In the same period, we have reduced cheque usage by more than 40% to 119 million cheques. We have almost doubled the number of point-of-sale (POS) terminals to over 407,000 units. Debit card transactions have also increased by more than six times to 162 million transactions in 2017. All these are achievements that we should be proud of as a collective industry. The progress that we have achieved so far is only possible with the collective contribution of all in the industry. This annual award ceremony recognises the achievements of those who have contributed to the progress, modernisation and enhancement of our payment systems. 1/5  BIS central bankers' speeches  While we celebrate our achievements, we need to forge ahead with greater vigour and perseverance, especially to displace cash. Cash remains prevalent in most retail transactions in Malaysia. Managing cash is expensive. This is most evident among lower tier merchants, who continue to prefer transacting in cash. It is more costly to use cash, as you know, and much cheaper, efficient and secure to adopt e-payments. It is a cost effective solution that makes business sense. Based on a study by the Royal Bank of Scotland and Natwest in 2014, a customer who uses mobile and online banking instead of going to a physical bank branch stands to enjoy about 24 hours of time saved and about 10 kilometers of travelling distance saved per year.
The Bank more than welcomes a more competitive payment landscape. We desire new entrees. We are not in the business of protecting the incumbents. We also do not pick winners and losers. The market will decide those who will prosper. Existing players were given this notice long time ago. Banks especially, will have to reinvent themselves or risk being disrupted. What matters most, from the public policy perspective, is that Malaysian businesses and consumers will benefit from a more vibrant, competitive and efficient ecosystem. We should expect 3/5  BIS central bankers' speeches  enhanced competition to spur innovation in the products and services that are being offered. Globally, we have seen collaborative strategies emerging as a response to the changing market dynamics. From Scandinavia to Asia, banks in some countries are increasingly competing on a united front. This includes industry partnerships with the payment system operator and fintech firms. In these markets, collaboration on common mobile applications seeks to enable banks to develop more innovative use cases by leveraging on pooled R&D resources, and facilitate mass adoption through common awareness and promotion campaigns. Collaborative efforts enable greater economies of scale through the pooling of resources. Establishing a common platform among banks defrays the cost of testing out new technologies and new ways of doing business. This can go a long way in fostering a culture of experimentation. Collaborative strategies will enhance the probability of success. This is the essence of the merger between MEPS and MyClear. Maintaining the status quo is simply not an option.