Maybank launches mobile wallet payment service
CONVENIENCE: Lender targeting 20,000 registered users for MaybankPay in first year
MALAYAN Banking Bhd (Maybank), the country’s biggest bank by assets, expects its newly launched mobile wallet payment service to further solidify its position in the credit card segment.
Its head of community financial services (CFS) Datuk Hamirullah Boorhan said MaybankPay was expected to revolutionise electronic payments in Malaysia.
“MaybankPay is Malaysia’s first mobile wallet payment service that allows cardholders to carry their card inside their mobile devices. It is designed to be fast, easy and safe to use.
“We expect this new feature, alongside our various partnerships, to boost our position within the credit card segment,” he said.
Hamirullah said the group currently had over one million credit card users holding 1.8 million credit cards.
The bank has also issued 10.5 million debit cards.
“Debit cards have always been more popular than credit cards, given its tie-in with the savings account and its dual function at the ATM (automated teller machine), but we chief executive officer of cards & wealth do expect credit card (segment) to continue growing this year,” he said.
“We saw a growth of 15 per cent for credit cards in the 2015 financial year, and we expect our various programmes as well as the MaybankPay to retain the momentum this year.”
Maybank is targeting 20,000 registered users for MaybankPay in the first year, although this is a conservative target given the depth of
Pic by Surianie Mohd Hanif the smartphone penetration rate in the country.
MaybankPay is available for devices running on Android system only and up to eight cards can be registered on a single device.
“We will roll out the app for iOS soon, but our market research has shown there is a deeper penetration rate for Android in Malaysia versus iOS and that is what we are catering for,” said Hamirullah. Community Financial Services head president and
and head
“We will also begin implementing the MaybankPay in our other Maybank home markets, namely Indonesia, Singapore and the Philippines, by the end of next year.”
During the pilot period, Maybank customers will be able to enjoy the convenience of MaybankPay during the Maybank Treats Fair at Mid Valley Megamall from now till Sunday before the full commercial rollout next month.