MyClear eyes 5,000 billers for JomPAY by 2020

Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), which has launched the JomPAY platform, aims to attract 5,000 biller codes by 2020, from the current 116. JomPAY, which commenced pilot operations four months ago, is a shared infrastructure platform to significantly expand the bill collection coverage and reach for businesses. MyClear Managing Director Peter Schiesser said once a business signs up for JomPAY, all 42 banks in Malaysia would work 24 hours a day, seven days a week to collect payments for the business at minimal cost. "The cost for businesses will vary according to the banks. But it is absolutely free for customers paying their bills," he told a press conference after the launch of JomPAY by Bank Negara Malaysia Deputy Governor Datuk Muhammad Ibrahim here today. Earlier in his speech, the deputy governor said JomPAY addressed the limitations of the current bank-centric model by establishing an open electronic bill payments platform, leveraging on the combined infrastructure and network of the entire banking industry. The JomPAY model also reduced duplication and facilitated the pooling of resources from the entire banking industry, enabling a wider and more efficient network for online bill payments. "Businesses should leverage on JomPAY to accept online bill payments from their customers because handling cash and cheques are very costly, in addition to bearing the risk of pilferage and theft. "Consumers, on the other hand, should take advantage of the increased convenience of making bill payments via this new channel," he added. For more business news, tune in to AWANI Biz on Astro channel 501.