Our Modern Wallet: The Massive Rise of Mobile Payments in Malaysia

Posted by lisa cook on December 28th, 2018

One of the most convenient ways to make payments in this age of smart phones is a mobile POS system. Malaysia has about 20 million mobile internet users at the moment. This means that a huge part of Malaysia's population can take benefits from mobile payment. Malaysia's small and medium consumer businesses have already started to capitalize on this.

Mobiversa is one of the first native electronic payment service providers out of Malaysia. They have gradually gained a large share of the Singapore and Malaysian market for services like electronic and mobile payment. Malaysia is also one of the fastest growing economies in Asia. Being at the cusp of the digital age, digital payment systems have gained great momentum.

Mobiversa has a complete range of payment systems ranging from applications to mobile POS systems. Malaysia's younger population also like Mobiversa products like EZYMOTO and EZYPASS apps which allow transfers using SMS or QR Codes. Hence, there is a clear trend that the future is heavily leaning on electronic payments rather than cash. Also, it has become extremely secure to make a digital or mobile payment. Malaysia's top banks, as well as all leading international monetary agencies allow direct transactions through Mobiversa's services.

Thus, we can almost certainly see a future where hard cash loses almost all importance. Electronic and digital payments are much more secure than carrying cash. In fact, it is more profitable to do business through a native mobile POS system in Malaysia.

A mobile POS or app will let your business become much more agile. With the rate of surcharge on transactions being only 1% to 2%; it is very affordable for its convenience. Hence, you gain a competitive edge, reach a wider consumer base, and yet not have to invest much.

Another key reason to expect the growth of mobile payments in Malaysia is the thriving tourism industry. Every year, Malaysia sees a higher number of tourists. Many of them even stay in the country for months. This migrant and temporary demographic will also prefer to make transactions over a mobile POS system. Malaysia's student population is also a very big market segment who actually prefer mobile phone or digital payments.

If you are a merchant or own a business of any kind, you should get yourself a modern wallet immediately. Even a small food vendor or taxi driver will definitely be able to broaden their consumer base offering the convenience of a mobile payment. Malaysia's ever expanding urban markets will definitely be one of the first places in the world to truly adopt the digital monetary system. You should get in on the action immediately.