Such collaborative industry effort in infrastructure sharing would allow the industry to compete directly on product offerings and the quality of services provided, thus providing better value to both consumers and merchants. In this regard, the recent industry-wide initiatives to enhance the payment card infrastructure and to modernise the online bill payments market via JomPAY are commendable and should be sustained. In this respect, I would also like to call upon MyClear and MEPS to jointly embark on payment infrastructure projects and initiatives that would benefit both the industry and the country. Role of MyClear and the industry moving forward Achieving the critical mass in terms of usage and acceptance remains a key priority. In this regard, banks in collaboration with MyClear should take concerted efforts to expand the number of businesses accepting JomPAY, especially among the underpenetrated sectors of SMEs and the federal and state government agencies. This can be done through coordinated media campaigns, workshops, roadshows and other outreach programs. MyClear and the participating banks should target to register 5,000 merchants onto JomPAY by 2020. To educate the public, especially those who are not IT savvy to use JomPAY, MyClear and the banks should also come up with instructional videos and pamphlets to provide the  BIS central bankers’ speeches  3  necessary guidance and assistance.
Banks should also explore the offering of real-time payment facilities for bill payments where there is demand for such services. Conclusion Ladies and gentlemen, the introduction of JomPAY will complement the existing measures to accelerate the country’s migration to e-payments. Moving forward, MyClear, MEPS and the banks should continuously collaborate to explore new and innovative ways to achieve greater payment efficiency. Both consumers and businesses should capitalize on the benefits and opportunities derived from the adoption of e-payments to enhance competitiveness in this rapidly evolving world. Let me conclude by congratulating MyClear and the banks on the successful establishment of the national bill payment scheme, JomPAY. I hope such a collaborative spirit will be enhanced to drive the country towards a successful migration to e-payments. 4  BIS central bankers’ speeches