KUALA LUMPUR: Online payment solutions provider iPay88 Holding Sdn Bhd today announces its latest offering known as the ‘Virtual Account’ – a payment solution that is targeted at the country’s ‘underbanked’ communities.
iPay88 executive director Chan Kok Long said this underbanked community makes up the gap in the nation’s aspirations towards a ‘cashless society’.
“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.
“iPay88 does not want to leave any stone unturned, so we have developed the Virtual Account as a solution that still allows the underbanked to participate in online procurement of products and services; no one should be left out in digital economy,” he said.
It said while Malaysia has 22.6 million adult population, Bank Negara Malaysia reported that eight per cent of this adult population were still ‘underbanked’ – meaning they do not own a bank account or credit card and need to go outside of the banking system to meet their financial needs.
Virtual Account is a simplified online payment application that enables people who do not possess any bank saving account, online banking access or credit card, to still buy online.
Just an internet connection all that is required to place their orders online – at any eCommerce website, merchant or marketplace that they wish to purchase the product or service.
To make the online payment, the underbanked customer just needs to select the Virtual Account option at the payment page and receive a 14-digit virtual bank account number (which can be emailed to them or written down).
All the customer needs to do is to use the 14-digit virtual bank account number to deposit the cash payment at any bank branch, or at any of the estimated 4,340 ATMs (of any bank) nationwide, to complete the online purchase.
When the online purchase is complete, they just need to wait for the delivery of the items that they just purchased online.
iPay88’s Virtual Account solution takes care of everything else – from the backend banking-payment transaction validation, confirmation of the merchant’s bank and ATM receiving the cash deposit from the customer.
“Virtual Account Solution is equipped with proven fraud prevention system and monitoring that safeguard all transactions. Shoppers can use it without fear of fraud,” Chan said.
He said the iPay88’s Virtual Account solution ensures that this community of people in Malaysia does not miss out on the opportunities of digitisation.