Maybank has officially announced MaybankPay, a mobile wallet service that lets you pay using your smartphone. This allows you to make cashless payments by tapping your phone onto existing Visa PayWave terminals nationwide.
Similar to other mobile payment systems, MaybankPay uses NFC and it currently supports Android devices running with Android 4.4 and has NFC support. To use MaybankPay, you would need to enroll either a Visa Debit, Visa Credit or Visa Prepaid card. Activation also requires a Gmail account as well as a registered mobile number with Maybank.
In terms of reach, Maybank mentions there are 5,000 PayWave NFC Terminals by Maybank along with 5,000 more from the rest of the industry. The number is expected to increase as Maybank plans to roll out 20,000 PayWave NFC terminals by end of 2017. While MaybankPay only supports Android at the moment, they are looking into to extending the service for iOS users.
As a pilot project, Maybank customers can start using MaybankPay during Maybank’s Treats Fair that’s currently happening at Midvalley. As an early bird MaybankPay user, you can enjoy a cup of coffee for 20 sen during the fair. It will be open to other merchants starting next month in August.
Apart from Malaysia, they are also exploring the feasibility of rolling out MaybankPay to other countries namely Indonesia, Singapore and Philippines. Maybank targets to register 20,000 MaybankPay users within the first year. To sign up, you can register yourself at Maybank’s Treats Fair and they will email you the link to download the app.
Here are some screenshots from the app: