The Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), a subsidiary of Bank Negara Malaysia (BNM), has rolled out new JomPAY platform to expand its bill payment efficiency.
JomPAY has been designed to significantly expand the bill collection coverage and reach for businesses and will accelerate Malaysia’s migration to e-payments.
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The bank expects to register 5,000 businesses on the online national bill payment platform JomPay within the next five years.
BNM deputy governor Datuk Muhammad Ibrahim said: "JomPAY provides greater efficiency, convenience and accessibility for the public to make bill payments. It also represents a conscious strategy that will contribute towards making the way we conduct financial transactions more efficient."
JomPay is a shared online infrastructure platform with access to 42 banks in Malaysia. Using JomPay, businesses can gain access to the banking system and accept online bill payments from their customers.
The platform will not charge any transaction fee when bill payments are made but banks will charge billers a certain fee based on the amount of transactions done.
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By GlobalDataIbrahim said: "With JomPAY, merchants only need to maintain a banking relationship with one bank, in order to receive bill payments from customers of all other banks.
"Over the next six years till 2020, together with the banking industry we plan to expand the payment card acceptance network from about 240,000 terminals to 800,000 terminals and further accelerate the use of debit cards.
"Therefore, there is still tremendous potential for greater efficiency and cost savings through the consolidation and expansion of the online bill payments market in Malaysia," he added.
