia into a cashless society, he added.

The two-month “Think Online” campaign, jointly rolled out by NCG and the Association of Banks in Malaysia, aims at educating consumers and enhancing their confidence in cashless transactions.

The four-step CARD refers to consumers “confirming” the confidentiality of the data they are sharing, “authenticate” the Web site being used (must have secure-signs), then “re-verify” their transactions via one-time passwords, as well as “detect” frauds on receiving any suspicious text messages.

According to BNM’s statistics, credit card transaction amounts (including overseas cards) in Malaysia recorded a 4.2% growth to RM100 billion last year, while debit card transaction amount surged 33% to RM11.5 billion.

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