Malaysia’s Maybank and Western Union have announced the launch of what they’re calling the first digital remittance service in Malaysia via the Maybank2u (M2u) mobile banking app.
The app enables Maybank customers to transfer money to more than 500,000 Western Union agent locations in over 200 countries and territories. The money transfer service which is available 24/7, allows customers to transfer up to RM10,000 in a day. Recipients are able to receive money quickly after it is wired by the sender.
The digital remittance service is also available on the Maybank2u website.
“We have revolutionized the money transfer processes for Maybank customers when comparing with current practice where they need to visit a Western Union Agent location in order to transfer money,” Maybank Group Head, Community Financial Services, Datuk Lim Hong Tat said. “Now, all they need to do is log in to the M2u App and select the Western Union service, and they are good to go.”
He added that the new service will help the bank to grow its business of enabling transactions on digital platforms.
Maybank says it currently handles 62% of all mobile banking transactions in the Malaysian market, all via its M2u app.
Bassem Awada, Western Union’s VP for Key Initiatives, Middle East, Africa, Asia Pacific, Eastern Europe and CIS, said the M2u app not only grows its relationship with Maybank, but also strengthens its position in Malaysia’s cross-border money transfer market.