Visa: Govts Should Adopt Modern Electronic Payments
Governments in Asia Pacific should abandon outdated procurement processes and adopt modern electronic payments to help fuel their economies, serve citizens better and save their taxpayers' dollars.
Visa Asia Pacific general manager, commercial solutions, Michael Cannon, in making this call, said by improving their management of public expenditure, governments would be able to increase accountability and efficiency while providing taxpayers with improved services. "The potential for cost savings is enormous as business and government spending is expected to exceed US$16 trillion (RM57.6 trillion) for Asia Pacific this year," he said. "This figure underlines the phenomenal speed at which the Asia Pacific economies are growing and with it, the greater opportunities to improve governance through maximising resources, reducing costs, simplifying processes, disbursing funds, and making it easier for people to pay their taxes and government services." he added.
At the conference, South Korea was identified as the market in which innovative payment programmes are most developed, helping to increase the Korean national tax revenue and contributing to the country's economic growth.
Visa International country manager for Malaysia, Jeffrey Perera, said paying bills via credits cards is still something relatively new in Malaysia and there are not many merchants that accept payments by cards, especially the government departments. "However, the government's e-payment initiative, announced in Budget 2006, will have a positive effect on the payments cards industry," Perera said. "e-payments transactions using credit card at counters and online will be initially be implemented at the Royal Malaysia Police, Road Transport Department, Immigration Department and EPF as well as hospital," he said. Perera reiterated that payment cards offer greater convenience, security, efficiency and versatility than cash and cheques, and cards are also effective financial management tools compared to traditional payments methods.-- BERNAMA
Visa Asia Pacific general manager, commercial solutions, Michael Cannon, in making this call, said by improving their management of public expenditure, governments would be able to increase accountability and efficiency while providing taxpayers with improved services. "The potential for cost savings is enormous as business and government spending is expected to exceed US$16 trillion (RM57.6 trillion) for Asia Pacific this year," he said. "This figure underlines the phenomenal speed at which the Asia Pacific economies are growing and with it, the greater opportunities to improve governance through maximising resources, reducing costs, simplifying processes, disbursing funds, and making it easier for people to pay their taxes and government services." he added.
At the conference, South Korea was identified as the market in which innovative payment programmes are most developed, helping to increase the Korean national tax revenue and contributing to the country's economic growth.
Visa International country manager for Malaysia, Jeffrey Perera, said paying bills via credits cards is still something relatively new in Malaysia and there are not many merchants that accept payments by cards, especially the government departments. "However, the government's e-payment initiative, announced in Budget 2006, will have a positive effect on the payments cards industry," Perera said. "e-payments transactions using credit card at counters and online will be initially be implemented at the Royal Malaysia Police, Road Transport Department, Immigration Department and EPF as well as hospital," he said. Perera reiterated that payment cards offer greater convenience, security, efficiency and versatility than cash and cheques, and cards are also effective financial management tools compared to traditional payments methods.-- BERNAMA
posted by The Malaysian. at 7/04/2006 06:10:00 PM
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