Urgent Action Needed to Reap Potential with Debit Card Use
The debit card is being leveraged as a key enabler in Malaysia going cashless. However, there are a number of industry issues and bottlenecks that need to be addressed by the industry regulator as well as industry participants. Failure to address these issues and bottlenecks may result in the inability of banks to achieve KPI set by the industry regulator. This will result in a delay in achieving the intended primary national agenda of migration to e-payments. Hence, it is imperative that the industry regulator together with industry participants take the necessary steps to overcome challenges in order to achieve the primary national agenda of migrating to e-payments. Amongst key findings, the survey showed that only 73% had used their debit card during Jan-Mar 2017 and if the respondent had not used their debit card during Jan-Mar 2017, there is a 50% chance of them not using it again.
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