decline rate is sustained, the target of reducing cheques to 100 million per year by 2020 would be achieved. the reduction of about 100 million cheques above saves a minimum of rm300m not taking into account other savings in terms of efficiency and security. similar trend was observed in the number of electronic fund transfer transactions. interbank giro ( ibg ) grew at a higher rate of 36 % in 2014 and this strong growth rate was sustained at 36 % in the first 9 months of this year compared to an average rate of 19 % between 2011 and 2013. instant transfer ( ibft ), the real - time fund transfer service on the other hand, has consistently maintained its high growth rate of over 60 % since 2011. this contributed to an increase in malaysia ’ s e - payments per capita which is projected to increase from 43 per capita in 2010 to an estimated 80 per capita in 2015. bis central bankers ’ speeches to reduce the country ’ s dependency on cash usage, bank negara malaysia has implemented the payment card reform framework this year with the objective to create an enabling environment for the expansion of payment card terminals and higher usage of debit cards at affordable and reduced costs. in this regard, encouraging progress is seen in the area of deployment of payment card terminals. payment card terminal growth which had slowed from 14. 6 % in 2011 to 4. 5 % in 2014, is likely to rebound to an estimated growth rate of 12. 0 % for 2015. this would increase the number of payment card terminals from 8 per 1, 000 inhabitants in 2014 to 9 per 1, 000 inhabitants in 2015. we envisage that with the implementation of a market development fund by the payment card industry, about rm455 million funds would be used to deploy additional terminals and spur the expansion of the terminal network. this strategy would enable the target of 25 terminals per 1, 000 inhabitants by 2020 to be achieved. debit card transactions on the other hand, are likely to maintain its double digit growth rate of about 40 % in 2015 ( 39 % in 2014 ). despite the encouraging progress, we are still a long way from achieving our target of 30 debit card transactions per capita by 2020. moving forward, we need to drive the use of debit card by capitalizing on the enabling environment created by the payment card reform framework. we need to put in more efforts in this area. of collaborative efforts and strategic tool banking industry it is estimated that the cost of handling cash and cheques to

muhammad bin ibrahim : developing malaysia ’ s payment system landscape keynote address by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the payment system forum and exhibition 2015 “ moving forward with e - payments ”, kuala lumpur, 3 november 2015. * * * welcome to the 2015 payment system forum and exhibition 2015, with the theme “ moving forward with e - payments ”. this year is another important step in our effort to develop our country ’ s payment system landscape. it marks the mid - way point of our journey to transform our country ’ s payments infrastructure into one that is highly efficient, secure and competitive as outlined in the 10 - year financial sector blueprint from 2011 to 2020. i will focus on 3 areas in my remarks today. • first, i will provide you with an update of where we are in our migration path five years since we launched the financial sector blueprint, and what we have done and achieved so far. • second, i will share with you some thoughts on how collaborative efforts among various stakeholders in the payment value chain can leverage and thrive on epayments as a strategic tool in today ’ s increasingly dynamic and competitive environment, and • third, i will outline the opportunities that can be realised in relation to the financial sector blueprint targets with specific emphasis on key priorities for 2016. migration path, five years after in 2011 bank negara malaysia had developed a comprehensive roadmap in its financial sector blueprint to drive the migration to e - payments with measurable targets to be achieved by 2020. over the last 5 years, bank negara has worked with the payments industry to put in place conducive regulatory frameworks, agree on market incentive structures and build enhancements to e - payment infrastructure and services. our aim is to provide an enabling environment for individuals and businesses to migrate away from paper based payment methods and adopt e - payments instruments. the results have been encouraging. since the implementation of the pricing reform framework in may 2013 and the e - payment incentive fund ( epif ) framework in january 2015, cheques which had only declined at a marginal rate of 2 % on average from 2011 to 2013, had declined at a higher rate of 10 % in 2014. the decline in cheque usage had accelerated to 16 % for the first 9 months of this year. consequently, the number of cheques cleared is projected to fall from about 207 million in 2010 to 149 million by the end of 2015. if such