Maybank supports micro sales

BUDDING entrepreneurs who cannot afford the startup cost to offer conventional online payment systems like credit cards now have another option — the Maybank2u Pay service. The service was launched yesterday by Malayan Banking Bhd (Maybank) and there is no need for no upfront deposits — making it a boon for small businesses.

Source from (The Malay Mail): http://www.mmail.com.my/story/maybank-supports-micro-sales-53663
Published: April 18, 2013

“Most blog shops are too small to be registered as payee corporations,” noted chief executive officer Datuk Seri Abdul Wahid Omar.

“Buyers need only click on the Maybank2u Pay icon on the seller’s blog shop and the customer will be directed to the Maybank2u Pay window, where they will then need to log in to their Maybank2u account and make the payment.”

He said blog shop owners can join the service for free up till next year, but transaction fees will apply. “In most cases, we use online fund transfers as a mode of payment from buyers to sellers”.

This facility will also eliminate the problems of online transactions as the service does not require the buyer to send proof of payment to blog shop owners.

He explained that Maybank2u Pay service offers online store owners the ability to manage their transactions with details that include date, time, buyer’s name, email and the payment amount.

“This year, we aim to cover at least 5% of the active 3,000 local blog shops and register transaction value totalling RM5 million. So far, we have 20 blog shops registered under Maybank2u Pay.

“Until May 31,blog shop owners can enjoy cash prizes when they sign up to the new service with the chance to be featured free in the Maybank2u website.”

Abdul Wahid said Maybank aims to attract 30% customer base using this service, with expected transaction value of RM105 million in five years.

With an estimated 50% current online market share among locals, Maybank now has 2.3 million active online banking customers — who performed more than 2.5 million transactions worth RM675 million last year — and some 6.5 million registered users.

Wahid noted that 1.1 million Malaysians spend RM1.8 billion for online shopping in 2010 alone and the figure is expected to grow to RM5 billion next year.

“Currently, we are focusing our online transaction business in Malaysia but we will soon venture into Singapore, Indonesia and the Philippines next year. Besides expanding throughout the region, we would also want to target other market in stages.”