The Payment Card Reform Framework

Bank Negara Malaysia today issued the Payment Card Reform Framework (Framework) as a standard under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, with the objective of fostering an efficient, transparent and competitive payment card industry in Malaysia. The Framework incorporates the proposals set out in the Concept Paper issued on 10 October 2014, while also taking into account the feedback received during the consultation process.

The Framework seeks to ensure that the cost of accepting payment cards is fair and reasonable through the establishment of an objective and transparent mechanism for the reimbursement of fees among payment card network participants. Under the Framework, ceilings are imposed on interchange fees payable by the acquiring banks to the payment card issuing banks. As the interchange fees are reflected in the merchant discount rates (MDRs) paid by merchants, the ceilings would address the risk of escalation in the MDRs due to indiscriminate increases in interchange fees. As a general principle, the interchange fee ceilings for debit card based on its eligible cost components are much lower than that of credit card. This principle makes the debit card a more cost-effective payment instrument to facilitate greater card acceptance especially among small merchants.

The Framework also introduces a series of measures which are designed to address other distortions in the payment card market in order to promote greater usage and acceptance of cost-effective payment cards. Such measures would improve the price signals and empower merchants to accept cost-effective payment cards.

The Framework would be implemented in phases commencing from 15 January 2015, with the majority of the measures including the interchange fee ceilings, becoming effective on 1 July 2015.

For further information on the Framework, please refer to the frequently asked questions (FAQs) and the standard available at the Bank Negara Malaysia's website at www.bnm.gov.my.

Payment Card Reform Framework
FAQs

source

Thanks for the sharing !

Other than the permanent features, a lot of card benefits will be ending 31Dec14.
Better to wait for new year before deciding.

Now I finally know how my GSC movie tickets came about. I have received the tickets 3 days before the promotion started

This post has been edited by kelvinlzy: Dec 24 2014, 02:25 PM

yes..gonna try out soon

Groupon is selling their cash voucher, RM50 for RM30 which is about 40% off.

tat means is better to get from groupon huh

why this uob online always automatic change the enrollement to estatement?

i'd multiple time choose to not enroll in estatement but today when I logged into the "estatement>maintenance", I'm shock that system stated that I'm enrolled in the estatement.

uob sucks man

I just got access to UOB Internet banking yesterday. Does it mean that I won't be receiving any printed statement.

I received both for past 1 year. Give a like to UOB.👍

I am a One card user for the past 1.5 years, never did I receive the hardcopy statement.

It states that...

I reply SMS UOBCASH but got SMS error.
Got cheated by UOB again.

You can try this: SMS UOBMSIA<space>your 16-digit UOBM Credit and/or Debit Card number to 66300.

Source: http://www1.uob.com.my/assets/pdf/tnc/Movi...s181214_eng.pdf

Pls take note it is first come first serve and no guarantee gift.
Also each principal card can only win once.

Yup, but the TnC didn't mention whether is it GSC signature ticket or normal tickets? If signature then I have won once already.

I am wondering is anyone selected for the 10% cash back and 10% smart$ cash rebate for spending at BHpetrol?

10% cash back: http://www1.uob.com.my/assets/pdf/tnc/cash...1014_tnceng.pdf

10% smart$ cash: http://www1.uob.com.my/assets/pdf/tnc/smar...1014_tnceng.pdf

This post has been edited by kelvinlzy: Dec 29 2014, 04:07 PM

5% Cash Rebate for petrol
- Capped at RM500 for UOB ONE Platinum card and RM300 for UOB ONE Classic card per month
- Maximum monthly Cash Rebate payout for the rebate category of petrol is RM900,000 which is to be given out on a first come first serve basis, based on UOBM’s transaction records

looking for a petrol card for discount. Average monthly spending on petrol is Rm 250. Does that mean that for the 5% rebate, Rm 900,000 is allocated throughout the year and only eligible first come first serve basis?

How can we know that? =.='

That's the big mystery. You won't know as they won't send any SMS to tell you that!