Date : 24-Oct-2019
Location: Kuala Lumpur
Location: Kuala Lumpur
- Maybank’s digital wallet MAE (Maybank Anytime, Everyone) has surpassed the 1 million user mark in eight months, way ahead of the initial year-end target of 100,000 users announced at its launch in March this year.
- It is targeted to triple to 3 million by the end of next year, boosted by the one-time RM30 e-wallet payment incentive in Budget 2020.
- 75% of its user base is aged 35 and below - out of this segment, over 40% are below 24 years, indicating even greater affinity for digital banking among the younger customer base to manage their personal finances through an app.
- Maybank2u is the leading digital banking platform in Malaysia in terms of market share, with over 60% of mobile banking transactions and more than 50% of internet banking transactions in Malaysia being undertaken through it in 2018.
- Today, nearly 3 million users access the Maybank2u mobile app on a weekly basis while the website sees more than 36 million monthly visitors.
- Logins per day on mobile platforms have peaked to 2 million logins on certain days, demonstrating the ease with which users are managing their finances via the digital platform
- Dato’ John Chong,Group Chief Executive Officer, Community Financial Services (CFS), Maybank, said, the high acceptance of e-wallets amongst the consumers firmly sets the course for the country to accelerate its cashless society agenda.
- the Bank was committed to promoting the nation’s cashless agenda by enhancing the benefits and rewards for users of its digital platform
|Dato's John Chong, Group CEO, CFS, Malaysia|
- Digital wallet MAE is built on the Maybank2u mobile app, includes a feature to open a banking account via the e-wallet without going to a branch.
- The most popular feature is the QRPay, which is accepted at over 300,000 merchants nationwide, amounting to nearly 40% of total transactions as of October 2019.
- Other features are like Send Money, Request Money and Send Reminders etc
- The first virtual debit card embedded in MAE
- It is a common trend that banks are usually not the first mover in terms of deployment of digital wallet.
- Having said that, the digital wallet initiative aims to embrace the Malaysian cashless society agenda, to compete in the digital wallet space and to provide existing Maybank2u users with a better omni-channel experience.
- Maybank recognizes that the millennials has a taste of seamless digital capabilities over banking activities.
- Digital wallet is useful to the under-served where banking facility is limited in the rural areas.