Who is affected?
What is the purpose of the policy document?
When does the policy document come into effect?


On 29 August 2022, Bank Negara Malaysia (BNM) issued a new policy document relating to the framework for payment cards.

Who is affected?

The framework applies to:

  • issuers of credit cards, debit cards and international brand prepaid cards;
  • merchant acquirers of credit cards debit card and international brand prepaid card transactions that are registered under sections 17(1) and 18 of the Financial Services Act 2013; and
  • operators of payment systems, including operators of a payment card network, approved under section 11 of the Financial Services Act 2013 or the Islamic Financial Services Act 2013.

What is the purpose of the policy document?

The aim of the policy document is to enhance measures implemented by BNM under the Payment Card Reform Framework, which was issued in 2014, in line with the changing payment card landscape.

When does the policy document come into effect?

All provisions of the policy document came into effect on 19 August 2022, except for the following paragraphs which will come into effect on 1 January 2023:

  • paragraphs 8.1 to 8.6 on interchange fee ceilings;
  • paragraphs 10.9 and 10.10 on acceptance of payment cards by merchants; and
  • paragraphs 11.1 to 11.8 on addressing surcharging and minimum transaction amount practices.

For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at www.shearndelamore.com.