A slide, a touch and a beep: such is the easydoings of electronic payments in today’s era of effortless payments.
Accelerating consumer’s migration to electronic payments (e-payments) in its move to realise cost savings and benefits has become a part of thw government’s agenda to increase the efficiency of the nation’s payment systems.
To underscore the importance of e-payments and to drive this agenda forward, Bank Negara Malaysia released its Financial Sector Blueprint 2011-2020, which charts the future direction of the financial system over the next ten years.
Electronic payments for greater economic efficiency is one of the nine focus areas under the Blueprint to drive Malaysia’s transition to a high value-added, high-income economy with adequate safeguards to preserve financial stability. The central bank is working towards accelerating the migration to electronic payments.
For Sarawak, plans are in place to hasten its digital economy with a targeted 17.4 per cent contribution to the state’s gross domestic product (GDP) by 2025.
Chief Minister Datuk Patinggi Abang Johari Tun Openg said that as a late starter, the state’s digital economy was only expected to contribute 2.3 per cent this year to the state’s GDP.
“Under the Sarawak digital economy strategy (2018-2022), we have established a number of new and transformational initiatives to drive the growth and development of the state’s digital economy.
“Among the initiatives, Sarawak has set up the Sarawak Multimedia Authority, Sarawak Digital Economy Corp and Development Bank of Sarawak to spearhead the state’s development of the digital economy. Sarawak will leverage on the establishment of the first digital free trade zone outside China in Malaysia,” he added when opening the inaugural Sarawak-China business forum here.