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Muhammad bin Ibrahim: Increasing payment efficiency to improve productivity Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the JomPAY’s Official Launch Event, Kuala Lumpur, 9 April 2015. *  *  *  In today’s challenging and rapidly evolving world, one must constantly find innovative and efficient ways to remain productive, or risk being left behind. As payments represent an indispensable activity for both individuals and businesses, increasing payment efficiency through the adoption of electronic payments (e-payments) will improve productivity and reduce the cost of transactions. At the macro level, the adoption of e-payments has the potential to enhance Malaysia’s overall economic efficiency and competitiveness. The benefits in terms of cost savings and efficiency gains from a successful migration to epayments are substantial. The launch of JomPAY today is part of the journey towards realization of these objectives. JomPAY provides greater efficiency, convenience and accessibility for the public to make bill payments. It also represents a conscious strategy that will contribute towards making the way we conduct financial transactions more efficient.