conduct e - payment transaction. in this regard, banking institutions have given their commitment to facilitate and advise customers on safe practices in migrating away from cheques to adopt electronic payments. bank negara malaysia and the banking industry will continue the efforts to assist businesses and the general public to ensure a smooth transition in adopting online banking and ibg. this includes the increase of transaction limit for ibg and online banking from rm5, 000 to rm10, 000 to facilitate high valued payments. with the increase in the limit, 90 % of the total affin bank, ambank, bank islam, bank rakyat, cimb bank, hong leong bank, maybank & public bank. bis central bankers ’ speeches number of cheques which is 184 million from 204 million cheques in 2012, or 135 million of 150 million cheques issued in january to september 2013, can be made via online banking. in addition, most of the banks have shortened the crediting time for ibg transactions, in which the beneficiaries will receive their funds faster within the same day. other initiatives include several major banks will be offering ibg services via atm and banks have provided access to internet banking through the deployment of self - service internet kiosk at all bank branches to facilitate those who do not have access to internet banking to make payment electronically. as at end august 2013, more than 2, 100 ( 2, 121 ) kiosks have been deployed in 74 % of the 2, 341 bank branches and it is expected that almost all bank branches will be equipped with the internet kiosk by end march 2014. in addition, the banking industry has developed a framework on payment reference standard that will enable payers to indicate payment transaction details to allow beneficiaries to easily identify the source and purpose of payment and this will facilitate more efficient reconciliation process through e - payments. finally, i would once again like to emphasize that ibg via internet banking and mobile banking provides significant benefits to the businesses by having the convenience of transacting anytime, anywhere. it also lowers the costs of doing business through reduction of cash and cheque handling costs and redeployment of resources for more productive activities. in closing, i wish you an insightful and productive engagement at this roadshow event and trust that the discussions today will be beneficial to you in your adoption of online banking and electronic payment solutions for your business operations. bis central bankers ’ speeches

number of cheques over the country ’ s population, or cheques per capita, it is at 7. 1. this figure is much higher than 3. 9 in advanced countries such as norway, finland and australia. it is also worth noting that 92 % ( or 18. 4 million ) of the total adult population in malaysia have banking accounts and of these, about 74 % ( 13. 7 million ) of bank account holders have internet banking accounts. however, although 74 % of the bank account holders have internet banking access, only 43 % ( 5. 9 million ) of the internet banking subscribers are active users in conducting financial transactions. in this regard, we have not reached a stage where the masses are familiar or have gained sufficient trust in using internet banking to conduct their financial transactions. it is through educational programs such as this roadshow event that we hope the businesses will take the opportunity to learn more about the security safeguards and safe practices to gain sufficient confidence to adopt online banking and conduct e - payments. touching on the issue of security, the banking industry has implemented additional security features such as the introduction of two - factor authentication to ensure the validity of internet banking users in addition to the use of user identification and password. for your information, the losses due to internet banking fraud, accounts for only 0. 0002 % of the total transactions of rm3 trillion recorded in 2012 and this figure has declined to 0. 0001 % of the transaction amount of rm2. 6 trillion in the first nine months ( january – september ) this year. the speakers will share with us more about the safety features and safe practices to conduct internet banking afterwards. to encourage the migration to e - payments, bank negara malaysia has announced a new pricing strategy for payment services in march this year. the transaction fee for ibg conducted via internet and mobile banking has been reduced from rm2 to 10 sen with effect from 2 may 2013. this is to give the public and businesses an 11 month head - start to adopt e - payments before the cheque processing fee of 50 sen is imposed on 1 april 2014. the adjustment to the ibg and cheque prices is to align them closer to their cost of production. the actual cost of production is about rm3 per cheque and currently consumers pay only 15 sen for the stamp duty per cheque leaf. the 11 months delay in the increase in cheque fee was intentional to allow the public and businesses to familiarize themselves with the use of online banking to