KUALA LUMPUR, Oct 14 ― Bank Negara Malaysia (BNM) today released a concept paper on the Payment Card Reform Framework for public consultation to foster an efficient, transparent and competitive payment card industry.
It is in line with the BNM's statutory mandate under the Financial Services Act 2013 and the Islamic Financial Services Act 2013 and the recommendations outlined in its financial sector blueprint.
The framework is 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 introduces measures to promote greater usage and acceptance of cost-effective payment cards through the use of correct price signals and empowerment of merchants.
Members of the public, industry players and other relevant stakeholders are invited to provide written comments on the concept paper to [email protected] before November 10, 2014. ― Bernama
