Home / Contents & Applications / Malaysia wants Mobile Payment Companies to share Data with Government

Malaysia wants Mobile Payment Companies to share Data with Government

Malaysia wants the world’s mobile payment (cashless) companies to share financial data with Governments to prevent money laundering, tax evasion.

mobile-payment-visa

According to Malaysia Finance Minister Lim Guan Eng, with the data sharing, “tax administrators would be able to catch tax evaders and monitor for compliance,” reported FMT.

“A data-sharing platform must therefore be developed so that countries can monitor capital flows and not be under the thumb of multinational corporations.”

With data sharing, he said, tax administrators would be able to catch tax evaders and monitor for compliance.

“When you don’t use regular payment systems, and you use mobile ones, then you don’t have to buy currency. Just click one button, and you lose complete economic sovereignty.

iPrice-Biggest_eWallet_in_Malaysia-Q3-2019

According to iPrice research data, Grab, Touch n’ Go eWallet, Boost, and Fave are Malaysia’s most actively used mobile e-wallets in the past 2 years.

At the moment, there are a number of mobile payment systems in Malaysia including major banks such as Maybank and CIMB. For non-banks, there are over 40 companies that are listed and regulated by Bank Negara. List below:

1 AEON Credit Services (M) Berhad AEON Member Plus Card
2 AirPay Malaysia Sdn. Bhd. ShopeePay
3 Alipay Malaysia Sdn Bhd (formerly known as helloPay Malaysia Sdn Bhd) Lazada Wallet
4 Axiata Digital eCode Sdn. Bhd. Boost
5 Bandar Utama City Centre Sdn. Bhd. ONECARD / 1PAY
6 BigPay Malaysia Sdn. Bhd. BigPay
7 Chevron Malaysia Limited Caltex StarCard Debit
8 DIV Services Sdn Bhd (formerly known as ePetrol Services Sdn Bhd) Whalet
9 Fass Payment Solutions Sdn. Bhd. Fasspay
10 Finexus Cards Sdn. Bhd. (formerly known as MAA Cards Sdn. Bhd.) Visa / Master Prepaid Card
11 Fullrich Malaysia Sdn Bhd TaPay
12 Gkash Sdn. Bhd. Gkash eWallet
13 Google Payment Malaysia Sdn. Bhd. Google Play Gift Card
14 GPay Network (M) Sdn Bhd GrabPay
15 Instapay Technologies Sdn. Bhd. Instapay e-Wallet
Instapay Card
16 iPay88 (M) Sdn. Bhd. iPay88 e-Wallet
17 I-Serve Payment Gateway Sdn Bhd UChatPay
18 JuruQuest Consulting Sdn. Bhd. QBpay e-wallet
19 KiplePay Sdn. Bhd. (formerly known as Webonline Dot Com Sdn. Bhd.) kiplePay / kiplePark
20 ManagePay Services Sdn. Bhd. Mpay
21 Maxis Broadband Sdn. Bhd. Prepaid Airtime
22 Merchantrade Asia Sdn Bhd Merchantrade Money
23 Mobile Money International Sdn. Bhd. Money Pin
24 MobilityOne Sdn Bhd eM-onei
25 MOL AccessPortal Sdn. Bhd. Razer Gold / Pay
26 MRuncit Commerce Sdn. Bhd. Mcash
27 MyEG Alternative Payment Services Sdn Bhd iPayEasy
28 Numoni DFS Sdn. Bhd. (formerly known as Com2U Sdn. Bhd.) NAPP (Numoni App)
29 PayPal Pte. Ltd. PayPal
30 Petron Fuel International Sdn. Bhd. Petron Prepaid Fleet Card
31 Presto Pay Sdn. Bhd. (formerly known as EPP Solution Sdn. Bhd.) Presto Pay
32 qBayar Sdn. Bhd. qBayar
33 Raffcomm Sdn. Bhd. e-Info
34 Shell Malaysia Trading Sdn. Bhd. Shell Prepaid Card
35 SiliconNet Technologies Sdn. Bhd. Sarawak Pay
36 SMJ Teratai Sdn Bhd eWANG
37 Touch ‘n Go Sdn. Bhd. Touch ‘n Go Prepaid card
38 TNG Digital Sdn. Bhd. Touch ‘n Go eWallet
39 Valyou Sdn. Bhd. Valyou
40 Wavpay Systems Sdn Bhd Waypay
41 WeChat Pay Malaysia Sdn. Bhd. WeChat Pay
42 XOX Com Sdn. Bhd. XOX eWallet
43 U Mobile Services Sdn. Bhd. GoPayz

 

“You are now at the mercy of companies, and the countries lose control. With the amount of data that these companies such as Facebook and other giants have, can you imagine the trouble we would go through in accessing them?

“That is why we need a uniformed, multilateral platform to address this issue. We need to look at all the latest tech, fintech, blockchain … whether it is Facebook or other giants,” he told reporters after opening the Commonwealth Association of Tax Administrators’ (CATA) 40th annual technical conference, hosted by the Inland Revenue Board (LHDN) at a hotel on Monday.

About Kugan

Kugan is the founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy
x

Check Also

TIME-dotcom-This-Changes-Everything

Facebook and TIME dotCom partner to improve Connectivity in Malaysia & SEA

TIME dotCom partners with Facebook to invest in Internet infrastructure in Malaysia, strengthening Facebook connectivity in Southeast Asia.

Touch-N-Go-E-Wallet-7-eleven-payment

Pay with Touch ‘N Go eWallet at 7-Eleven, enjoy Cashback for a limited time

Touch ‘n Go eWallet announced its partnership with 7-Eleven to enable payment and reload conveniences across all 7-Eleven’s outlets nationwide.

Maybank claims 60% Market Share for Mobile Banking Transactions, 3 million Weekly Active Users

Maybank claims a market share of over 60% of mobile banking transactions with over 3 million active users on the Maybank2u mobile application.