Visa partners Maybank to introduce contactless payment

Maybank Group Head of Cards & Wealth, Mr. B Ravintharan and Visa Country Manager for Malaysia, Mr. Ng Kong Boon using their contactless wearables at Starbucks

KUALA LUMPUR: Global payment technology Visa has collaborated with Maybank to introduce Maybank Visa Payband, the first contactless wearable in Malaysia. 

Maybank Visa Payband allows users to conduct contactless payments in a matter of seconds, leveraging on Visa’s payWave contactless technology, at more than 1,000 locations across the country.

Visa country manager for Malaysia Ng Kong Boon said the adoption of a contactless payment wearable would be well received by Malaysians and be used to displace cash particularly at events, concerts and theme parks, making it easier and more convenient for consumers. 

“To be able to drive Malaysia to become a cashless society, it is important that we take steps to displace cash at places that are traditionally heavy on cash, particularly at events and theme parks, where payment such as entrance fees and drinks are small ticket payments,” he added in a statement.

Malaysians are moving towards a cashless society and it was prevalent based on the Visa Consumer Payment Attitudes Study.

Based on the study, 95% of Malaysian respondents said they were more likely to visit a store that accepted contactless payments over one that did not, an increase of 7% compared with 2014. - Bernama