Easy does it: E-wallet users will be able to track their spending with everything recorded digitally.The year 2020 and beyond will see the continued rise in popularity of e-wallets which stole the financial technology limelight in 2019.This year will see nothing short of that as service providers will be ramping up their game.
There is also a thrust by the government to push for a cashless nation through the e-Tunai Rakyat initiative, which will see a disbursement of RM450mil starting a fortnight from now. All these efforts are in line with Bank Negara’s vision to make e-payments the preferred medium of economic transactions in Malaysia.
Credit cards played second fiddle at a transaction volume of only 416 million for the January-October period and 447.1 million in 2018. This then poses the next question: Are there too many e-wallet providers in Malaysia? With a total of 47 e-money licences issued by the central bank, the e-wallet scene is still quite a crowded battleground.The aggressive play last year has seen some smaller providers fizzling out because the business model of providing incentives and cashbacks during this incubation period was not sustainable.
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: staronline - 🏆 4. / 75 Read more »
Source: staronline - 🏆 4. / 75 Read more »