Visa, Maybank, bring contactless payment wearables to Malaysia

maybankVisa has collaborated with Maybank to introduce Maybank Visa Payband, the first contactless wearable in Malaysia. Maybank Visa Payband allows users to conduct contactless payments in a matter of seconds, leveraging on Visa’s payWave contactless technology, at more than 1,000 locations across the country.

Visa country manager for Malaysia Ng Kong Boon said the adoption of a contactless payment wearable would be well received by Malaysians and be used to displace cash particularly at events, concerts and theme parks, making it easier and more convenient for consumers.

Malaysians are moving towards a cashless society and it was prevalent based on the Visa Consumer Payment Attitudes Study. Based on the study, 95% of Malaysian respondents said they were more likely to visit a store that accepted contactless payments over one that did not, an increase of 7% compared with 2014.

“To be able to drive Malaysia to become a cashless society, it is important that we take steps to displace cash at places that are traditionally heavy on cash, particularly at events and theme parks, where payment such as entrance fees and drinks are small ticket payments. Since we introduced Visa payWave, contactless payments have taken off in Malaysia,” said Ng.

“So far, we have well over 2.5 million Visa payWave cards in circulation and a rapidly-growing acceptance footprint. We have also seen year-on-year growth of 250% in the payment volume for Visa payWave transactions as of November 2015,” he added.

Maybank Group head of cards and wealth B Ravintharan said the new payment innovation would help propel Maybank into the forefront of non-cash and electronic payments.

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Categories: Contactless Payments

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