Malaysia’s Maybank Expects “Maybank Samsung Pay” to Boost Customer Numbers by 100% in 2017

Last week, Malaysia’s largest bank, Maybank, announced it is expecting Maybank Samsung Pay to boost the number of customers using contactless payments among its cardholders by at least 100% by end 2017. The Maybank Pay launched in Malaysia this summer and already received nearly 40,000 installations to date.

maybank-1Maybank stated its cardholders are considered the first in Malaysia to enjoy the convenience of Samsung Pay with the recent launch of an open beta service in Malaysia exclusively for them. A similar service was launched by Maybank in Singapore in September 2016, and it has so far seen some 5,000 installations by its cardholders. Maybank Group Chief Strategy Officer, Michael Foong commented the company has been optimistic that even more cardholders will now take to the Maybank Samsung Pay which is the most widely accepted contactless mobile payment service that can be used to make purchases almost anywhere that accepts debit, credit and prepaid cards, including numerous overseas locations. He revealed:

“Given that the Maybank Samsung Pay digital wallet can be used at any card terminal around the world where Samsung Pay is available, the value proposition to our cardholders is indeed tremendous. We believe that the continuous innovations we have made especially in the field of digital wallets will enable customers to benefit from this safe and secure payment mode, thus enhancing their lifestyles in today’s fast paced global environment.”

Foong also noted since the launch of Maybank Pay earlier this year; Maybank has seen a tripling in digital wallet payments transaction value made via mobile phones in the three-month period from September to November. In Singapore, transaction value via Maybank Samsung Pay has grown over 50 times in the same period. He added:

“For increasingly savvy customers who are on-the-go, our digital wallet value proposition offers a comprehensive choice as customers can avail themselves to our different payment alternatives for a variety of android devices,” added Michael. “As mobile tele- 1 Samsung Galaxy S7 and S7 edge, S6 edge+, Note5, Galaxy A5 (2016) and A7 (2016). communications and banking converges even more, Maybank will continue to develop innovative solutions for our customers in line with its objective of becoming a digital bank of choice in the region.”

The Samsung Pay open beta service is currently available to users with Maybank Visa debit, credit or prepaid cards and is compatible with Samsung smartphones. Its cardholders currently enjoy exclusive access to Samsung Pay during the three-week open beta test until December 31st.

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