WeChatPay-Malaysia-eWallet-Cashless-Mobile Payment-QR code payment

A WeChat Pay system is demonstrated at a canteen in Guangzhou, China May 9, 2017. Picture taken May 9, 2017. REUTERS/Bobby Yip

WeChat Pay releases Ringgit e-wallet for cashless payment in Malaysia

(Photo credit: Malay Mail)

It has been confirmed that WeChat Pay will launch in Malaysia, June 2018 before Raya Aidilfitri. Malaysia will be the very first country outside of China to have the e-wallet localised for ringgit. To prep for the Hari Raya festive season, various companies has already been working with WeChat Pay to allow use of this new mobile payment mode.

With over 20 million existing Malaysian WeChat users, it allows easier acceptance of WeChat Pay as a new mobile payment method. Besides that, PM Mahathir has displayed interest in the concept of a cashless society which further facilitates the adoption of WeChat Pay in Malaysia. WeChat’s ongoing partnership with Hong Leong Bank contributes to effective implementation of WeChat Pay, enabling merchants to accept payments through the new mobile payment method.

Furthermore, there has been a beta test running for 2 years with a selected group of 10,000 Malaysian WeChat users. These users are given a dual version of the e-wallet – ringgit and RMB versions. This way, they are able to make purchases using currencies suitable for their locations. However, currencies are not convertible and still requires agents to do so.

Similar to the Chinese WeChat Pay, Malaysia’s version will consist of functions such as QR code payment and In-App Payment.

You may follow these steps to use WeChat Pay:

1) Update WeChat app to the latest version on Google Play Store/ iOS App Store
2) Go to ‘Me’ section and tap on the wallet logo to access e-wallet
3) Enter Pay Centre and go to regional settings to select Malaysia to be current location
4) Add in card payment details
5) Set payment pin
6) Top up balance

Success in the Ringgit e-wallet will see more adoption of WeChat Pay by different merchants, contributing to Malaysia’s progression toward a cashless society. Countries with similar goals will see eventual ubiquity of QR codes and mobile payment methods as reflected in today’s China. This means e-payment used in places such as wet markets and even newspaper stands. People will be able to enjoy the convenience brought by cashless payment modes in their everyday lives.

About FOMO Pay

FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay, NETSPay, mVISA, Grab Pay, Baidu Wallet, Best Pay, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH, Marina Bay Sands, StarHub, JUMBO, Club 21, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.