WeChat has announced its launch of WeChat Pay MY in Malaysia, and names KK Super Mart as the first chain store in Malaysia to accept it as a payment option.
WeChat Pay MY enables users to make payment and transfer money in Malaysian Ringgit (RM) within the WeChat app across a variety of daily online and offline payment needs, from transferring money to individuals to paying merchants such as telecom carriers, airline and bus ticket providers, restaurants, supermarkets, and chain stores.
Some of WeChat Pay MY’s key features include:
Quick Pay: Users show the QR code for the merchant to scan, and enter the payment pin to complete the transaction. KK Super Mart is the first chain store in Malaysia to accept WeChat Pay MY.
Debit card binding: users can choose to top up their wallet balance by binding their Mastercard or Visa debit cards issued by banks in Malaysia. Each WeChat account can be bound to more than one debit card, while the same debit card can only be bound to one WeChat account.
Money Packet: a social payment function that enables WeChat Pay MY users to make payments or transfer money instantly without any charges. There are two types of Money Packets: Individual Money Packet (limited to RM200 per transaction) and Group Money Packet (limited to RM1,500 per transaction).
Prepaid top-up: WeChat Pay MY enables users to top up their mobile prepaid cards with nine Malaysian telco carriers including Altel, Celcom, Digi, Friendi, Maxis, Merchantrade, Tune Talk, U Mobile and XOX.
Bus and airline ticket purchase: Within the WeChat app, WeChat Pay MY users can plan their trips by purchasing bus and airline tickets, with the option of selecting their seats through a third-party bus and airline ticket service provider.
Wallet balance withdrawal: WeChat Pay MY users can withdraw the amount of money stored in their WeChat Pay MY accounts at any time to their own bank accounts in Malaysia (with a limit of RM 4,500 per day and RM10,000 per calendar month).
Poshu Yeung, vice president of Tencent International Business Group, said that WeChat would “continue to work closely with local regulators and merchants to introduce different payment features and scenarios for both online and offline transactions in Malaysia, which is also aligned with Bank Negara Malaysia (BNM)’s move towards a cashless society.”