She said all sectors must properly outline, their plans to adopt e-payment system to ensure successful migration from the present paper-based transactions.

At present e-payment still has certain shortcomings.

"These range from the inability to store and collect bank account numbers, acknowledging electronic payment and receipt notices and instructing payments electronically," she said.

Between 2003 and 2004, the Internet-Bank Giro system, an electronic credit card transfer system, had recorded an annual average increase of up to 160 percent in transaction and nearly 200 percent in value. E-payment was introduced in Malaysia in 2000.

Zeti said credit card was also becoming a popular means of payment, with the total value and volume increasing annually by 15 percent and 20 percent respectively.

"The growing acceptance of Internet banking as a convenient delivery channel fro accessing banking services has translated into a significant growth of Internet banking subscribers, which comprises two thirds of the total Internet subscribers," she added.

Meanwhile, Citigroup Asia Pacific regional head, global payments, global transaction services, Akash Rathe emphasised that the market is chaging and so are consumers behaviours where some 40 percent Malaysians are currently online.

He said consumers are increasingly associating e-payments with speed, convenience and ease of use, which will fuel the market growth rate of 25-35 percent annually for the next five years.

Bank Negara is the organiser for the Payment Systems Forum and Exhibition in Kuala Lumpur Convention Centre, which ends today.