Successful Online Business Tips: E-wallet and Payment Gateway

Mohd Rashdan Ramlee, Chief Strategist of MediaFoundry Sdn. Bhd. gave a talk about ‘Online Business Success Ticket: E-Wallet and Payment Gateway’, during BAHTERA 2018. His talk amplified the importance and possibilities regarding the usage of E-wallet and payment gateway could bring.

He said that the key to a successful business is through convenience. Mr Rashdan started the talk with the problem of buying online through “PM Tepi” which makes interaction between a consumer and merchant at an average of 4 times, minimizing the convenience of shopping online should have provided. He said that it would’ve been easier if merchants opted for payment gateway or E-wallet instead.

E-wallet is a software or an application that can hold the value of your money, linked to your devices and your bank account. Royalty program acts as a reward system that rewards consumers with points every time they spend. In China, WeChat is the most famous E-wallet with over 2 Trillion transactions.

Payment gateway enables consumers to pay merchants through various ways, making it easier to buy products, 24 hours a day, 7 days a week. He added that nowadays, E-wallets need certification from government bodies to ensure safety.

In types of E-wallets, Mr Rashdan said that PayPal is one of the earliest and easiest existing E-wallet due to their user-friendly interface. The second is Billplz, created by local entrepreneur Nazroof Hakim, enabling payments faster and cheaper, mostly used by businesses or organizations. Lastly, Boost by Axiata, which is more of an offline payment system for physical stores. He also added crypto wallets into the list, wallets which mostly holds the value of cryptocurrencies such as Bitcoin and Ether, saying that the most trusted crypto wallets include Luno, imToken and Wave, highlighting that these are fairly new and people should be aware of possible scams when handling cryptocurrencies.

The talk went on with the differences between the main three wallets stated, their boon and bane. The session ended with a hands-on activity where participants set up their own PayPal and Boost account, ready for the future.

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