Maybank has taken the first steps into mobile payments in Malaysia by introducing MaybankPay, the company’s mobile payment service. Using the upcoming MaybankPay app, the service will begin rolling out in August 2016.
Given that all mobile payment systems, from Apple Pay, Android Pay, to Samsung Pay, are all not yet available in Malaysia, MaybankPay offers Malaysians the first real look at the convenience of paying for things using the device virtually everyone owns: the smartphone.
There are some current limitations, however. MaybankPay is limited only to Visa credit, debit, and prepaid cards. The service is also limited to 19 Android devices, though that number will definitely rise as Maybank continues testing; after all, the main requirement of compatible devices is NFC support and at least Android 4.4.
The system will be incorporated into the 10,000 or so Visa PayWave terminals throughout the country. More terminals will roll out as per Maybank’s plans, as the service will kick off at participating merchants starting August 2016. The app will also be available then, as it is currently only available to beta testers.
We’ll be taking a closer look at the mobile wallet service, so stay tuned.