Fave Foresees Rapid Usage of Mobile Payment in 2018
With over 2 million app downloads with 8 million monthly mobile sessions, cashless payment including mobile payment is reaffirmed as the ‘next wave’ for mobile commerce in Malaysia
According to Bank Negara, as of 2017, there was 42.8 million mobile phone users in Malaysia, out of which 70% are smartphones.
In line with this, Malaysia’s Youth and Sports Minister Khairy Jamaluddin predicted that Malaysia will be a cashless society by 2050.
The entrance of big mobile payment companies such as AliPay and WeChat is further proof of the country’s potential as a growing market for cashless payment options.
This is solidified with Bank Negara Malaysia’s increased efforts to accelerate mobile payments in the country.
For Fave, the leading loyalty and rewards platform in Southeast Asia, over 2 million app downloads with 8 million monthly mobile sessions were recorded last year.
This high usage transcended to a 100% month-on-month increase in adoption of its mobile payment feature, FavePay.
As such, it subsequently resulted in a 400% increase in the acceptance of FavePay as a payment option among its merchant base.
Savings and rewards in a single app
“FavePay presents a simplified and user-friendly mobile payment option.
“It bundles convenience, savings and rewards in a single app for consumers while providing merchants with a cost-saving mobile payment solution and an in-house loyalty program,” said Joel Neoh, Founder of Fave.
To date, Fave has partnered with over 10,000 merchant outlets and has expanded to Kuala Lumpur, Penang, Johor Bharu, Ipoh, Kuching, Kota Kinabalu, Singapore, Bandung, Surabaya, Bali and Jakarta.
Since the launch of FavePay last April, the company’s gross merchandise volume (GMV) consistently doubled the following months.
“We want to provide businesses with a convenient way to easily accept payments, grow their business and at the same time, connect users with new Fave merchants.
Helping merchants understand customers better
“With that, we did not stop at offering a mobile payment option. We wanted to ensure that our merchants could understand their customers better, which is why we introduced FaveBiz.
“FaveBiz allows merchants to track real-time transactions and understand purchasing trends. In doing so, they are able to take note of their customers’ preference while also enhancing their rewards and loyalty programs to benefit their patrons,” added Joel.
Fave has seen fast growth among merchants such as Juice Works, llaollao, Unique Seafood Group of Restaurants, MBG Fruits, Serai Group, La Juiceria and Teppanyaki since launching the platform.
As such, the company believes the continued rapid adoption of mobile payment in Malaysia will fuel Fave’s target of reaching RM1 billion in transactions and a merchant base of more than 100,000 in Southeast Asia.
With 14.7% of Malaysians already utilising payment gateway services to make online purchases, the momentum is expected to continue throughout 2018.
In the months to come and beyond, Fave is set to spur and support Malaysia’s mobile commerce transformation in reaching the nation’s cashless aspirations.
For more information on Fave and FavePay, visit myfave.com