Last year in March I have written about the Malaysia’s government aspiration of going cashless, now as many more e-wallet players jumped into the bandwagon, it increasingly spiced up the competition. Personally, I classify it to be entering phase two of the whole development of the ecosystem; i.e. remittances in regional perspective, South East Asia.
Both Tencent and Alibaba which has launched their money transfer services cater especially for Hong Kong based workers from the Philippines and Indonesia to send money back to their respective countries easily and safely.
Tencent’s WeChat pay and Alibaba are the two Chinese Tech companies which want a share of the cake in South East Asia which is home to about 600 million people.
While back home in Malaysia, Public Bank last year in November launch all-in-one digital payment platform, in partnership with Revenue Group, was the first bank to initiate the service available to the public. The “Smart Android device”, the all-in-one digital payment terminals can handle mobile Quick Response (QR) code payment services including Alipay, Boost, Touch ‘n Go, Union Pay QR and Wechat pay.
Revenue Managing Director and group CEO Eddie Ng Chee Siong said that through this terminal, physical retail merchants will be able to accept payment through various channels including QR codes, near field communications, chip cards and even traditional magnetic stripe cards.
Another great development in IoT(Internet of Things) will be speared headed by Celcom Axiata Bhd. The organization will invest RM100 million in the next 5 years for the said development. The Internet of things is the network of devices such as vehicles, home appliances like washing machines, headphones, lamps , in short everything that contain electronics, software, actuators and connectivity that allows them to connect, interact and exchange data.
The investment will includes network, content, research and ecosystem developments in Malaysia. CEO Idham Nawawi said that this initial investment marks Celcom’s commitment in the effort to acquire Industrial Revolutions 4.0. He said this at the launch of Celcom’s new corporate academy on January 10 by Communications and Multimedia Minister Gobind Singh Deo.
Industrial 4.0 is a name given to the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing. Industry 4.0 is being referred to as the fourth industrial revolution.
This year, it is going to be another eventful year for the e-wallet industry. As all the players trying to make its present felt, personally, I think one of the most consistent players is Boost, with its continuing campaign after campaign.
The day will come, when the reality of cashless society becomes a norm. Just recap of the history of medium of transaction. At the beginning of civilization, the mode of transaction was barter trading, then it is money at the present age and soon, it is the cashless transaction era.
Man has indeed better the mode of transaction in every area of life. Yes, we are at the dawn of an new era – The New World Order…
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