eWallets: Is Cashless Finally Here?

Amran Hassan, Head of Innovation, Maybank, lead the discussion on eWallet: Is Cashless Finally Here when he popped up the questions about the lack of usage of mobile wallets compared to a credit card or debit card.

Kevin Lee, Head of Corporate Sales, GHL Systems Berhad responded that most merchant these days has been educating themselves and progressively learning on electronic payment. ”The challenge is that how then do you articulate the acceptance to the merchant, telling them that don’t just think about accepting cards and credit cards but think about the whole omni-channel acceptance.”

Remy Khoo, Head of Digital Innovation and Strategy, Maybank emphasized that the Maybank QRPay was designed to help merchants on tier three and four to ease their transaction without having to carry around a wireless credit card terminal. It’s also to ease transactions for customers and giving them option without having to install a lot of applications for it.

Syahrunizam Samsudin, CEO of Touch ‘n Go Sdn Bhd quoted that 51% of public transportation users prefer using token; which they need to pay in cash, despite knowing that by using Touch ‘n Go card, they will get 20% off the fare. This is pretty discouraging despite the amount of advertising and advocating for a cashless society, users seem to prefer cash transaction in their daily life.

Syahrunizam also emphasized that the challenge for ewallets is that the technology need to be intuitive. “Intuitive means that before you whip out your app, the terminal talks to you and already scans your QR,” he said while comparing Malaysian ewallet provider and China’s.

There’s a long way to go to convince users to use their mobile wallet without having to carry their cash around, of which suppliers need their rolling money at the end of the day. Hence, transactions need to happen at the speed of lightning without disadvantaging one party.

Together in the panel session is Mr Tan Nyat Chuan, Director of Payment Systems Policy, Bank Negara Malaysia and Aiza Azreen Ahmad, Director of Strategic Development, Boost eWallet

The podcast version of the session is also available on eFM

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