“Our objective is to get the entire industry to participate to encourage usage of e-payment gradually,” said MyClear managing director, Mohd Suhail Amar Suresh.
The company will officially launch the service by this September, he told reporters at MyClear FPX/Direct Debit Top Merchant Award 2011 here today.
“Users can transfer money to anyone just by knowing his or her phone number,” he said, adding that the charges are expected to be equivalent to doing one short message service (SMS).
The company’s mobile banking service, namely MyMobile, allows bank customers to access their bank accounts via mobile phone.
Currently, MyClear, a wholly-owned subsidiary of Bank Negara Malaysia (BNM), is conducting a pilot test on this service with three banks and telecommunication companies (telcos).
The banks are Maybank, CIMB and Public Bank while the telcos are Celcom, DiGi and Maxis.
Wider range of consumers
On the Financial Process Exchange (FPX) service, Suhail said the company will extend its operational hours to 24 hours a day, seven days a week by year-end.
He said the service will be expanded to offer payment via credit cards to attract a wider range of consumers.
MyClear has budgeted over RM2 million to enhance security and equipment every year to improve service and continously fund its capital expenditure through service fee, he said.
A high take-up of the FPX and Direct Debit services with 30% transaction volume growth rate, month on month, will contribute to building a payment eco-system that is highly efficient in terms of convenience, fast, security and cost, he added.
“Indeed, the number of transactions has increased significantly to over one million transactions as at the end-2011.
“To date, we have a combination of 13 banks offering the two services to their customers involving over 800 merchants,” he said.
The number of e-payment usage was at 50-55 transactions per capita currently, Suhail said.
In December last year, BNM launched its Financial Sector Blueprint with a key objective of increasing the number of e-payment usage to 200 transactions per capita by 2020 from only 44 transactions in 2010.