Maybank revamps its MAE e-wallet, adds debit card

  • eWallet
  • Thursday, 08 Oct 2020

Abdul Farid said the MAE card would enable users to withdraw cash from ATMs and pay at retail or online outlets. — MUHAMAD SHAHRIL ROSLI/The Star

The Maybank Anytime Everyone (MAE) e-wallet has been revamped to offer a physical card along with new features.

Maybank Group president and chief executive officer Datuk Abdul Farid Alias said the MAE card would give users access to all the services provided by a debit card, including withdrawing cash from ATMs locally and overseas, paying at retail outlets or for online shopping.

Users could request for the card within the MAE app without applying at a bank branch, then have the card delivered to their home.

“The application process is entirely digital and in accordance with central bank Know Your Customer (KYC) requirements. Those under 18 years of age still need to get their parents’ consent. We are trying to make that seamlessly online too,” he said, during the launch.

He explained that unlike a traditional debit card that was linked to a customer’s savings or current account, the MAE card was linked to the digital wallet.

Abdul Farid said for now the MAE and the Maybank2U banking app would continue to coexist, with both remaining on the iOS and Android app stores.

He clarified that the Maybank2U app would eventually be phased out, though some of its features including a link to the Maybank2U site would be available on the MAE app.

Taking cues from a banking service, MAE’s new Tabung feature encouraged users to save money by setting up a virtual fund.

They can deposit the money alone, or invite friends and family to contribute to the fund, which could for example be used for a group purchase like a holiday or home appliance.

Users can manually deposit cash, set an auto deposit or use the Booster function that triggers a deposit under any of these three conditions: Spare Change, Guilty Pleasure, plus Scan and Pay.

For users that hate having spare cents or odd numbers on their eWallet, the Spare Change rounds up payments to the closest RM1, RM5 or RM10, and channels the extra payment into the Tabung.

Guilty Pleasure triggers a deposit whenever the user spends beyond their budget in a day, while Scan and Pay directs savings from promos into the Tabung.

Once the set deadline is met, all money saved is returned to the user’s account.

MAE has also added an Expenses feature that helps track user’s spending, that also allows users to manually key in expenses, in case they made cash transactions.

Asked how many customers Maybank was targeting to adopt the MAE app, Abdul Farid revealed there were currently about 1.8 million users.

“Maybank has about 12 million customers, of which 10 million are using Maybank2U. We are aiming to convert those already on Maybank2U to start using MAE,” he said.

To note, MAE was also available to those who were not Maybank customers, as users could login with their Maybank account or set up a new MAE account instead.

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