Maybank’s Digital Wallet MAE App Empowers 300k Malaysian Merchants Nationwide and Growing

on
Date : 24-Oct-2019
Location: Kuala Lumpur

Key Takeaways:
  • 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
unsplash-logoBlake Wisz

Spokeperson:
  • 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
Dato's John Chong, Group CEO, CFS, Malaysia

Offerings:
  • 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
Editor's comments:
  • 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.

Comments

Post a Comment