Internet Accessibility Spurs RM11.5 Billion Cashless Transactions In Malaysia In 2023, Says Bank Negara

Deputy Digital Minister Datuk Wilson Ugak Umbong noted that this amount represents an increase from RM9.5 billion in 2022 and RM7.2 billion in 2021.
(Credit: TechTRP)

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Bank Negara Malaysia (BNM) registered a total of RM11.5 billion in cashless payment transactions last year, attributing the increase to the widespread availability of 4G and 5G coverage as well as internet services across the nation.

Deputy Minister of Digital, Datuk Wilson Ugak Umbong, highlighted that this amount marked a rise from RM9.5 billion in 2022 and RM7.2 billion in 2021, during a session in the Parliament on 27 March, according to Bernama.

Wilson stated, “The ministry will continue to collaborate with various parties in encouraging entrepreneurs to adopt cashless payment methods in line with technological advancements.

“In this regard, BNM is the leading agency in promoting the use of e-payments among consumers and businesses to facilitate easy and secure digital transactions.”

He further mentioned that through the Ministry of Communications’ Jendela initiative, efforts are underway to extend 4G network coverage nationwide, aiming to achieve 100% coverage in populated areas (CoPA) by 2025.

Additionally, Digital Nasional Berhad (DNB) will finalise the installation of 7,509 5G sites across the country to further enhance 5G accessibility.

Wilson expressed hope that with the attainment of 100% CoPA for 4G networks and the completion of 7,509 5G sites, the adoption of digital payments, particularly among small entrepreneurs, would proliferate nationwide.

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