Payment gateway is the sort of web application which provides an intermediate layer between a customer’s payment method and merchant’s ecommerce business to authenticate and authorize online transactions. These payment gateways are supposed to encrypt sensitive details such as card information and bank account details to make the transaction worry free. The methods like Card Verification Value (CVV) and Address Verification System (AVS) are being used heavily by most of the payment gateways to process online transactions.
As financial as I am, I have only two kinds of friends. Those who pay with cash only and those who hardly see cash once in a week. Digitalisation is at its peak and Malaysia is not going to be behind. Let’s take a look at best payment trends in Malaysia in 2019.
High mobile usage and easy convenience make people more and more attracted toward mobile wallets. Report says 88% of people in Malaysia are aware about Mobile Wallets and its usage. When being asked about the most favourite reason to prefer Mobile Wallet, most users answered the convenience and ease of use.
Also, when questioned about the cons of mobile wallets, the surprising answer was the lack of security. While, that’s also true, it’s highly unlikely to happen if you set it up right and know certain things on how to make your mobile wallet ultra-secure.
The partnership between Razer and Berjaya gave break to one of the juggernauts of mobile wallet, Razer Pay. This wallet will enable the Malaysians to make transactions and pay with mobile at more than 2000 7-eleven stores across the country from their bank account.
Besides Razer Pay, other wallets like AliPay and WeChat Pay are involved in multiple online and offline partnerships motivating country population to move toward mobile payments.
Cash has got its own reasons to keep people attracted for using it. The number one reason why people would prefer cash in 2019 is, it helps them track their expenses in real time. To be more specific, it helps them to hit break on their spending habits.
Nonetheless, use of cash comes with lot of compromises in terms of credibility and financial support from banks in future. You can’t go to banks with your bills where you paid with cash and ask for loan. To be honest, cash transaction is main or perhaps the only enemy of payment gateway service providers.
Contrary to the previous point, cards provide users with plethora of advantages in terms of credibility. People have proven track record of their expenses and timely bill payments.
Other than that, it provides some worldly benefits such as being cashless, there’s no worry of losing your wallet with full of money.
With that being said, it’s true that Malaysian Payment Paradise is moving more towards cashless transaction and online banking. Going cashless brings lot more benefits in long run provided you manage to pay your credit card bills on time and maintain good credit report.