AMBANK has announced its collaboration with ewallet provider Wavpay to become the first of PayNet’s indirect retail payments platform (RPP) non-bank participant (NBP) issuer via AmBank.
This collaboration marks a significant milestone for Wavpay, enhancing its ewallet services by leveraging PayNet’s RPP rails, enabling features such as scan-to-pay DuitNow QR and DuitNow transfer functionalities while providing users with a seamless and efficient mobile payment experience.
Wavpay’s ewallet offers users a convenient and interoperable cashless mobile payment experience.
The Wavpay ewallet has also been appointed as the official ewallet provider for the Selangor government, empowering the state’s residents with a convenient digital payment method for various transactions.
The comprehensive range of Wavpay’s ewallet services includes funds disbursements, municipal council services, remittance, e-market place, e-grocery and many more services.
In partnership with the Selangor government, innovative services such as Bingkas and state welfare initiatives, which are tailored to meet the needs of Selangor residents, are disbursed through the Wavpay ewallet.
Driving innovations
“We are thrilled to embark on this transformative collaboration with Wavpay and PayNet,” says AmBank Group wholesale banking managing director Jamzidi Khalid.
“By leveraging PayNet’s RPP rails, we are not just facilitating transactions; we are shaping a seamless, efficient and inclusive future of digital payments.
“This strategic move is in line with our core vision of providing a variety of innovations and customer-centric solutions.
“At AmBank, we are dedicated to driving innovation, and this partnership exemplifies our ongoing efforts to shape the future of digital payments.”
First in the country
“As the CEO of Wavpay, I am thrilled to announce a significant milestone in our journey towards providing seamless digital financial solutions in Malaysia,” says Wavpay chief executive officer Brahma Shakthi.
“Wavpay takes immense pride in being the first in the country to leverage on PayNet’s indirect retail payments platform as a non-bank participant issuer via AmBank, opening up a world of possibilities for our ewallet users.
“This strategic collaboration allows Wavpay to extend its reach to an extensive network of 1.9mil DuitNow QR touchpoints across Malaysia.
“This collaboration with AmBank not only showcases the technological prowess and efficiency of Wavpay but also reflects our commitment to enhance the digital financial landscape in the region.
“We extend our heartfelt gratitude to AmBank for their steadfast efforts in enabling Wavpay participation in PayNet’s RPP rails. This collaboration not only facilitates seamless transactions within Malaysia but also positions us for future growth as we anticipate expanding our services to support cross-border payment networks across and beyond the Asean region.
“At Wavpay, we believe in shared growth, and this partnership is a testament to our dedication to providing innovative and accessible financial solutions.
“We are excited about the opportunities that lie ahead and look forward to contributing to the evolution of digital finance in Malaysia and beyond.”
Rising e-payments
“The usage of ewallets in Malaysia has soared since the emergence of Covid-19, further spurred on by ewallet incentives driven by the Malaysian government under the eMADANI initiative,” says PayNet chief commercial officer Gary Yeoh.
“This is evidenced by the increase in the number of e-payment transactions per capita from 170 in 2020 to 222 in 2021, and 291 in 2022.
“The next target is to achieve 400 e-payment transactions per capita by 2026, as outlined in the Financial Sector Blueprint 2022-2026 by Bank Negara Malaysia.
“Through our collaboration with AmBank and Wavpay, we support the transformation to a cashless society, accelerate the greater adoption and usage of e-payments.
“PayNet remains committed to enabling ewallet accessibility at 1.9 million DuitNow QR touchpoints, providing a hassle-free transaction experience to ewallet users.”
5% cashback
To celebrate this collaboration, Wavpay will be running a campaign to encourage users to make payments via scan-to-pay DuitNow QR using the Wavpay mobile app. The campaign will reward users with a 5% cashback for every transaction made using scan-to-pay DuitNow QR from now till April 15.
Additionally, prizes will be awarded to the top three highest transactors who made the highest total transaction amount over the duration of the campaign, with a minimum of RM3,000.
More information about the campaign can be found on the Wavpay ewallet mobile app.
Wavpay’s ewallet is available for download via the Google Play Store, Apple App Store and Huawei AppGallery.