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Bank Negara Malaysia : Cash is costly for the economy

Mimi Sabreena 9:06:00 AM Informasi

KUALA LUMPUR (Aug 12): Bank Negara Malaysia said electronic-based payments may result in savings amounting to up to 1% of a country's economy due to lower retail payment cost versus cash transactions.

The Edge Malaysia business and investment weekly, in its latest August 14 - 20 issue, quoted Bank Negara payment systems policy department director Tan Nyat Chuan as saying the central bank had been advocating a cashless society as cash was costly for the economy.

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