JULY 28 — Alipay has brought earth-shattering changes to the consumption patterns of China, which is fast becoming a cashless society.
Outlets from massive malls to roadside stalls are accepting Alipay, which has emerged as the world’s largest mobile payment platform.
Now into joint ventures in several Asian countries, Alipay is set to infinitely expand the mobile cashless marketplace in this region.
In a few years’ time, we too can look forward to such mobile payment facility right here in Malaysia.
Touch ‘n Go has signed a joint venture agreement with Alibaba’s Ant Financial Services Group to provide electronic wallet service to Malaysian users.
Touch ‘n Go is currently the most extensively used electronic payment system in the country, with approximately 17 million active users. Its e-wallet service through a tie-up with Alipay is poised to transform the mode of payment in Malaysia’s business sector.
As a matter of fact, e-wallet is no stranger to Malaysians. Our MyKad used to have the electronic payment capability although such a function has not been well received among Malaysians.
There are other e-payment options available in the market at this moment, including Samsung Pay and Apple Pay, although their adoption has been limited.
Through the collaboration with local banks, Ant Financial Services has made it possible for Alipay to make landfall in Malaysia, but at this stage the facility is only available to Chinese nationals at specific participating outlets.
The Touch ‘n Go e-wallet service will remarkably expand the mobile cashless payment coverage to every section of the Malaysian society, including also places like mamak stalls and pasar malam.
However, before this becomes a reality, Touch ‘n Go will have to first conduct an evaluation test and obtain prior approval from relevant authorities.
To test the adoption of e-wallet services, Touch ‘n Go earlier worked with a number of businesses at Taman Tun Dr Ismail in Kuala Lumpur. It has been reported that the participating outlets and their customers have given their thumbs-up to the stability and user-friendly features of the system.
Businesses and economists familiar with Alipay or the e-wallet concept are upbeat about the prospects of mobile payment adoption in Malaysia. Although some may have safety concerns about the system, a study shows that Malaysians are increasingly comfortable with mobile payment system.
In view of the vast success of Alipay in China, it is believed that with the back-end technical support from Alipay, the local partners will significantly strengthen the security aspects of this system to dispel the fears of local users.
Moreover, Touch ‘n Go has been in operation for some time, and it would not be difficult for the company to duplicate Alipay’s success here. It is therefore within anticipation that mobile payment services will gain a strong foothold in this country in a few years’ time. — Sin Chew Daily
* This article was first published here.
** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail Online.
