February 24, 2024

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Malaysian service provider and card firms partner to offer new digital payment option

According to a recent report, a mobile service provider in Malaysia along with a leading global card company serving as the technology partner will offer a digital prepaid card which is set to be released for public use sometime in the first half of the year.

The card is also developed with a provider of end-to-end electronic payment (e-Payment) solutions for banks and financial institutions, merchants and other businesses in Malaysia.

According to a press release, the digital card was designed for online shopping where customers can sign-up, activate and use the card all within a single mobile app. The goal is to provide an intuitive, end-to-end digital experience that is more secure.

While the announcement lacks an in-depth explanation of the move, it is likely that the concerned parties will model the digital app after the card company’s Happy prepaid card.

Online shoppers or those that sign up for online subscription services could provide their Happy card details instead of giving these websites access to their primary credit card information.

The idea is that users would protect their actual card information, and the prepaid nature of the platform would ensure that users do not end up spending more money than they have.

The card company’s country manager for Malaysia stated that it is essential to meet the needs of the unbanked populations in Malaysia, implying that the digital card could help solve that issue for the unbanked segment. His assertion hints to the possibility of cash top-ups, and the logical conclusion is that this will double in the mobile service provider’s physical kiosks – however, currently, these statements are only assumptions based on other fintech around.

Debit card ownership in Malaysia has a relatively high 74% penetration, though only 21% of Malaysia’s population owns a credit card. The lower numbers could owe to strict credit card issuing standards, but it is also likely that Malaysians are reticent about getting a credit card in fear of spending more than they actually have.

Allowing Malaysians to tap into the global the card company’s network while also eschewing the cumbersome physical card when online shopping could be the more convenient solution that caters to an increasingly online lifestyle, though it will remain to be seen if this will be enough for the product to gain traction.

However, we are curious as to why Digi did not launch this service as an extension of their existing wallet, vcash. Air Asia’s BigPay was launched with the card company too, and it is also an e-wallet.

The telecom company’s CEO stated that the company has observed that the majority of e-commerce transactions still occur with cash. The aims are to play a part in assisting people to go cashless, and more importantly, offer them the convenience to do what they want on their devices.

The Group’s Dato’ further elaborates on the retailer side of this equation, noting that the focus will be to acquire retailers and e-tailers to provide them with the ability to accept digital card payments and unlock the benefits of going cashless. This includes having access to a suite of merchant tools for improved customer retention, which will translate into a more engaging and efficient in-app cashless experience for cardholders.

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.

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