Malaysian Electronic Payment System Sdn Bhd (MEPS), an interbank network provider, today set the ceiling for its real-time Interbank Funds Transfer (IBFT) service fee at 50 sen.
It is a reduction of 50% to 88% from the current fee range of between RM1 to RM4.
The new ceiling fee, applicable for transactions at ATMs, Internet and Mobile Banking channels, will be implemented by all MEPS participating banks effective June 1, 2015.
In addition to the fee reduction, the transfer limit will also be increased from the current RM5,000 to RM10,000 by June 30, 2015 and further raised to RM30,000 by early next year.
"This is certainly good news and a boon not only for the public but businesses as well," said Group Managing Director, Zulkanain Kassim in a statement on Wednesday.
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It is a reduction of 50% to 88% from the current fee range of between RM1 to RM4.
The new ceiling fee, applicable for transactions at ATMs, Internet and Mobile Banking channels, will be implemented by all MEPS participating banks effective June 1, 2015.
In addition to the fee reduction, the transfer limit will also be increased from the current RM5,000 to RM10,000 by June 30, 2015 and further raised to RM30,000 by early next year.
"This is certainly good news and a boon not only for the public but businesses as well," said Group Managing Director, Zulkanain Kassim in a statement on Wednesday.
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