M’sia a standout emerging market in epayment
Malaysia is one of the standout emerging markets that has quickly adopted to mobile payments. Our mission is to facilitate the development of the Malaysian digital economy by introducing local users and businesses with a simple, secure and convenient mobile payment experience.
KUALA LUMPUR: Malaysia is one of the standout emerging markets that has quickly adopted to mobile payments, says WeChat Pay MY.
WeChat Pay MY has seen considerable growth since it was launched in Malaysia last August.
Of note, WeChat Pay is the mobile payment feature of WeChat, owned by Tencent. As of December 2018, Weixin and WeChat combined had 1,098 million monthly active user accounts ( MAUs), while WeChat Pay has more than 800 million MAUs (as of the second quarter of 2018), making them one of the most widely used social networks and one of the most popular mobile payments in the world respectively.
WeChat Pay MY supports various types of value- added services from online services such as mobile credit top-ups as well as flight and bus ticket purchases, to offline transactions at retail outlets.
Currently, a WeChat Pay MY user can purchase items at retail stores by just scanning a QR code and punching in his payment PIN on his mobile phone.
With a continuously growing number of merchants and users,
Poshu Yeung, Tencent vice president of International Business Group
WeChat Pay MY is now looking to further empower a secure and convenient digital lifestyle in Malaysia.
“Malaysia is one of the standout emerging markets that has quickly adopted to mobile payments. Our mission is to facilitate the development of the Malaysian digital economy by introducing local users and businesses with a simple, secure and convenient mobile payment experience.
“We believe that with enhanced public awareness, engagements and exposure, we will be able to play a role in leading Malaysian’s digital ecosystem into the next level,” said Tencent vice president of International Business Group Poshu Yeung.
“We are currently working on expanding our merchant base to include more outlets similar to KK Mart and Starbucks. This will sequentially give users more opportunities to use WeChat Pay MY for easier and more seamless payment transactions,” said WeChat Pay MY CEO Jason Siew.
To demonstrate WeChat Pay MY’s commitment to leading the way forward in the digital payment arena, WeChat Pay MY put together its first showcase of how it intends to encourage adoption and usage of mobile payments in the near future.
An experience zone, simulating various innovative payment service experiences at a convenience store, a food and beverage outlet, a petrol station, and even a regular roadside vendor stall, presents how WeChat Pay MY can be applied to users’ daily lives.
More advanced services have also been presented during the event. WeChat Pay MY has unveiled a fully digitised vending machine to guests where payments can be made via WeChat Pay MY instead of sorting through small notes or coins to purchase an item.
Another new service will soon be available in mamak restaurants around the Klang Valley is the online ordering service that allows users to order their choice of food and beverage through WeChat Pay MY and make payment instantly.
This service provides regular mamak goers a smoother way of ordering and paying for food without having to wait for a waiter to take their orders or queue up to pay for their bill.
WeChat Pay MY envisions a convenient and rewarding lifestyle for both its users and merchants and will continue to leverage its payment platform’s experience, technologies, and abilities to offer users an excellent mobile payment experience to ease everyone’s daily life.