MEPS to deploy 1,580 non-bank ATM's within five years

Malaysian Electronic Payment System Sdn Bhd (MEPS) has allocated RM60 million to install 1,580 non-bank automated teller machines (ATMs) throughout Malaysia within five years, said Group Managing Director, Zulkarnain Kassim.

The non-bank ATM promises simplicity and security for the convenience of customers.

Since its formation in 1996, Zulkarnain said MEPS had become a significant payment player in the Malaysian financial services sector.

"It has evolved from its role of being a mere ATM switch infrastructure provider to an emerging provider of payment services, he added.

To date, MEPS has deployed 134 ATMs with the aim of having 200 available by year-end.

It also plans to deploy 360 ATMs annually with the focus on Peninsular Malaysia and to Sabah and Sarawak by the third quarter of 2014.

With the tagline, "ATM for All" MEPS offers a variety of services ranging from cash withdrawals and balance enquiries at 15 participating local and foreign banks.

This is in addition to cross-border cash withdrawals and e-payment services.

It will also be introducing the dynamic currency conversion for foreign cardholders by the third quarter of next year.

"This initiative is being carried out in support of the Government's Economic Transformation Programme and Bank Negara Malaysia's aspiration of a cashless society," said Zulkarnain.

He was speaking at the MEPS launch of Malaysia's first non-bank ATM at the Ritz-Carlton Kuala Lumpur hotel here today.

The event was officiated by Bank Negara Malaysia Deputy Governor, Datuk Muhammad Ibrahim.

In his speech, he welcomed the move by MEPS as it facilitates the pooling of resources and promotes efficiency as well as cost effectiveness, while providing the public with more points of access.

He also said the move would increase the capability of the financial sector in elevating the migration of users to the e-payment system.

"Basic payment infrastructure should not be a tool of competitive edge, but rather, a means to reduce costs and adopt a common standard.

"A successful migration has the potential to drive further efficiency and cost savings, while improving the country's competitive position.

"E-payments can save the country about one per cent of the Gross Domestic Product annually," Muhammad added.