According to the 2016 Visa Consumer Payment Attitudes survey, 74% of Malaysians preferred to make electronic payments rather than use cash. Due to this, Fave is now enabling more local businesses with a better way to connect to millions of digitally-savvy consumers and adopt mobile payment through is newly launched FavePay.
No, this is not another mobile wallet. FavePay is a mobile payment aggregator that offers its users the ability to make cashless payments to offline merchants. Currently, the app accepts credit and debit card payments. However, other payment methods are still coming in the near future, including Alipay.
FavePay is also a consumer retention offering as it allows local merchants to provide consumers with up to 20% cashback rewards on their next visit, encouraging repeat visits and rewarding customer loyalty.
Furthermore, in the last three months of its pilot rollout in Klang Valley, FavePay has partnered with over 500 Food & Beverage merchants. During its first month, it saw an increase of 577% of cashless transactions among their merchants in Malaysia and an increase of 421% in sales. With this promising growth, Fave is targeting to reach RM1 billion in FavePay transactions, growing to a merchant base of more than 100,000 in Southeast Asia by end 2018.