Why Payment Gateways in Malaysia are Leading to an Era of Cashless Transactions

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Why Payment Gateways in Malaysia are Leading to
an Era of Cashless Transactions
Electronic money transactions can happen via a
credit card terminal, or an app based mobile
payment. Malaysia, like all other growing
economies, has a considerable demand for banking
services like online accounts and payment
gateways. Malaysian cities like Kuala Lumpur
might even be among the first cities in Asia
where cash would become obsolete. The concept of
money is very old, and it seems to have evolved
with us according to the times and trends.
Currently, since human life is gradually
digitalizing, we can expect money to get an
electronic avatar as well. However, this
transition is very different from digital
socialization or education. Mobile payments in
Malaysia's economy has made it possible for the
whole region to capitalize of Singapore's
popularity as a global financial hub. Mobiversa
is one of the first native Malaysian companies to
design their own POS device, as well as app
based payment gateway. Malaysia's local business
community is also capitalizing on these
products. However, we have to see why this is all
leading to a era of cashless payments.
How Payment Gateways in Malaysia Caught
On Initially, only bigger businesses could offer
online payment for their customers. There were no
native Malaysian service providers for
electronic transfers. International companies
charge up to 5 surcharge on their transactions.
Hence, a larger portion of the economy stayed
loyal to cash for their day to day dealings.
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However, digital payments first appeared thanks
to the popularity of online shopping through
smart phones. The retail markets had to keep up
with this trend to stay relevant in the market.
This led to the popularity of wireless POS
terminals and mobile payments. Malaysia's retail
businesses had to provide these services to reach
the wider consumer base. Mobiversa introduced two
applications alongside EZYWAY, their payment
gateway. Malaysia's first native money transfer
mobile apps were EZYMOTO and EZYPASS. These apps
were the first step to a rapid digitalization in
the way people exchanged money in the
country. Why EZYWAY is the Best Online Payment
Gateway in Malaysia When it comes to money,
people want a local company with the stability
and establishment of a large corporation.
Nationalized banks represent such an institution,
especially since they are regulated and
monitored by the government. However, the same
cannot be said of every application for mobile
payments. Malaysia's businesses could not place
their full trust into a company that was based
out of the country, and a system which was not
locally regulated. EZYWAY changed that by
introducing the first native online payment
gateway. Malaysia based businesses now had a
local service provider they could trust. However,
being so closely associated with the Malaysian
economy, the Singapore market came as a bonus.
Many of Singapore's small and medium businesses
today use Mobiversa products like EZYWIRE and
EZYWAY. This led to the product's great success,
and it's current position as the best online
transaction service provider in the region.
How Mobile Payment in Malaysia has Affected the
Economy There are several ways in which online
and digital payment systems have changed the
economy. What was initially only feasible for
large companies and businesses is now a
convenience for all. However, to understand the
real-world effects of mobile and online payment
gateways in Malaysia, we must look at the
situation in layers -
Local Businesses Have a Wider Reach and More
Resources If you business depends on delivery of
goods and services, cash has a disadvantage. The
customer might not want to make a full or partial
payment before receiving the service or product.
However, since there was no native system for
mobile payments, Malaysia's small enterprises
had to depend on a Cash on Delivery model.
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However, the cash based system has a number of
flaws. For one, the client may not have
sufficient cash in hand during delivery. Also,
the delivery person may not have the necessary
amount in exact change. Another critical issue is
applying EMI or partial recurring payments to
the vendor's business model. This all changes
when it's an online payment gateway. Malaysia
now sees more mobile and card transactions
amongst smaller businesses and individuals than
cash. Companies like Mobiversa have made this
transformation possible. Consumer Behaviors Have
Changed to Cashless Mobile payments in Malaysia
is have been popularized by changing consumer
behaviors in the country. A large number of
consumers in the Malaysian economy today are
foreigners. They prefer the security and ease of
an online payment gateway. Malaysian businesses
had to capitalize on this segment of the
consumer base. Hence, it was obvious that the
popularity of online payment systems would
spread amongst competing businesses. Gradually,
the younger generations of Malaysia also began
to use cashless transactions or mobile app based
banking.
ADDRESS Wisma Uoa Damansara II, 07-01, Changkat Semantan, Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
COMPANY NAME 603-2714 5308
EMAIL ID info_at_mobiversa.com
WEBSITE https//www.mobiversa.com/