Bank Negara Malaysia is issuing a concept paper on the payment card reform framework for public consultation.
BNM said on Tuesday the framework’s objective is to ensure an “efficient, transparent and competitive payment card industry in Malaysia.
This is in line with BNM’s statutory mandate under the Financial Services Act 2013 and the Islamic Financial Services Act 2013 and the recommendations outlined in the Bank’s Financial Sector Blueprint.
“The framework seeks to ensure that any increase in the acceptance cost of payment cards is reasonable by establishing an objective and transparent mechanism for the reimbursement of fees among players in the payment card industry.
“Complementing the mechanism, the framework, among others, also introduce measures to promote greater usage and acceptance of cost-effective payment cards through the use of correct price signals and empowerment of merchants,” it said.
BNM urged the public, industry players and other relevant stakeholders are invited to provide written comments on this concept paper and email to payment@bnm.gov.my latest by Nov 10, 2014.
