Malaysian Electronic Payment System plans to introduce ‘pool ATM’ services next year

BANGKOK: Malaysian Electronic Payment System Sdn Bhd (MEPS) plans to introduce ‘pool automated teller machine (ATM)’ services which is expected to offer cost efficiency for banks and their clients next year.

Managing director Zulkarnain Kassim said currently the interbank network provider was in discussion with several banks, which had shown keen interest in providing the service.

“What we have in mind is to provide free-of-charge interbank services, which means customers will no longer have to pay services charge if their banks subscribe to the scheme,” he told Bernama on the sidelines of the 2016 South-East Asia ATM Conference in Bangkok recently.

Citing interbank fund transfer services as an example, Zulkarnain said a customer had to pay RM0.50 per transaction.

“As for the banks, they will benefit from lower operating cost as it is quite costly to maintain and manage ATM units,” he said.

Zulkarnain said a bank needed between RM8,000 and RM10,000 a month to manage one ATM unit.

“Sometimes, we see several ATM units, representing different banks, at one location. It is high time the industry introduced a ‘neutral ATM’ which serves several banks,” he added.

On discussions with interested banks, Zulkarnain said many considered using the pool ATM at places where there is low passerby volume and maintain their own unit at strategic locations with high-passerby traffic.

“But, we’ll make sure there will be a fair distribution of neutral ATMs in the country once the service is launched,” he added.

Re-disseminated by The Asian Banker from The Star

Diary of Activities
Malaysia Innovation Tour
19 - 22 March 2018 | Malaysia
Digital Finance 2018
22 March 2018 | Malaysia
The Future of Finance, West Africa
16 - 18 April 2018 | Nigeria
Beijing Innovation Tour
21 - 23 May 2018 | China