Going cashless may have seemed unthinkable in the past. However, with e-wallets becoming so interwoven in our life, it would be unthinkable to go a day without using them. According to the most recent count for 2022, there are over 40 e-wallet licensed businesses, paving the road for Malaysia to become a cashless nation.
E-payment mechanisms were introduced long before the COVID-19 epidemic, however it was during the pandemic that Malaysia saw a significant increase in their use. Even as the country emerges from the pandemic, Malaysians continue to rely on e-wallets as a simple way to transact digitally.
With the e-wallet industry growing more competitive, customers can enjoy a variety of appealing incentives such as cashback deals, discounts, and loyalty points, as well as government COVID-19 assistance programmes via e-wallet disbursements. Under the Malaysian government’s initiative programmes, e-Belia 2021 and e-Pemula 2022, all adolescents aged 18 to 20 as well as full-time undergraduates in Malaysia’s higher education institutes received RM150 in e-wallet cash (IPT).
The programme is available through four e-wallet service providers, including ShopeePay, which has a network of over 1 million offline and online businesses. Local entrepreneurs, particularly young people seeking to enter the business world, were encouraged to begin taking cashless payments in order to hasten the transition to a digital economy.
NOT ONLY FOR PAYMENTS
There is absolutely no need for cash or credit cards because your smartphone can simply handle anything you require, including payments. E-wallets have also become a popular tool for transferring and receiving payments among friends and family, as well as for e-commerce.
An integrated mobile wallet, such as ShopeePay, provides consumers with a smooth shopping experience by allowing them to make online payments on Shopee, fill up their wallets, transfer and withdraw monies, and make payments offline at thousands of merchants. Need to send money to your spouse? Use your e-wallet. Paying for a book you bought from an online seller? Transfer the funds using your e-wallet. You can even use your e-wallet to send an angpow or duit raya to a niece who lives in another state.
That is essentially the benefit of using your e-wallet, such as ShopeePay: it is convenient, real-time, flexible, and yes, safe, as data in e-wallets is encrypted and strong user verification is required before any transactions can be conducted.
USE DUITNOW TRANSFER TO MAKE A REAL-TIME TRANSFER VIA SHOPEEPAY.
E-wallets can also be linked to your bank account, allowing you to top up your e-wallet with monies from your bank account. If you use ShopeePay, adding your bank account to your e-wallet gives you an additional benefit: owing to the newly introduced DuitNow Transfer feature, you can simply conduct money transfers from your ShopeePay e-wallet in a simpler and more uncomplicated manner.
Since September 2022, ShopeePay customers can transfer and receive funds in real-time from other e-wallets or online banking platforms using their DuitNow IDs. This eliminates the need for consumers to insert lengthy account numbers.
Additionally, the service is exclusively available to ShopeePay Premium account holders (by verifying their NRIC). The DuitNow Transfer transactions are free, and the number of DuitNow Transfer transactions you can execute from your ShopeePay e-wallet is unlimited.
Here are simple steps on how to enable the DuitNow transfer service:
- Tap on the “Settings” icon in your ShopeePay page in the app
- Tap on DuitNow, agree to the T&C, and tap on “Link DuitNow to ShopeePay”
- Obtain a verification code via WhatsApp, voice call, or SMS
- Key in the verification code to successfully register your phone as the DuitNow ID for ShopeePay.
DUITNOW TRANSFER PROMOTION!
Starting from 17th October, cash-in a minimum of RM50 to ShopeePay e-wallet via DuitNow transfer and get RM10 Cashback + 100% Coins Cashback Voucher.
For more information on the DuitNow Transfer feature on ShopeePay, visit this link: https://shopee.com.my/m/DuitNow-Transfer