KUALA LUMPUR (Nov 2): Digi.Com Bhd has appointed online payment networks MOLPay Sdn Bhd and iPay88 Sdn Bhd as partners for its mobile payment service called "vcash".
Digi said vcash will be made available as a payment option for merchants under MOLPay and iPay88's online payment gateway networks, enabling customers to transact using vcash with thousands of merchants with online shopfronts nationwide.
vcash is a mobile payment application that provides an easy, more convenient way to pay, send, request and store money, said Digi in a statement.
It is available for all Malaysians regardless of telecom operator, with bank-level security to pay for transactions, deposit cash, and send money to friends and family with its peer-to-peer (P2P) funds transfer capabilities. P2P and ePayment transactions are free for users.
Digi chief digital officer Praveen Rajan said the group's move into fintech is a natural progression of its connectivity business.
"Our entry into the fintech space is a key part of Digi's strategy to explore new digital verticals and bring them to market, effectively building a new pipeline of digital services that will drive our future growth. With the agreement between vcash, and MOLPay and iPay88, more Malaysians will be able to begin transacting online without a debit or credit card," Praveen said.
MOLPay chief executive officer Eng Sheng Guan said his team hopes to roll out the newly-launched e-Wallet soon to its prominent merchants such as Lazada and 11street.
"As one of the leading payment gateway in Malaysia, we recognise that the addition of vcash into the array of payment channels will strengthen the payment platform for merchants to offer to the customers," he said.
iPay88 co-founder and business development director Chong Lee Kean described Digi's step to create e-Wallet as a big milestone to boost Malaysia's cashless society.
"vcash will become an addition to iPay88's numerous payment options, which will unquestionably benefit the growth and expansion of businesses. vcash will benefit all iPay88 merchants, and will bring additional value to those merchants holding a strong presence in offline retail," he said.
Digi said vcash makes online and offline transactions as easy as possible for users, who simply need to download the app on their mobile devices from the Google Play Store or Apple App store for free, set up and deposit money into their account, and scan the QR code at the merchant's check out point to make payment.
The group said transactions are completed with PIN or fingerprint authorisation.
To deposit money into the vcash app, Digi said users can either walk into a Digi store to deposit cash over the counter, or through online banking via FPX or JOMpay.