Digi Telecommunications Sdn Bhd (Digi) has inked agreements to appoint online payment networks, MOLPay and iPay88 as partners for its mobile payment service vcash.
Under this agreement, vcash will be made available as a payment option for merchants under MOLPay and iPay88’s online payment gateway networks, enabling customers to transact using vcash with thousands of merchants online.
vcash, yet to be officially launched, is a mobile payment application from Digi that provides an easy, convenient way to pay, send, request and store money. It is available for all Malaysians regardless of telecommunication operator, with bank-level security to pay for transactions, deposit cash, and send money to friends and family with its peer-to-peer (P2P) funds transfer capabilities. P2P and ePayment transactions are free for all users.
“Digi’s move into fintech is a natural progression of its connectivity business, building on the company’s solid 11.9 million customer base, the high level of smartphone penetration amongst its customer base and in Malaysia , and in particular, key learnings from Telenor Group’s business units who are already operating within the ePayment and banking space,” said Praveen Rajan, Digi’s Chief Digital Officer.
With vcash, Digi said it intends to play a leading role in driving the adoption of cashless payments in line with advancing Bank Negara’s cashless society agenda. In this respect, by enabling more merchants to go cashless where previously there were barriers to entry with the implementation of terminals and related costs, as well as making it easy for the general Malaysian to transact online.
“Our entry into the fintech space is a key part of Digi’s strategy to explore new digital verticals and bring them to market, effectively building a new pipeline of digital services that will drive our future growth. With the agreement between vcash, and MOLPay and iPay88, more Malaysians will be able to begin transacting online without a debit or credit card,” Praveen added.
“As one of the leading payment gateway in Malaysia, we recognise that the addition of vcash into the array of payment channels will strengthen the payment platform for merchants to offer to the customers. A wide option of payment methods is also believed to let customers find the convenience when making payment. We hope to roll out this newly-launched e-Wallet soon to our prominent merchants such as Lazada, 11street and more,” said MOLPay CEO, Eng Sheng Guan.
“Digi’s step to create e-Wallet is a big milestone to boost Malaysia’s cashless society. vcash will become an addition to iPay88’s numerous payment options, which will unquestionably benefit the growth and expansion of businesses. vcash will benefit all iPay88 merchants, and will bring additional value to those merchants holding a strong presence in offline retail,” Chong Lee Kean, iPay88 Co-founder and Business Development Director.
To use vcash, users need to download the app on their mobile devices from the Google Play Store or Apple App store for free, set up and deposit money into their account, and scan the QR code at the merchant’s check out point to make payment. Transactions are completed with PIN or fingerprint authorisation.
To deposit money into the vcash app, users can either walk into a Digi store to deposit cash over the counter, or online banking via FPX or JOMpay.
vcash is expected to be officially launched by Digi next week.