PayNet (Payments Network Malaysia), in conjunction with BizApp and CommercePay, has unveiled the ‘Go Cuba Bizappay with FPX’ campaign, a groundbreaking initiative focused on fostering digital payment solutions within Malaysia’s often-overlooked suburban and rural communities. This strategic endeavor aligns with Bank Negara Malaysia’s national financial inclusion strategy, representing a pivotal step towards modernizing the country’s payment systems.
At its core, ‘Go Cuba Bizappay with FPX’ aims to redefine transactional dynamics by bringing the efficiency, security, and simplicity of digital payments to every corner of Malaysia. Despite a monthly Gross Merchandise Volume (GMV) of RM80 million, a staggering 95% of transactions still rely on traditional methods like Cash-on-Delivery (COD) and ATM cash deposits, with a mere 5% utilizing FPX.
This transformative five-month initiative, running from September 15th to February 15th, 2024, is strategically designed to transition BizApp users from conventional COD methods and manual ATM cash deposits to the streamlined, cashless convenience of FPX. Facilitated by PayNet and CommercePay, this campaign offers a waiver of FPX transaction fees to users, along with the opportunity to win coveted prizes such as a Perodua Axia and Apple iPhones, sponsored by PayNet.
FPX, an Internet payment gateway, facilitates online payments and e-commerce purchases directly from savings and current accounts. It enables diverse payment purposes, including online shopping, bill payments, and e-commerce transactions.
Kuna Kathigesan, CEO of Commerce.Asia Group, emphasized the importance of accessibility to digital tools for users in suburban and rural communities, ensuring rapid fund settlement within one business day for an enhanced overall experience. Commerce.Asia Group is dedicated to making this transition seamless and advantageous for all stakeholders, promoting FPX adoption among sellers and agents.
Mohd Taib Pardi, CEO of BizApp, highlighted the campaign’s commitment to extending the benefits of digital payments beyond urban centers. The waiver of FPX transaction fees incentivizes users in suburban and rural areas to transition seamlessly to FPX, aiming for convenience and security akin to urban areas.
Gary Yeoh, CCO of PayNet, underscored FPX’s significant role in processing 398 million transactions and collecting payments totaling RM207.3 billion in Q1-Q3 2023. PayNet remains steadfast in its commitment to foster financial inclusion for unserved and underserved communities by partnering with leading fintech and e-commerce players like BizApp and CommercePay.
Commerce.Asia Group’s subsidiaries, BizApp and CommercePay, are pivotal players in reshaping Malaysia’s e-commerce landscape. With BizApp boasting a network of 3,000 sellers and an agent base of 700,000, and CommercePay serving as the payment gateway, the collaborative efforts aim to facilitate the seamless integration of e-payments within the BizApp platform.
As Malaysia’s national provider of financial market utilities, PayNet, backed by Bank Negara Malaysia and eleven Malaysian financial institutions, is committed to building inclusive, accessible, and efficient payment and financial ecosystems for the nation’s prosperity.
