The mobile wallet is one of the useful benefits that come from technology and digitalization. Around the globe, we are witnessing an extraordinary increase in the number of e-wallet users and the volume of transaction. According to a survey, in India alone, the e-wallet industry is set to obtain a share of more than $ 6.6 billion by 2020.
Retail giants such as Amazon made it easy for mobile wallets users to make transactions while doing their online shop. However, online retail stores aren’t the only one taking advantage of E-wallet. The Real Estate industry is slowly adopting the digital payment method.
A report stated that digital transactions will not only create a more efficient transaction between realtors and buyers but also create more transparency and reduces the price of properties. The increased transparency provided by the digital transaction will reduce the amount of black money invested that causes inflation in property prices.
The way property is being marketed will also change.
In Malaysia, Cyberjaya aims at being the first cashless city following the launch of TaPay, Malaysia’s first community-built E-Wallet late last year. According to Treasury Ministry Secretary-General, Tan Sri Dr Mohd Irwan Serigar Abdullah, they are hoping to reduce the dependence on cash transactions to 63 per cent of total transactions and increase the number of e-payment transactions per capita to 200 transactions by 2020.
While Abdullah did not comment directly on the possibility of property sales using E-Wallet, real estate industry will definitely see property development being altered to suit the digital transaction needs.
“We must teach and convince people to migrate from cash and be familiar using e-wallet. At the same time, Malaysia must remain competitive, speed and efficient in its eco-system. Therefore, I called on more banks like CIMB, Maybank and RHB to collaborate with Fullrich on this cashless initiative,” he added.