Maybank Pay is Malaysia's first Mobile Payment platform
During Maybank's annual Treats Fair at the Mid Valley Exhibition Center, Malayan Banking (Maybank) announced their latest offering called Maybank Pay. As it's name suggest, Maybank Pay is a mobile payment platform. This makes Maybank Pay the first mobile payment platform available in Malaysia which gives it a competitive edge over other mobile payments services from Google, Apple and Samsung which have yet to launch in Malaysia.
Trying Android Pay for the first time — "I tapped my phone on the payment terminal for the second time and I was prompted to use the use the screen lock and within the next second, the payment was completed. That's it. The process did feel a little anticlimactic because it all happened so fast." Continue reading.At launch, Maybank Pay will be available on Android through an app available on the Google Play Store (which at publishing is still not available for public download). Maybank Pay will support Android 4.4 Kitkat smartphones with NFC and payments can be made at any merchant with a Visa PayWave terminal.
According to Maybank, only 7% of Maybank terminals throughout the country support Maybank Pay but the firm is planning to bump up that number up to 30% by 2018. Despite the somewhat limited availability, Maybank expects at least 20,000 Maybank card holders to sign up for Maybank Pay within the next 12 months.
In addition to that, Maybank is also eyeing to expand of Maybank Pay beyond Malaysia into countries like Singapore, Indonesia, and the Philippines
With the launch of Maybank Pay in Malaysia, it won't be long before other competing Mobile Payment platforms begin rolling out in Malaysia.
ORIGINAL SOURCE: NIKKEI