In recent years, Bank Negara Malaysia (BNM), the Malaysian central bank, has taken various initiatives to accelerate the migration to electronic payments (e-payments) in Malaysia. It sees e-payments as “one of the strategic tools for achieving greater economic efficiency, productivity and growth” (Bank Negara Malaysia, 2011).

This paper reviews some of the assumptions underlying the Payment Card Reform Framework (PCRF) programme, assesses its progress to date and suggests steps that might be taken to improve the chances of achieving the Bank’s objectives.