Global payment technology, Visa has partnered with Maybank to introduce Maybank Visa Payband, the first contactless wearable in Malaysia.
Maybank Visa Payband enables customers 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 is pleased to partner with Maybank to launch Malaysia’s first contactless payment wearable. We believe that the adoption of a contactless payment wearable will 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. 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,” said Mr. Ng Kong Boon, Visa Country Manager for Malaysia.
Maybank Group's Head of Cards & Wealth, Mr. B Ravintharan said the pilot of this new payment innovation will help propel Maybank into the forefront of non-cash and electronic payments.
“At Maybank, we constantly innovate our solutions to enhance the experience for our cardholders. This partnership with Visa to pilot the contactless wearable will allow us to enhance our value proposition to our customers. We are intending to introduce this solution to our cardholders in 2016, and we believe that this wearable will be popular amongst our customers because they no longer need to carry cash in order to make payments. Furthermore, merchants or event organisers will also be able to operate more efficiently at large scale events because contactless payment speeds up the payment process and reduces queue,” added Ravintharan.
“We see much potential and opportunity for such wearables to create convenient and relevant payment experiences that truly change the way people make their day-to-day payments.”
According to the 2015 Visa Consumer Payment Attitudes Study, 95% of Malaysian correspondents said that they are more likely to visit a store that accepted contactless payments over one that did not—an increase of 7% compared to 2014.
There are now over 2.5 million Visa payWave cards in circulation, with a year-on-year growth of 250% in payment volume for Visa payWave transactions as of November 2015.
A new era of payment has begun in recent times: NFC, smart chips, Google Wallet and Apple Pay. Yes, we're talking about contactless payments. Contactless payment systems are devices that use radio-frequency identification (RFID) or near field communication (NFC) to make secure payments. Contactless payments have been around since 1997, Mobil being one of the early adopters. Since then, major players in the industry have begun adopting this technology considering the amount of effort and resources that have been saved. Indeed, the benefits of contactless payments outweigh the adoption costs associated with it. Both the consumer and the retailers can enjoy the benefits of contactless payments. Consumers do not have to worry about carrying cash or cards while shopping and can enjoy an easier payment mechanism. Retailers can also benefit from this as faster checkouts mean customers spending less time at the POS terminal and retailers serving more customers.