Allied Wallet, a leading provider of online payment processing offering various payment solutions in 196 countries all over the world, has added new payment options including RHB Now, MyClear FPX, 7-eleven, e-Pay, MOLWallet, and AirCash to support Malaysia’s e-commerce growth.
Malaysia’s e-commerce market of about €1.1 Billion is growing swiftly as Malaysian consumers are quickly embracing digital banking. Its e-commerce growth rate is set to double by 2020 to 20.8%.
Malaysia’s population consists of about 31.83 million people. Currently, 25 million people in Malaysia are already internet users; 93% of 16-24 year olds log on daily as well as 88% of 25-34 year olds, and even 69% of people over the age of 55.
Their most commonly sought after goods include fashion/beauty items, electronics, and sports/hobby goods; however, it is projected that furniture and appliances will be the most purchased online goods in Malaysia by 2022.
“It’s no surprise how fast e-commerce and digital payments have grown in Malaysia, but we’ve focused more on how these citizens want to pay for their goods,” says CEO Andy Khawaja, “…only 20% of Malaysian’s have a credit card and 81% of their population is banked. So, how can we allow everyone in Malaysia to participate in e-commerce? The answer is alternative payment options.”
Allied Wallet has developed new compatibilities with several payment options including Malaysia’s most popular: RHB Now, MyClear FPX, 7-eleven, e-Pay, MOLWallet, and AirCash. This allows them to service these payment options quickly, safely, and securely.
These payment options are either by bank transfer for Malaysia’s banked population or cash-based for the 80% who do not have a credit card. Users can walk into storefronts and load digital accounts with cash or with their bank accounts to make purchases online.
“As Malaysian e-commerce grows, we want to allow more functionality while doing our best to protect users from fraud,” Dr. Andy Khawaja added.
Malaysia’s growing middle class and well-developed banking sector has created an environment that can embrace online shopping. The average user spends RM1716 (Malaysian Ringgit) every year.
Allied Wallet plans to see a large increase in this number as well as in the number of users shopping online as they add new features and functionality to protect and stimulate e-commerce growth in Malaysia.
About Allied Wallet:
Allied Wallet continues to revolutionize the e-commerce industry by introducing new and innovative payment processing solutions for online merchants, enabling them to send and receive global payments. With PCI compliant merchant services for nearly any business size, Allied Wallet provides a state-of-the-art payment gateway to optimize online transactions. Please visit www.alliedwallet.com.