Towards Cashless Society
Get your seat belt tightened, as we will embark on an interesting and fun-filled journey today towards the next wave of retailing in Malaysia!
Get ready for the e-wallet invasion! What is an e-wallet? The definition of E-wallet is referred to an electronic device that allows an individual to make electronic transactions. This can include a purchase on-line with a computer or smartphone to buy something in an outlet.
The reasons why retail outlets are opting for this methodology are because it is able to eliminate surcharges like in the case of credit and debit cards.
Some of the notable players are vcash, Visa Checkout, Samsung Pay. CIMB, Maybank, RHB banks have launched their e-wallets: CIMB pay, Maybank pay and RHB Now. Telcos like Celcom-Axiata Bhd, Digi. Com Bhd and Maxis Bhd and even Air Asia Bhd have also joined the bandwagon. IPay88 ED Chan Kok Long said that Bank Negara has already issued more than e-wallet licenses in the country. He added that mobile wallet trend is going to push Malaysia forward towards the Cashless Society.
In China, Alipay and Wechat Pay have vast experiences in transforming the payment landscape there. From “warung” to expensive restaurants by utilizing the QR code to make payment.
At present, MOL (which is owned by Berjaya Founder Tan Sri Vincent Tan) helps to facilitate Alipay mobile wallet payment via its reliable partnership with 7 –Eleven Malaysia Bhd.
What is in store for the consumers? What the consumers can look forward to? Well, a lot for example, the consumers can utilize the QR code to screen through the menu, can reduce waiting time in hospital and most of all, no need to carry a lot of cash.
It will pave the way for “worse” thing to come, i.e. the Mark of The Beast! Or they called it 666! Why, I thought it is going to make things easier, you may ask? Not really, you see, we are losing our privacy and The Big Brother is watching!
If you want to know more, you can go to maranathamrc.com and can find the same title under the main menu. In addition to this, you can access www.lamblion.com for the same title.