Visa and Maybank have collaborated to release the Maybank Visa Payband, the first wearable in Malaysia to introduce contactless payment. Leveraging on Visa’s payWave technology, this wearable can be used at over 1,000 locations in Malaysia.
As one of the nations with the highest mobile penetrations in the world, and a high level of e-commerce purchases made via mobile devices, it is surprising how cashless payment systems are still at its infancy. Apple Pay, Android Pay and SamsungPay are all not yet available in the region. Perhaps something like the Maybank Visa Payband will change that.
Essentially a smartband with a single function only – to make payments – Soyacincau notes that the Payband is similar to UK bank Barclay’s bPay offering; after all, they are both powered by Visa. bPay allows you to make purchases of up to £30 (about RM190) using either bPay’s wristband, keychain fob, or even a sticker.
For now, Maybank’s offering is limited to just the wristband, but that in itself has a few useful features. Running enthusiasts will not need to worry about carrying along their wallets with them while running, and this offers the option of stopping by a convenience store for a quick drink break.
Despite the announcement being made today, there is little information to go by for things such as pricing details as well as a concrete availability date beyond “this year”.