Expanding the Regional Payment Connectivity (RPC) Initiative

The Regional Payment Connectivity (RPC) initiative aims to simplify and streamline cross-border payments. Bank Negara Malaysia (BNM) and the State Bank of Vietnam (SBV) recently signed a Memorandum of Understanding on the Cooperation in Regional Payment Connectivity (MOU RPC) to strengthen this endeavor. The Philippines’ central bank joined the MOU RPC last year. All these efforts mean one thing: easier, cheaper, and faster transactions across borders.

What This Means for DuitNow QR Users

The addition of Vietnam and the Philippines to the RPC is a significant milestone, not just for these countries but also for DuitNow QR users. Once implemented, Malaysians can use DuitNow QR for payments in Vietnam and the Philippines, essentially offering a seamless payment experience. On the flip side, citizens of these two countries will be able to use their respective QR payment service providers while in Malaysia, similar to how it works for Singaporeans, Thais, and Indonesians.

Why This Matters

Think of the ease this would bring to both individual travelers and businesses that operate across these countries. This development falls perfectly in line with RPC’s goal to make inter-country payments more seamless, convenient, and affordable. With SBV’s inclusion, the initiative now comprises six ASEAN Central Banks, taking a significant step toward regional financial inclusivity.

Conclusion

The expansion of DuitNow QR to include Vietnam and the Philippines is not just a technological advance; it’s a monumental leap toward a unified ASEAN digital economy. So the next time you find yourself booking a flight to Hanoi or Manila, remember, your DuitNow QR app is about to become your new best travel buddy.

Source: https://technave.com/gadget/Malaysians-ca

The post DuitNow QR to Enable Cross-Border Payments in Vietnam and the Philippines – A Leap Forward in ASEAN Payment Connectivity appeared first on Edxapay.

Driving Tourism and Economic Growth

Leong Yu Man, the chairman of the Pahang Unity, Tourism and Culture Committee, asserts that this cashless initiative will not only boost tourism but also foster economic growth. This move is designed to bridge the digital divide between rural and urban residents, making technological advancements accessible to all.

Why Cashless is More

According to Leong, the convenience of using digital payments like DuitNow will specifically enhance the tourism experience at Taman Negara, a renowned national park. With boat operators and traders in the region already adopting digital payment methods, the initiative promises a smoother, more efficient experience for both tourists and locals.

Agrobank and Tourism Pahang Join Forces

This forward-thinking initiative is a collaborative effort between Agrobank and Tourism Pahang. The partnership aims to expand the use of cashless services in a manner that benefits not just tourists but also the local community, potentially driving better sales for local businesses.

What This Means for Pahang

The state government is deeply committed to driving digital transformation across all levels of society and industry. By implementing cashless solutions in tourism hubs like Hulu Tembeling, they are setting the stage for a more inclusive and convenient future.

Conclusion

The cashless village initiative in Hulu Tembeling marks an exciting chapter in the evolution of tourism in Pahang and Malaysia as a whole. By incorporating digital payments into the tourism infrastructure, the state is paving the way for a more efficient, inclusive, and modern travel experience.

So the next time you plan a trip to Taman Negara, you won’t just be exploring nature; you’ll also be part of a digital revolution!

Source: https://www.thesundaily.my/local/cashless-village-initiative-will-boost-tourism-activities-in-pahang-exco-HF11415266

The post Cashless Village Initiative in Hulu Tembeling Aims to Revitalize Pahang Tourism appeared first on Edxapay.

SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.
SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.

With the integration of DuitNow QR, Setel users can now scan and pay at any retailer. Additionally, within a year, Setel users will be able to send and receive money through DuitNow, and create their own DuitNow QR to make money transfers to their e-wallet more convenient.

Mazlin Erawati Ab Manan, Chief Executive Officer of Setel, emphasized that the company is committed to meeting the demands of its customers by making the Setel app more convenient and inclusive for a wider range of customers. The integration with DuitNow QR is a clear demonstration of this commitment, as it expands the use of the Setel app to retail purchases and other needs.

Setel users will be rewarded with Mesra points for every payment made through DuitNow between March 30, 2023, and May 31, 2023. These points can be redeemed for fuel and other exciting rewards. Overall, the integration of DuitNow QR is a significant step for Setel in its mission to redefine mobility and provide a seamless payment experience for its users.

The post SETEL Revolutionizes Cashless Transactions with DuitNow QR Integration appeared first on Edxapay.

• The global digital payments market was valued at $4.1 trillion in 2019, and it was projected to reach $7.6 trillion by 2024.
• According to the World Bank, the number of people with bank accounts who made or received digital payments increased from 52% in 2014 to 69% in 2017.
• During the first months of the pandemic, the use of digital payment methods increased by around 20% globally.
• In the United States, digital payments increased by 40% from March to April 2020, according to a report by ACI Worldwide.

Here are some reasons why COVID-19 has accelerated the growth of digital payments:

• Social distancing measures and lock downs have made it more difficult for consumers to shop in physical stores, leading to an increase in online shopping.
• Cash transactions are seen as less hygienic during a pandemic, leading consumers to prefer contactless payment methods such as digital wallets and mobile payments.
• Businesses have had to adapt to the new reality of the pandemic, with many shifting their focus to e-commerce and digital sales channels.
• Governments have encouraged the use of digital payments to help reduce the spread of the virus, with some offering incentives and subsidies to businesses that adopt digital payment methods.

The growth of digital payments has significant implications for businesses and consumers alike. For businesses, it offers a range of opportunities to streamline operations, reduce costs, and improve customer experiences. By accepting digital payments, businesses can offer customers more convenient and secure ways to pay, which can help to increase customer loyalty and drive sales. For consumers, digital payments offer a range of benefits, including convenience, security, and flexibility.

In conclusion, COVID-19 has accelerated the growth of digital payments, transforming the way we pay for goods and services. Businesses that fail to adopt digital payment methods risk falling behind their competitors and missing out on valuable opportunities to improve customer experiences and streamline operations. Consumers, meanwhile, should take advantage of the convenience and security of digital payments, while remaining vigilant against potential fraud.

The post COVID-19 Accelerates Growth of Digital Payments: Statistics and Why appeared first on Edxapay.

In Malaysia, there are several BNPL providers that have gained popularity among consumers, including MyIOU, Pay Later, and Atome. These platforms offer a convenient and flexible payment option for consumers, allowing them to pay for purchases in installments over a period of time.

According to a report by iPrice Group, a leading e-commerce aggregator in Southeast Asia, the BNPL market in Malaysia is projected to reach a market size of RM 5.8 billion (approximately USD 1.4 billion) by 2025. The report notes that the growth of the BNPL market in Malaysia has been driven by factors such as the increasing popularity of e-commerce, rising consumer demand for flexible payment options, and the growing number of BNPL providers in the market.

MyIOU is one of the leading BNPL providers in Malaysia, offering flexible payment plans to consumers for online and offline purchases. The platform has partnered with various merchants across Malaysia, including e-commerce platforms such as Shopee and Lazada, as well as physical retailers such as Watsons and Lotuss. According to MyIOU, the platform has seen a 150% increase in transaction volume in 2021, highlighting the growing demand for BNPL services in Malaysia.

Another popular BNPL provider in Malaysia is Pay Later, which allows consumers to pay for purchases in three installments over a period of time. Pay Later has partnered with a variety of merchants across Malaysia, including online fashion retailer Zalora and electronics retailer Senheng. According to Pay Later, the platform has seen a 400% increase in transaction volume in 2021, indicating the strong demand for BNPL services in the Malaysian market.

Atome is another BNPL provider that has gained popularity among consumers in Malaysia. The platform offers a flexible payment option for consumers, allowing them to split purchases into three interest-free installments. Atome has partnered with a variety of merchants across Malaysia, including online fashion retailer FashionValet and electronics retailer Harvey Norman. According to Atome, the platform has seen a 350% increase in transaction volume in 2021, highlighting the strong demand for BNPL services in Malaysia.

In conclusion, the BNPL market in Malaysia is rapidly growing and is projected to reach a significant market size in the coming years. With the increasing popularity of e-commerce and rising consumer demand for flexible payment options, BNPL providers such as MyIOU, Pay Later, and Atome are well-positioned to continue growing and capturing a larger share of the Malaysian market.

The post Buy Now Pay Later: Exploring Malaysia’s Growing Market and Leading Providers appeared first on Edxapay.

One of the key drivers of the online gaming industry in Southeast Asia is the region’s rapidly growing middle class. As incomes rise, more people have disposable income to spend on leisure activities like gaming. In addition, the increasing popularity of smartphones and mobile devices has made gaming more accessible to a wider audience.

Esports, which refers to competitive video gaming, is also becoming increasingly popular in the region. The growth of esports has been fueled by a number of factors, including the rise of streaming platforms like Twitch and the increasing number of esports tournaments and competitions.

The online gaming industry in Southeast Asia is also benefiting from the growth of digital payments and e-commerce. Many online gaming platforms in the region have integrated with digital payment systems like GrabPay, GoPay, SenangPay and edxaPay, making it easier for users to make in-game purchases.

Overall, the growth of the online gaming industry in Southeast Asia presents a significant opportunity for businesses operating in this space. However, there are also challenges to be aware of, including issues related to regulation and the need to adapt to the changing preferences of consumers.

As the online gaming industry in Southeast Asia continues to grow, businesses will need to stay ahead of the curve in order to remain competitive. This may involve investing in new technologies, partnering with other companies, and focusing on delivering a high-quality user experience that meets the needs of the region’s rapidly growing gaming community.

Source: https://www.bain.com/globalassets/noindex/2020/e_conomy_sea_2020_report.pdf

The post Leveling Up: How Esports and Digital Payments are Driving Online Gaming in Southeast Asia appeared first on Edxapay.

• In the United States, 69% of men and 58% of women made online purchases in 2020.
• Women tend to spend more time researching products and reading reviews before making a purchase, while men tend to make quicker purchasing decisions.
• In Malaysia, women make up 52% of online shoppers, while men spend more per transaction than women (RM232 compared to RM189 for women).
• Malaysians prefer to use mobile devices for online shopping, with 64% of online shoppers making purchases on their smartphones.
• The most popular product categories for online shopping in Malaysia are fashion, beauty, and electronics.

Overall, these findings suggest that while both genders are active online shoppers, their behaviors can differ. Women may be more thorough in their research and purchasing decisions, while men may spend more per transaction and make quicker decisions. Businesses can use this information to better understand their customer base and tailor their marketing strategies accordingly.

The post Online Shopping Behaviors: Male vs Female appeared first on Edxapay.

The Enablers

In Malaysia, several e-wallet brands are leading the way in digital payments. Boost, GrabPay, and Touch ‘n Go eWallet are some of the most popular e-wallets in the country, and are widely used for a variety of transactions, including payments for transportation, food delivery, online shopping, and bill payments.

In addition to e-wallets, many banks in Malaysia offer digital payment services that allow customers to make payments and transfer funds using their mobile devices. For example, Maybank2u, CIMB Clicks, and RHB Now are all popular digital banking services that provide customers with a convenient and secure way to manage their finances.

Other service providers in Malaysia are also contributing to the growth of digital payments in the country. For example, iPay88, senangPay, ToyyibPay or edxaPay is a payments processing company that provides payment gateway services to businesses, enabling them to accept payments from a range of digital channels, including credit and debit cards, e-wallets, and online banking.

QR Code, The Future of Payment

The “e-Conomy SEA 2022” report highlights the importance of payment infrastructure in driving the growth of digital payments in Southeast Asia. The report notes that the widespread adoption of QR codes, the development of real-time payment systems, and the expansion of card payment networks have all played a significant role in facilitating the growth of digital payments in the region.

The report also predicts that the value of digital payments in Southeast Asia will continue to grow at a compound annual growth rate (CAGR) about 27% from 2020 to 2025, reaching a value of $1.17 trillion by 2025. This growth is expected to be driven by several factors, including the increasing adoption of digital payments by consumers and merchants, the expansion of digital wallets and payment infrastructure, and the growth of e-commerce and other digital services.

Final Words

In conclusion, the “e-Conomy SEA 2022” report highlights the growing importance of digital payments in Southeast Asia’s digital economy. With the increasing adoption of mobile devices and the proliferation of payment infrastructure, e-wallets, banks, and other service providers are well-positioned to continue driving the growth of digital payments in the region.

Source: https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pd

The post The Growth of Digital Payments in Southeast Asia: Insights from ‘e-Conomy SEA 2022 Report appeared first on Edxapay.

DuitNow

DuitNow is a service that enables instant fund transfers between participating banks and e-wallets in Malaysia using just a recipient’s mobile number or National Registration Identity Card (NRIC) number. Here are some of the pros and cons of using DuitNow:

Pros:

1. Instant and convenient. DuitNow transactions are processed in real-time, meaning that recipients receive funds instantly. This makes it a convenient option for making urgent payments.
2. Secure. DuitNow transactions are highly secure, as they are authenticated using multiple layers of security, including mobile device verification, one-time passwords, and biometric authentication.
3. No need for bank account details. With DuitNow, users only need to provide a recipient’s mobile number or NRIC number to make a payment, eliminating the need for bank account details. This can be especially useful for small businesses and individuals who may not have a formal bank account.

Cons:

1. Limited availability. DuitNow is currently only available to users who have accounts with participating banks and e-wallets. This means that not all Malaysians can use the service.
2. Transaction limits. DuitNow transactions are subject to certain limits, which may vary depending on the user’s bank or e-wallet provider. This can be a drawback for businesses or individuals who need to make large payments.
3. Limited use cases. DuitNow is primarily designed for person-to-person (P2P) transfers, which means that it may not be suitable for all payment scenarios, such as online purchases or bill payments.

FPX

FPX is a payment gateway service that enables online banking customers to make real-time online payments using their savings, current, or credit card accounts. Example of payment gateway service such as eGHL, edxaPay, ToyyibPay, SenangPay or iPay88. Here are some of the pros and cons of using FPX:

Pros:

1. Wide acceptance. FPX is widely accepted by merchants in Malaysia, making it a convenient option for online shoppers. It is supported by most major banks, meaning that users can choose from a wide range of banks to make payments.
2. Secure. FPX transactions are highly secure, as they are authenticated using online banking credentials, such as a username and password or a security token.
3. Suitable for various payment scenarios. FPX can be used for a wide range of payment scenarios, including online purchases, bill payments, and charitable donations.

Cons:

1. Transaction fees. FPX transactions may be subject to transaction fees, which may vary depending on the user’s bank. This can be a drawback for users who want to avoid additional costs.
2. No instant payments. FPX transactions may take up to two working days to be processed, which means that recipients may not receive funds immediately.
3. Need for bank account details. With FPX, users need to provide their bank account details to make a payment, which may not be suitable for users who want to avoid disclosing their bank account information.

Conclusion:

In summary, both DuitNow and FPX are useful payment options for Malaysians, depending on their specific needs and preferences. DuitNow is ideal for P2P transfers, as it enables instant and secure payments without the need for bank account details. However, it may not be suitable for all payment scenarios and is subject to transaction limits.

The post FPX vs DuitNow, whats the difference ? (2023) appeared first on Edxapay.

However, payment gateways do not come for free. They charge fees to merchants for each transaction that they process. These fees can vary widely depending on the payment gateway provider, the type of transaction, and other factors. In this article, we’ll take a closer look at payment gateway fees and how they work for Malaysian merchants.

Types of Payment Gateway Fees

There are typically three types of fees associated with payment gateways: setup fees, transaction fees, and monthly fees.

1. Setup Fees

Setup fees are one-time charges that payment gateway providers may charge when you sign up for their service. These fees can range from a few hundred to a few thousand ringgit, depending on the provider and the complexity of the setup.

2. Transaction Fees

Transaction fees are charged for each transaction that is processed through the payment gateway. These fees typically range from 1% to 3.9% of the transaction amount, with a per-transaction fee of around RM1.00 to RM1.50.

3. Monthly Fees

Some payment gateway providers may also charge a monthly fee for their service. This fee is typically charged to cover the cost of maintaining the gateway and providing support to merchants. Monthly fees can range from a few hundred to a few thousand ringgit, depending on the provider and the level of service.

Factors That Affect Payment Gateway Fees

Several factors can affect the fees charged by payment gateway providers. These include:

• Payment Gateway Provider. Different payment gateway providers charge different fees. Some may offer lower transaction fees but higher setup fees, while others may have no setup fees but higher transaction fees. It’s important to shop around and compare different providers to find the best fit for your business.
• Transaction Volume. Payment gateway providers may offer discounted transaction fees for merchants with high transaction volumes. If you anticipate processing a large volume of transactions, it may be worth negotiating with your provider for lower fees.
• Payment Type. Some payment types, such as credit cards, may have higher transaction fees than others, such as bank transfers or e-wallets. Consider offering a range of payment options to customers to reduce the impact of these fees.
• Risk Level. Payment gateway providers may charge higher fees for merchants in high-risk industries, such as gambling or adult content. If your business falls into one of these categories, be prepared for higher fees.
• Currency Conversion. If you accept payments in multiple currencies, your payment gateway provider may charge additional fees for currency conversion. These fees can vary widely depending on the provider and the currency.

Conclusion

Understanding payment gateway fees is an important part of managing your online business. By knowing the types of fees and factors that affect them, you can make informed decisions about which payment gateway provider to choose and how to structure your pricing. Remember to shop around and compare different providers to find the best fit for your business, and negotiate for lower fees when possible. With the right payment gateway and fee structure in place, you can provide a seamless payment experience for your customers and grow your online business.

At edxaPay, we believe in providing our customers with flexibility when it comes to payment gateway fees. That’s why we offer different degrees of fees depending on your chosen plan. Our FREE sign-up option has no hidden annual or registration fees, allowing you to enjoy competitive pricing that won’t break the bank.

For online banking transactions, our fees are as low as RM1.00 per transaction. Click here to see more details of our plan.

If you’re a developer or a SaaS provider, we also offer special rates that are tailored to your unique needs. Feel free to chat with us to discuss further and find a pricing plan that works best for you. At edxaPay, we’re committed to making payment processing easy and affordable for businesses of all sizes.

The post Understanding Payment Gateway Fees for Malaysian Merchants appeared first on Edxapay.