In today’s fast-paced world, the convenience of digital payment platforms has revolutionized the way we manage our finances. Gone are the days of queuing at banks and fumbling for cash. Malaysia, in particular, has seen a significant rise in the adoption of these platforms, making transactions smoother and life easier for its citizens.
We’ve delved deep to compile a comprehensive guide on the available and upcoming digital payment platforms in Malaysia, offering you a glimpse into the future of transactions in the nation.
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Vcash
Starting with a homegrown hero, Vcash is a mobile payment platform by Digi that simplifies payments through QR code scanning. But it’s not just about paying; it allows users to transfer money to JomPay and Online Banking and even request money – a handy feature for recalling loans from forgetful friends.
Vcash is expanding its retail footprint, with notable outlets like Tony Roma and Manhattan Fish Market on board. The app is free, requires no minimum balance, and is available on both Android and iOS platforms.
Samsung Pay
Samsung Pay stands out with its Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technology, accommodating both new and older payment terminals. Compatibility spans across a range of Samsung devices, ensuring secure transactions with a simple tap.
Partnered with major banks like Citibank and Maybank, Samsung Pay is expanding its ecosystem to include more banks and merchants.
Alipay
Alipay, operated by Ant Financial Services Group, is China’s leading mobile payment app and is making significant inroads in Malaysia. By partnering with local banks such as Maybank and CIMB, Alipay offers a secure cashless payment service for both online and in-store purchases. Its acceptance at over 2,100 7-Eleven stores and all Starbucks outlets in Malaysia marks a significant milestone in its local adoption.
Visa Checkout
For seamless online shopping, Visa Checkout offers a solution by storing shipping and card details for quick and hassle-free payments. It supports all major credit and debit cards, ensuring its utility beyond just Visa-branded cards. With a presence on multiple devices, Visa Checkout is accepted by a growing number of online merchants in Malaysia.
Masterpass
Masterpass allows users to store various card and shipping details in one place, streamlining online purchases across a wide range of stores. Offering an extra layer of security with one-time security codes for transactions, Masterpass is designed to make online shopping safer and more convenient, without any usage fees.
PayPal
With PayPal, users can easily track spending and make secure payments online. Offering personal, premier, and business accounts, PayPal caters to different needs while providing buyer protection to safeguard transactions. Although it requires an RHB account for topping up, PayPal remains a popular choice for online shopping among Malaysians.
CIMB Pay
CIMB Pay turns your mobile phone into an e-wallet, allowing for secure and easy payments on the go. Beyond payment functionalities, it serves as a lifestyle app, offering access to CIMB’s latest deals. With in-store and online payment options, CIMB Pay is making strides in enhancing the digital payment landscape in Malaysia.
WeChat Pay
With a user base of 20 million in Malaysia, WeChat Pay is set to revolutionize the local digital payment scene. Soon, users will be able to link their local bank accounts to WeChat Pay, enabling transactions in ringgit. Hong Leong Bank’s partnership with WeChat Pay as a merchant acquirer is a promising development for both online and in-store payments.
MOLPay
For those without access to debit or credit cards, MOLPay offers a unique solution by allowing cash payments at 7 Eleven stores for online purchases. While it requires a physical visit to the store, MOLPay caters to a younger demographic looking to participate in the e-commerce ecosystem without traditional banking facilities.
GrabPay
GrabPay initially catered to ride payments but is expanding to include a broader range of services. With the license to offer e-money services, GrabPay is set to introduce a mobile payment system that spans transport services and everyday transactions, showcasing the platform’s potential to become an integral part of Malaysia’s digital economy.
As we move forward, the success of these digital payment platforms in Malaysia will hinge on their ability to offer secure, convenient, and cost-effective solutions. With ongoing efforts to raise awareness and educate consumers, the future of transactions in Malaysia looks promising, potentially making cash payments a thing of the past. Embrace the change, and welcome to the future of transactions in Malaysia.