PETALING JAYA: Online payment services and solutions provider iPay88 Holding Sdn Bhd saw its online transactions more than doubled to RM6.6bil in 2017 from RM3bil in the previous corresponding period, on the back of higher mobile and online transaction growth.
In a statement yesterday, the company said it recorded a total of 58.5 million online transactions moving over its payment gateway systems, which increased 53.1% from 2016.
“Of these 58.5 million transactions performed via its online payment gateways, the festive season month of December was the popular month with over 6.7 million transactions recorded.”
In the same statement, iPay88 executive director Chan Kok Long emphasised the ever-consistent growth of mobility, as indicated by the increasing number of mobile transactions in Malaysia.
“In the month of January 2017, we recorded a little less than two million mobile-type online payments. Moving onward to December 2017, in that month alone this number shot up to 3.5 million mobile online transactions.”
Chan said desktop-based online transactions were stagnating at a constant fluctuation between 0.8 to 1.2 million per month in 2017.
“Earlier last year in 2017, iPay88 expected that online banking would continue as the preferred method of e-Commerce purchases, on the back of rising purchasing power of the Malaysian consumers, as well as rapidly expanding smartphone penetration across the country.”
For 2018, Chan said the driver for m-Commerce will be the trend of more creative mobile applications being launched for the online shopper.
“More shoppers are now accessing the shopping sites using a mobile (device) than a desktop. iPay88 statistics show that the trend of m-Commerce has been changing since 2015. In the first quarter of 2015, desktop transactions doubled mobile transactions. Subsequently in the first quarter of 2016, mobile transactions were on par with desktop transactions,” he said.