Over 200,000 e-cash transactions made at Serikin Market since campaign launch, says deputy minister

BAU (May 19): Over 200,000 e-cash transactions were recorded at Serikin Market within eight months of the launch of the ‘E-Cash@Serikin’ campaign, revealed Deputy Minister of Transport Dato Henry Harry Jinep.

He shared that Merchantrade, a licensed financial service provider, is targetting 1 million transactions by the end of the first year of the introduction of the Merchantrade Money app at the weekend market.

“However, we are currently in the introductory phase and there is still a learning curve for many individuals regarding cashless transactions.

“Once widespread adoption occurs, we envision a future akin to China where cashless transactions are ubiquitous,” he told reporters after officiating the closing ceremony of the campaign organised by Bank Negara Malaysia at Kampung Serikin Community Hall here today.

On challenges in shifting the local population’s mindset towards e-cash transactions, Jinep noted there were none so far.

“There is a growing inclination among young people towards digital transactions.  With a significant portion of our population comprised of young individuals, many of whom are increasingly reliant on their smartphones, we are witnessing a shift towards this technological trend.

“As long as individuals possess a digital device and maintain funds in the bank account, they can seamlessly engage in cashless transactions. This process mirrors that of prepaid services, where funds are deposited into the account and can be utilised for transactions as long as the account holds a balance,” he said.

Jinep noted that since the campaign’s intception in September last year, numerous users of the Merchantrade Money app have successfully used QR codes to make digital payments to Indonesian merchants at the market.

He also shared his vision of transforming Serikin into Malaysia’s pioneer cashless border market, underscoring its potential for fostering economic growth and facilitating enhanced cross-border trade.

“With the anticipated completion of the Integrated Customs, Quarantine and Security (ICQS) facility in Serikin within the next two years, we are proactively preparing our community for the future.

“It’s imperative to provide training and education now to ensure a seamless transition to cashless transactions,” he emphasised.

Looking ahead, Jinep highlighted the broader implications of embracing digital payments, foreseeing a surge in tourism and trade activities between Sarawak and Indonesia.

“Our responsibility as the government is to furnish the necessary infrastructure and prepare our citizens for the impending changes. We are steering towards a more interconnected and modernised future,” he added.