February 25, 2024

We are creating some awesome events for you. Kindly bear with us.

Digital payments up in Malaysia

The Malaysian branch of a Singaporean multinational banking organisation reported that its customers’ use of digital payment methods in 2018 has grown by almost 50% over the year before, a report noted.

In a statement, the bank noted that the increase reflected the changes in the way customers choose to make payments and are in line with the bank’s efforts to harness technology to make banking simpler, smarter and safer to meet its customers’ changing lifestyle preferences.

Digital payments via the bank’s internet banking service have grown by 25% between January 2017 and December 2018. Customers also made three times more digital payments through the bank’s mobile banking service, in December 2018 compared with 12 months earlier.

The bank’s managing director stated that the rise in digital payment methods reflected consumers’ changing banking behaviour and preferences with the proliferation of smartphones and the Internet.

He noted that with consumers now relying even more on their smartphones for their day-to-day needs, the bank is seeing that customers are doing more banking on the go. With the internet and the smartphone now an indispensable part of everyday life, customers have come to rely on their devices to perform a host of functions, including making payments.

The bank’s customers are turning to mobile and internet banking services to make peer-to-peer payments given the added convenience and security digital payments provide.

According to the bank’s data, peer-to-peer payments or digital fund transfers were the most popular digital payment transactions in 2018. Two in three internet and mobile banking transactions by UOB customers were peer-to-peer payments in 2018. Over the same period, customers also used digital payment methods to pay their bills and make credit card payments.

These accounted for 32% of all digital transactions carried out by customers last year. The rise of digital fund transfers coincides with a decline in the use of cheques in peer-to-peer payment. Cheque payments have declined by almost 30% in the last two years.

It was noted that customers’ preference for digital fund transfers over cash or cheque transactions was supported by the growing number of digital payment solutions available to Malaysian consumers.

The bank is offering its customers a chance to enjoy cash rebates of RM10 when they register for the bank’s peer-to-peer payment facility provided by Payment Network Malaysia.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend