If you have been using Digi’s Valyou international remittance service, the company has now expanded into the e-wallet business with vcash, a cashless payment app that can be used on both Android and iOS devices, customers can use the service at over 16 merchants, which ranges from food and beverage, lifestyle to e-commerce websites, the app will also enable payment for utility bills, prepaid reloads, game credits and more, making it one of the most comprehensive cashless payment service in the country.
The launch of vcash is in support of the Malaysian National Bank’s strategic measure to accelerate the country’s migration to e-payments, though at this point of time vcash still isn’t able to link directly to bank accounts or credit cards, customers can perform reloads comfortably over online banking, FPX, JomPAY and Digi stores, more reload methods are in the progress, which includes using your credit card, reloading via a cash deposit machine, and direct operator billing.
vcash is a rather secure and straightforward cashless payment system, users can secure the app using a six digit PIN or using their phone’s fingerprint scanner, and to make a payment, they are required to scan the QR code of the merchant and enter the amount to pay. For security measures, vcash has been set to limit to a maximum top up of RM200 upon sign up, users can increase their limit to RM2000 after they verify their I/C on the app, and up to RM5000 after they verify their details at a Digi store. The wallet funds can be transferred to other vcash users or be withdrawn to Malaysian bank accounts.
As for merchants, vcash only charges 0.8% per transaction, which is significantly lower than credit cards, there’s no annual fees, installation fees and special equipment to join vcash, Digi also mentions that integration with POS systems is also possible and the system is PCI-DSS compliant. vcash is also available as a payment option for merchants using MOLPay and iPay88’s payment gateway.
Check out Digi’s vcash over at www.vcash.my.
