As we know, Malaysia has a multitude of e-wallet players, with some more focused on lifestyle, travel, or even in specific situations only (such as refilling petrol, or for use within a certain state).
Though not all have seen mass reception by Malaysians, it’s safe to say that Boost, GrabPay, and Touch ‘n Go eWallet take the lead in terms of userbase size.
But this intense competition doesn’t discourage players from joining the fray, and now Virtualflex, Fasspay, and Visa have teamed up to launch KA$Hplus, a new e-wallet.
Meet KA$Hplus
Virtualflex is a wholly owned subsidiary of the Johor Corporation (JCorp), while Fasspay is a subsidiary of SoftPOS player Soft Space. Meanwhile, Visa is known as a leading global payments technology company.
The KA$Hplus e-wallet will come with a virtual and physical Visa prepaid card, similar to what Kiplepay did in August 2021, and what Touch ‘n Go eWallet plans to do by 2022.
This prepaid card basically acts as an extension of the app and can be used for mobile commerce, in-store purchases, bill payments, and top-ups.
In terms of in-store purchases, this partnership with Visa will allow KA$Hplus users to make payments at over 70 million merchant locations worldwide.
Like most other e-wallets, KA$Hplus allows P2P fund transfers between users, provides promotions and cashbacks, and more. Users can also book travel tickets or ride-hailing through the app.
At this point in time, the app doesn’t appear to have any particular stand-out features amongst the crowd of other e-wallets in Malaysia, but it has its core users and a low churn rate, Virtualflex CTO and COO Heng Wa Seng shared.
With its Visa partnership, KA$Hplus will be a more viable option for users due to the global merchant network the payments technology company has built.
According to the team, the app’s offerings also all meet regulatory compliance set by Bank Negara Malaysia as an e-money provider.
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Consumers may find the number of existing e-wallets in Malaysia overwhelming and simply opt to use a widely-known brand, but having more options isn’t a bad thing.
To capture the larger market, KA$Hplus needs to build its reputation as an e-wallet by offering more exclusive and unique deals as well as ensuring its system performs well for users.
If early adopters are satisfied, it’ll have a better chance of catching up to Malaysia’s leading e-wallet providers.
- Read more of what we’ve written about e-wallets in Malaysia here.
Featured Image Credit: Virtualflex / Fasspay / Visa