Maybank introduces first mobile wallet for smartphone users


App-solutely convenient: Maybank group president and CEO Datuk Abdul Farid Alias showing off the MaybankPay app on a smartphone and the Visa PayWave terminal after launching the MaybankPay app at the Treats Fair in the Mid Valley Exhibition Centre.

App-solutely convenient: Maybank group president and CEO Datuk Abdul Farid Alias showing off the MaybankPay app on a smartphone and the Visa PayWave terminal after launching the MaybankPay app at the Treats Fair in the Mid Valley Exhibition Centre.

KUALA LUMPUR: Many shoppers have had the embarrassing experience of going to buy something, only to realise that they have forgotten their wallets.

Soon, however, Maybank cardholders can avoid such episodes with the bank’s new smartphone application, MaybankPay – Malaysia’s first mobile wallet.

Maybank head of community financial services (Malaysia) Datuk Hamirullah Boorhan said the app will allow customers to pay using their smartphones, and the amount will be charged to their Visa cards.

“Payment is done simply by scanning their mobile phones at merchant card terminals which carry the Visa PayWave capability nationwide,” he said at the MaybankPay launch yesterday.

From next month, cardholders can download the MaybankPay app on Google Play, register up to eight Maybank cards (credit, debit and prepaid) and create a six-digit passcode for security purposes.

Every time they wish to use the app, they can select the card they want to pay with, enter the passcode and tap the phone onto the Visa PayWave machine to finalise the transaction.

Hamirullah said Maybank aims to register at least 20,000 users in one year, and hopes to launch the app in Indonesia, Singapore and the Philippines by the end of next year.

“Maybank has 5,000 Visa PayWave terminals, and other industry players have another 5,000 terminals nationwide where the app can be used,” he said.

Asked about the security features, Maybank Group head of cards and wealth B. Ravintharan said apart from a six-digit passcode, the app does not display full details of the cards registered on it.

“The app carries the last four digits of the cards registered. The lack of full card number, combined with the passcode, will prevent abuse of the app by other parties.

“However, customers must report their stolen device to us and apply to change their cards, as part of our safety measures,” he told a press conference after the app launch.

Those who cannot wait until next month to get the app can get theirs exclusively from the Maybank Treats Fair, which runs until Sunday at Mid Valley Exhibition Centre.

For now the app is only available for smartphones running on the Android platform, but Maybank is working on its compatibility with the iOS system, used by Apple devices.

Maybank , MaybankPay , Visa