It integrates into the checkout system of online merchants and marketplaces, where shoppers that select VA option at the payment page will receive a 14-digit virtual bank account number.
To complete the transaction, the shopper will have to deposit cash into the account at any bank branch or ATM.
iPay88 Holding Sdn Bhd executive director Chan Kok Long said the service was meant to assist the ‘underbanked’ community that makes up the gap in the nation’s aspirations towards a cashless society.
According to Bank Negara Malaysia (BNM), 8% of Malaysia’s 22.6 million adult population are still ‘underbanked’ – meaning they have limited access to financial services.
“We cannot talk about achieving a cashless society when there are still pockets of people who do not even have banking accounts, what more online banking or credit cards to enable online purchases,” said Chan, in a press statement.
He added this could make a huge impact on the lives of overlooked communities with restricted means to banking facilities like foreign workers, refugees or asylum seekers.
iPay88 VA solution handles all aspects of the transaction, including confirmation of the merchant’s bank or ATM receiving the cash deposit from the customer.
Chan claims the VA solution is equipped with proven fraud prevention system and monitors that safeguard all transactions, so shoppers can use it without fear of fraud.