Bank Negara unit MyClear targets 393% JomPAY biller growth by 2020

PETALING JAYA (Oct 19): Bank Negara Malaysia wholly-owned subsidiary Malaysian Electronic Clearing Corp Sdn Bhd (MyClear) expects to secure 5,000 billers for its JomPAY scheme by 2020, from the current 1,013 entities, as more businesses and consumers migrate to electronic-payment platforms.

The 5,000-biller target is a 393% rise from the current 1,013 entities.

JomPAY allows customers to pay their bills via Internet-based mobile-banking platforms.

MyClear managing director Peter Schiesser said JomPAY bill-payment volume in the first nine months of 2016 had grown more than 500% from a year earlier.

“We expect the growth momentum to continue,” Schiesser said in his speech at the JomPAY Drive Home a BMW Campaign's prize presentation ceremony here today.

Source : The Edge Markets / 19 October 2016