Consumers

Consumers now have a secure and convenient alternative to using cash and conventional debit or credit cards. Features such as biometric validation and PIN can be incorporated to offer added security.

Government

Cashless transactions in the country provides savings of 1% of the GDP* to the Government and the Central Bank of Malaysia (Bank Negara).

Minimises losses through counterfeiting of currency notes.

* Source: Central Bank of Malaysia

Oil Companies & Retailers

• Alternative to cash and other card based instruments to pay for fuel and other retail purchases
• Assist in the overall reduction of the merchant transaction cost hence increasing profits
• Reduce cash mishandling and pilferage
• Reduce cash holding in-store to minimise robberies
• Reduce fraud through excellent proof of integrity and identity of the user i.e. by using PIN and national ID records via MyKad

Banks

• Promotes cashless transactions and creates awareness of an alternative cashless payment instrument.
• The MyKad serves as a complementary low cost debit instrument
• No issuance of new physical cards hence saves costs
• Reduction in operating costs as no investments in front end devices
• No royalty payments to foreign brands
• Expansion of cashless payments to other retail segments
• New product and facility (ePetrol) provides increased cross selling opportunities to wider range of customers