MayBank has announced that customers may now make contactless payments via NFC wristbands developed by the bank in association with global card network Visa. The new smart wrist band uses Visa’s PayWave technology to enable contactless transactions at more than 1000 point-of-sale terminals around the country according to the bank.
Commenting on the partnership, Visa country manager for Malaysia Ng Kong Boon said,
“To be able to drive Malaysia to become a cashless society, it is important that we take steps to displace cash at places that are traditionally heavy on cash, particularly at events and theme parks, where payments, such as entrance fees and drinks, are small ticket payments.”
According to Visa, there are now more than 2.5 million contactless cards in Malaysia and consumers are moving towards making more and more contactless based transactions. While contactless cards have seen significant success in some markets like the U.K. and Australia, wearables have yet to gain traction and so this product launch will likely remain a niche area for MayBank. Nonetheless it could help boost contactless payment acceptance and the overall contactless payment environment in the country.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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