Visa mobile payment in Malaysia with Maxis and Maybank
Elizabeth Buse, Global Head of Product at Visa commented: “We believe that Visa’s NFC mobile payment launch in Malaysia signals a tipping point for the payments industry globally as we move from mobile payment pilots to commercial availability”
Maxis, the largest wireless carrier in Malaysia with more than 11 million subscribers, Nokia, the world’s leading handset manufacturer and Maybank, a leading financial institution in Malaysia have teamed with Visa to offer Visa payWave on mobile devices. The service will only be available to Maybank’s Visa credit cardholders who are also pre-paid Maxis subscribers. The quick payment system is geared up for small item purchases up to a maximum of MYR 150 (EUR 31) per transaction, as well as for ticketing and transportation payments. The service allows Maybank Visa account holders to simply wave their NFC-enabled Nokia 6212 classic handset in front of a contactless reader to complete a secure Visa transaction in a matter of seconds. Maybank Visa account holders can download their Visa payWave credit account details directly to their Nokia 6212 classic handset over the Maxis wireless network. Once the account has been personalized on the phone, account holders can then begin to make purchases at any one of the 1,800 merchant outlets that currently accept Visa payWave in Malaysia. An initial 3,000 Nokia handsets will go on sale this month.
The NFC chip will also power a number of additional functions, including a contactless transit application that enables Malaysian commuters to pay for charges while using metropolitan transit systems, bus terminals, highway toll gates and car park facilities at more than 3,000 contactless payment touch points throughout Malaysia. Maxis has branded these mobile payment services under the name Maxis FastTap. Maxis objective is to develop its collaboration with Visa as a part of its wider NFC strategy which includes multiple applications including mass transit, road tolling, parking, mobile marketing through smart posters and of course retail payment through Visa payWave.
Visa Malaysia announcement takes place in a global context where has worked closely with mobile network operators, handset manufacturers and financial institutions, merchants and technology provider to develop and commercialize mobile payments and related services. Visa recently announced NFC developments in Singapore with Citibank Singapore Limited and M1 (cf. Smart Insights #09-15), and with RBC, and Rogers Wireless in Canada (cf. Smart Insights #09-46).