AmBank partners with e-Wallet provider Wavpay
AmBank has announced its collaboration with Wavpay, an e-Wallet provider to become the first of PayNet’s Indirect Retail Payments Platform (RPP) NonBank Participant (NBP) issuer via AmBank.
This collaboration marks a significant milestone for Wavpay, enhancing its eWallet services by leveraging PayNet’s RPP rails, enabling features such as Scan-to-Pay DuitNow QR and DuitNow Transfer functionalities while providing users with a seamless and efficient mobile payment experience.
Wavpay’s e-Wallet offers users a convenient and interoperable cashless mobile payment experience. The Wavpay e-Wallet has also been appointed as the official e-wallet provider for the Selangor State Government, empowering the state’s residents with a convenient digital payment method for various transactions.
The comprehensive range of Wavpay’s e-Wallet services includes Funds Disbursements, Municipal Council Services, Remittance, eMarket place, eGrocery and many more services. In partnership with the Selangor State Government, innovative services such as
BINGKAS and state welfare initiatives, which are tailored to meet the needs of Selangor residents, are disbursed through Wavpay e-Wallet.
AmBank Group Wholesale Banking managing director Jamzidi Khalid said, “We are thrilled to embark on this transformative collaboration with Wavpay and PayNet. By leveraging PayNet’s RPP rails, we are not just facilitating transactions; we are shaping a seamless, efficient, and inclusive future of digital payments.
“This strategic move is in line with our core vision of providing a variety of innovations and customer-centric solutions.
“At AmBank, we are dedicated to driving innovation, and this partnership exemplifies our ongoing efforts to shape the future of digital payments.”
Wavpay chief executive officer Brahma Shakthi said, “Wavpay takes immense pride in being the first in the country to leverage on PayNet’s Indirect RPP as a NBP issuer via AmBank, opening up a world of possibilities for our E-wallet users.
“This strategic collaboration allows Wavpay to extend its reach to an extensive network of 1.9 million DuitNow QR touchpoints across Malaysia.
“This collaboration with AmBank not only showcases the technological prowess and efficiency of Wavpay but also reflects our commitment to enhancing the digital financial landscape in the region.
PayNet chief commercial officer Gary Yeoh said, “The usage of e-Wallets in Malaysia has soared since the emergence of Covid-19, further spurred on by e-wallet incentives driven by the Malaysian government under the eMADANI initiative.
“This is evidenced by the increase in the number of epayment transactions per capita from 170 in 2020 to 222 in 2021, and 291 in 2022. The next target is to achieve 400 e-payment transactions per capita by 2026, as outlined in the Financial Sector Blueprint 2022-2026 by Bank Negara Malaysia.
“Through our collaboration with AmBank and Wavpay, we support the transformation to a cashless society, accelerate the greater adoption and usage of e-payments. PayNet remains committed to enabling e-wallet accessibility at 1.9 million DuitNow QR touchpoints, providing a hassle-free transaction experience to ewallet users.”