Telenor Group, a major shareholder of Malaysia mobile operator Digi, announced the launch of Valyou, a mobile remittance service allowing people in Malaysia to send and receive money through a mobile wallet.
In May 2016, Telenor acquired Prabhu Money Transfer Sdn Bhd, a Malaysian-based licensed money services business that provides multi-country international remittance services. Rebranded to Valyou, Telenor is leveraging the acquired company’s distribution channels, experience and recently approved license to issue e-money, to strengthen its mobile financial services footprint and offerings in Asia.
Features of the Valyou app, currently available for Android smartphones:
- Send money to Overseas- You can send money to loved ones and family members cross border at home country.
- Airtime Top Up- Top-up any Telco Prepaid account directly from your mobile phone.
- Send money to friends (Person-to-Person Transfer)- Send money to family and friend locally.
- Pay Bill- Pay your bills directly from your mobile phone via Valyou Mobile Wallet
- Cash in- Deposit money into Valyou Mobile Wallet via any Prabhu Money Transfer branches, any designated agents/retailers or via digital way.
- Cash Out- Withdrawal of money from Valyou Mobile Wallet via any Prabhu Money Transfer branches, any designated agents/retailers or via digital way.
- Supports the following countries: India, Bangladesh, Pakistan, Nepal, Philippines, Indonesia, Vietnam
“We believe that everyone can benefit from having easy and affordable access to mobile financial services, in particular to help them take control of a very important aspect of their lives – their personal economy. In a country with high smartphone penetration rates, and the government’s continued promotion towards building a cashless society, services in the form of a mobile wallet could really be a game changer in making access to formal financial services available to many more people,” said Khurram Malik, Chief Executive Officer of Valyou.
According to Malik, the Valyou mobile wallet is an easy, secure way to store and manage cash from your mobile device; a convenient e-money solution aimed at serving the under-banked segments of Malaysia, such as youths, lower income earners and migrants. “It is easy-to-use, secure, offers more benefits the more you use it, puts customers fully in charge of when, where and how they handle their cash, and it is reliable, backed by Telenor’s many years of experience in rolling out mobile financial services solutions across the globe.”
“The Valyou mobile wallet makes money transfer easy and convenient, not limiting customers to particular outlets, locations and operating hours, and most importantly, it is safe as it mitigates the risk of physically carrying cash. We see this adding value to smartphone users who often perform remittance transactions, from a foreign worker based in Malaysia, to locals with domestic helpers sending money home, to parents with children studying abroad. There is a wide user base that can benefit from this mobile IR service.”
The cross-border mobile international remittance service enables money transfers to seven (7) countries globally, and is provided in addition to the traditional over-the-counter remittance services still offered by Valyou. The mobile wallet itself is open to subscribers from any mobile network operators, and supports all smartphone types. Currently, customers can download the Android version of the mobile wallet app, and soon the IOS version.
“Our priority moving forward is to ensure we build a strong distribution network, which will include our Valyou branches, participating Digi Stores and soon digital channels, as well as expanding the app features portfolio to include online and retail payments, insurance and merchant redemptions. This is so as many customers, both senders and receivers, can take advantage of our mobile wallet,” concluded Malik.