Visa Malaysia confident of double-digit growth for billing transactions this year
KUALALUMPUR: Visa Malaysia is confident of posting doubledigit growth for overall billing transactions this year which focus on online transactions and digital applications, especially expenditure from travel and retail segments.
Last year, total bi l l ing transactions for both debit and credit cards in Malaysia stood at US$ 23 billion ( RM3.90 per dollar), said country manager, Ng Kong Boon.
“We are confident of organic growth this year for overall billing transactions and with today’s par tnership with Corporate Information Travel Sdn Bhd (CIT), we optimistic of increasing our market share,” he told reporters here yesterday.
Visa Malaysia has teamed up with CIT to launch the ‘ Pick A Trip’ application (app) platform.
Ng said Visa Malaysia also targeted paywave transaction growth rate in Malaysia by between 25 per cent and 30 per cent this year from 20 per cent now.
“Currently, for Hong Kong, Australia and Singapore, the penetrate rates stood at 70 per cent, 90 per cent and 50 per cent, respectively. We, unfortunately, started this transaction later than them.
“But with zero fraud cases reported for this paywave transaction, we are confident of hitting the industry benchmark of 50 per cent by 2020 within the required time-frame,” he said.
On the partnership with CIT, Ng said, Visa was looking at 50,000 downloads of Pick-A-Trip within 30 million Visa cardholders in Malaysia for the first year of its launch.
Pick-A -Trip, a travel mobile app exclusively for Visa Malaysia cardholders, allows them to search, select and compare prices from hundreds of airlines and hotels worldwide.
He said based on WsaNet data, travel spending on ecommerce was growing faster than face- to- face and has increased 10 per cent year- onyear.
“Our research has shown that Malaysians spent more than five hours a day on their mobile devices and based on the Global Travel Intentions study conducted by Visa, 72 per cent of Malaysians use their mobile devices to look up information in planning their trips,” he said. — Bernama