The Malaysian government is pushing for a cashless society in order to make it harder for corruption to take place. According to Tun Mahathir, cashless transactions will leave a data trail and this enables authorities to track suspicious activities.
Petronas has recently released a new E-Wallet which allows you to pay for petrol on your smartphone. It’s called
Business owners will be able to accept card payment via NFC using only their mobile phones with a new application called Fasstap. The application is aimed at small and cottage businesses that do not want to bear the additional cost of maintaining a normal credit card payment terminal. The application is developed by Soft Space — a Malaysian FinTech company providing online payment solutions in collaboration with MyDebit, Malaysia’s national debit scheme operated by Payments Network Malaysia Sdn Bhd. Essentially, with Fasstap, your favourite goreng pisang seller will be able to accept NFC payments using only their mobile phone.
My biggest problem with the cashless ecosystem in Malaysia is that we have way too many wallets with not enough merchants supporting them all. That means, if you even want to get some semblance of that cashless life, you’ll need to maintain multiple wallets at the same time and that’s a pain in the butt.
But, at the same time, I think the fact that this industry is so competitive is a good thing for consumers because I strongly believe that competition drives innovation and that’s the fastest way to push us forward. So, how do we solve one problem without creating another?
Off the top of my head, the most obvious way would be to have a single unified QR code that you can scan and pay with whichever mobile wallet you want. Though, that may not be the only way, as CIMB demonstrates.
Touch ‘n Go’s radio-frequency identification (RFID) system has received a lot of mixed reactions so far. It’s never easy to completely revamp a system that a lot of people have been using, especially if it meant throwing out everything they already invested in to make a fresh switch.
But while it’s easy to be blinded by this, and internet rage, the thing I was more curious about was the technology. Does it work? Is it better than SmartTAG? Is this really our future? After testing it out, here’s what I think.
Grab is a little behind if we’re talking about mobile wallets, at least in Malaysia. We already have a several different ones that work roughly the same, with some kind of unique rewards system and payment that happens via QR code.
But, just like Google wasn’t the first search engine to exist, the brand new GrabPay wallet is counting on the fact that you don’t need to be first to be the best. And honestly, they’re making a strong case for it because GrabPay already brings a lot to the table that its competition doesn’t.
The physical Touch ‘n Go card has been the defacto choice for commuters. You don’t have to queue up to buy tokens and you get to enjoy the lower cashless fare.
Soon, you’ll be able to pay for your train rides with your smartphone as Touch ‘n Go is rolling out a new feature starting this week.
The partnership between Digi and PETRONAS has brought forth innovation for better services and rewards for their customers. Through this partnership, customers will be able to sign up for new Digi services and purchase prepaid top-ups at Kedai Mesra.
A few days ago, Touch N Go had introduced its mobile app which lets you reload your physical Touch N Go card. This is a feature which many users have been waiting for. Imagine being able to top up your card at any time and at anywhere with your smartphone.
However, for those who have tried it, it turns out that the reload function isn’t as convenient as it seems. With complaints pouring in, Touch N Go has suspended this reload channel until further notice.