KUALA LUMPUR, April 27 — Mobile loyalty and rewards platform in South-east Asia, Fave through its new mobile payments application FavePay has seen 200 per cent transaction growth in the first quarter 2018 with over US$ 10 million (RM39 million) transacted since the launch.
Fave founder Joel Neoh said since its introduction in September last year. FavePay is now available in over 10 cities and three countries across South-east Asia.
He said more than two million customers are now using FavePay each month to discover and transact at restaurants and a range of lifestyle retailers at over 5,000 locations.
“With US$32 billion in mobile payments projected in SEA by 2021, we are excited to help build this cashless ecosystem together with other financial technology partners to achieve the vision of a cashless Southeast Asia in the coming years,” said Neoh in a statement today.
Neoh said Fave is projected to contribute over US$100 million more revenue and customers for restaurants and offline businesses across South-east Asia in 2018.
FavePay provides these customers a fast and convenient way to pay right from their mobile phone while receiving access to special offers, discounts and cashback.
FavePay aggregates multiple payment options from popular credit and debit cards such as Visa, MasterCard and American Express and with mobile wallet providers coming onboard soon, merchants can benefit despite the region’s fragmented payments landscape.
To date, FavePay business partners include Starbucks Malaysia, Red Box Karaoke Group, XIXILI, llaollao, Auntie Anne’s, Circle K and many others.