Pos M’sia in talks for more PosPay clients

KUALA LUMPUR: Pos Malaysia Bhd subsidiary PosPay Exchange Sdn Bhd aims to attract more businesses to get linked to its PosPay system to further drive e-commerce transactions in Malaysia. 

PosPay Exchange managing director Datuk Nik Mohd Amin Nik Abdul Majid said the company was in talks with several firms, including those from the insurance, financial, telecommunications and card-based sectors. 

“It would take 36 to 48 months to tie up with them because a lot of selling needs to be done,” he said. 

Amin said this after PosPay Exchange and AmBank (M) Bhd signed an agreement to facilitate PosPay virtual account reloads via AmBank's online banking services. 

PosPay is Malaysia's first ringgit-based virtual account that facilitates online transactions such as bill payments and fund transfers through the Internet.  

From left: Datuk Nik Mohd Amin Nik Abdul Majid, Mohamed Azmi Mahmood and Pos Malaysia managing director Datuk Ikmal Hijaz Hashim after the agreement signing

Amin said the company was positioning itself as a “low-cost financial carrier” for the lower end of the market because e-commerce had not been well received by the public due to its high transaction cost. 

The company is targeting 500,000 subscribers by the end of the year. 

AmBank managing director for retail banking Mohamed Azmi Mahmood said the partnership would enhance AmBank's portal. 

He said the bank expected to double its activated online banking users to 200,000 by year-end. 

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