Bank Negara Malaysia has issued a consultation paper on the Payment Card Reform Framework.
The framework ultimately aims to foster an efficient, transparent and competitive payment card industry in Malaysia, according to the central bank's press statement. This is in line with the central bank's statutory mandate under the Financial Services Act 2013, the Islamic Financial Services Act 2013 and the recommendations outlined in the central bank's Financial Sector Blueprint.
The central bank also stated that framework will ensure that any increase in the acceptance cost of payment cards is reasonable. This can be achieved by establishing an objective and transparent mechanism for the reimbursement of fees among players in the payment card industry.
Besides that, the framework will introduce measures to promote greater usage and acceptance of cost-effective payment cards through the use of correct price signals and empowerment of merchants.
The consultation paper is now available on Bank Negara Malaysia's website. Interested parties may email their comments to firstname.lastname@example.org by 10 November 2014.
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