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PETALING JAYA, Jan 18 — Malaysia is on track to become a cashless society by 2050 as more citizens are embracing making payments on their mobile phones, according to online deals and promotions service provider Fave.
Its founder Joel Neoh noted 14.7 per cent of Malaysians are already using payment gateway services to buy things online and predicts the momentum will continue this year.
“We believe the continued rapid adoption of mobile payment in Malaysia will fuel Fave’s target of reaching RM1 billion in transactions and a merchant base of more than 100,000 in Southeast Asia,” he said in a statement today.
He noted the entry of mobile payment giants such as China’s AliPay and WeChat is proof Malaysia’s appetite to go cashless.
He added that Bank Negara Malaysia’s move to hasten mobile payment transactions has also helped.
Neoh said Fave alone accounted for two million app downloads with eight million monthly mobile session on its service, or a 100 per cent monthly increase in the adoption of its mobile payment service, FavePay.
He said FavePay has over 10,000 merchant outlets in Malaysia, Indonesia and Singapore, and claimed the service has seen a 400 per cent increase in acceptance.
As a result, the company is introducing FaveBiz, which allows merchants to track real-time transactions and help them understand buying trends, enabling them to take note of their customers’ preference while enhancing their rewards and loyalty programmes to benefit their patrons.
“We want to provide businesses with a convenient way to accept payments, sustain their business and at the same time, connect users with new Fave merchants. With that, we did not stop at offering a mobile payment option,” Neoh said.