Maybank Samsung Pay to double contactless payments by end-2017

Michael Foong (left), Farid and Ravintharan showcasing the Maybank Samsung Pay App

Maybank said on Friday the optimistic outlook was based on the success of the Maybank Pay which was launched in Malaysia in July this year with nearly 40,000 installations of the digital wallet todate. 
 
Maybank's group chief strategy officer, Michael Foong said more cardholders were expected to use the Maybank Samsung Pay, which is the most widely accepted contactless mobile payment service.

Cardholders can use it to make purchases almost anywhere that accepts debit, credit and prepaid cards, including numerous overseas locations. 
 
Maybank cardholders are the first in Malaysia to enjoy the convenience of Samsung Pay with the recent launch of an open beta service in Malaysia. A similar service was launched by Maybank in Singapore in September 2016 with about 5,000 installations by its cardholders. 

Foong said there was tremendous value proposition for Maybank's cardholders as the Maybank Samsung Pay digital wallet could be used at any card terminal around the world where Samsung Pay was available.

“We believe that the continuous innovations we have made especially in the field of digital wallets will enable customers to benefit from this safe and secure payment mode, thus enhancing their lifestyles in today’s fast paced global environment,” he added. 

The Samsung Pay open beta service has been made available to users with Maybank Visa debit, credit or prepaid cards and is compatible with Samsung smartphones Galaxy S7 and S7 edge, S6 edge+, Note5, Galaxy A5 (2016) and A7 (2016). 

Maybank cardholders currently enjoy exclusive access to Samsung Pay during the three-week open beta test until Dec 31, 2016.
 
Since the launch of Maybank Pay earlier this year, Foong said the banking group has seen a tripling in digital wallet payments transaction value made via mobile phones in September to November 2016. 

In Singapore, transaction value via Maybank Samsung Pay has grown over 50 times in the same period.
 
“For increasingly savvy customers who are on-the-go, our digital wallet value proposition offers a comprehensive choice as customers can avail themselves to our different payment alternatives for a variety of android devices,” he added.

“As mobile tele-communications and banking converges even more, Maybank will continue to develop innovative solutions for our customers in line with its objective of becoming a digital bank of choice in the region.”
 
Maybank was the first in Malaysia to introduce a mobile wallet payment convenience called MaybankPay in July this year. 

This digital wallet enables customers to make cashless payments charged to their Visa cards via Android smartphones and other handheld devices, without having to use the physical debit or credit card. 

Maybank Samsung Pay is another first for the bank in Malaysia offering a mobile payment service which is simple, safe and available almost anywhere the cardholder can swipe or tap the card.

Among those present at the launch were Foong, Maybank president and CEO, Datuk Abdul Farid Alias and head, cards and wealth Maybank, B. Ravintharan.