KUALA LUMPUR, April 2 — iPay88 Holding Sdn Bhd, an online payment solutions provider has launched the Virtual Account, a payment solution for Malaysia’s underbanked communities.
The underbanked refers to a population who does not own a bank account or credit card and need to go outside of the banking system to meet their financial needs.
In a statement today, Executive Director, Chan Kok Long said that the underbanked community was the obstacle in realising the nation’s aspiration towards a cashless society.
“We cannot talk about achieving a cashless society when there are still pockets of people who do not even have bank accounts.
“iPay88 does not want to leave any stone unturned, so we developed the Virtual Account as a solution to allow the underbanked to participate in online procurement of products and services,” he said.
A Virtual Account is a simplified online payment application which enables those without bank accounts, online banking access or credit card to shop online.
They only need an Internet connection to place orders for products or services on any e-commerce website, merchant or marketplace.
To make the payment, the underbanked customer need to select the Virtual Account option on the payment page, whereupon they would receive a 14-digit virtual bank account number which can be emailed to them or sent to their mobile phone.
The customer needs to just use the virtual bank account number to deposit the cash payment at any bank branch or at any of the estimated 4,340 automated teller machines of any bank nationwide to complete the online purchase. — Bernama