Digi has officially launched its vcash with the aim to reduce the use of cash. The app based digital wallet employs a QR code payment system to facilitate electronic money transfers, similar to what is happening with AliPay and WeChat Pay in China.
vcash is currently available with a series of stores like Fish & Co., Tony Roma’s Manhattan Fish Market, Mydin, NY Steak Shack, and Astro Go Shop. There are some 500 physical locations that accept vcash payment, and the company aims to increase this number to 2000 by the end of the year.
MOLPay and iPay88 have also signed on to adopt vcash as a payment option for the online vendors.
One benefit of vcash over the competition is the ease of which the user can cash out of the system. Digi allows transfers from the vcash wallet to linked Maybank account, or simply a cash withdrawl through any official Digi store. The only requirement is that there are funds in the wallet and that the user have previously verified his or her identity.