Let’s face it. Carrying cash around is in the process of becoming a thing of the past. To be fair, good ol’ fashioned paper money has been around since the 16th century, so it’s hardly surprising that the future of currency lies in your mobile devices. With e-wallets springing up like mushrooms, each with it’s own benefits and what not, data-centric telco disruptors, U mobile, has thrown its hat into the ring with the announcement that it will be rolling out a fintech ecosystem this July.
The comprehensive ecosystem will be the telco’s first foray into the fintech world and unlike that of Axiata Group’s Boost Wallet, it consists of two distinct platforms, GoPayz and GoBiz. GoPayz is a universal e-wallet offering digital financial and lifestyle services targeting consumers, while GoBiz is a digital payment acceptance solution created to benefit all types of businesses. U Mobile aims to make fintech services a lot more accessible, affordable and inclusive.
So what exactly makes GoPayz different from all the other e-wallets out there? Let’s make a list, shall we?
1) The platform offers affordable Digital Financial Services
A wide range of insurance, online currency exchange, and wealth products tailored based on individual needs. For example, the micro insurance product GoLife Plus features premiums as low as RM13 per month, with coverage of up to RM 76,000.
2) It is apparently going to be Widely Accepted Anywhere
From online to retail, make payments anywhere locally and overseas via GoPayz’s Mastercard, UnionPay, Visa virtual and physical cards. Most e-wallets are only accepted locally. Talk about becoming Mr. Worldwide eh?
I’ll just let this chart illustrate the rest.
So as you can see, it would seem that they’ve got all the bases covered. As for GoBiz, the digital payment acceptance solution platform is designed to benefit all businesses, big or small. Of course there’s a list of its key features and they’re as follows:
1) Hassle Free Application Process
We understand that it can be quite tedious to apply for things such as credit card machines for your business. With GoBiz, just fill up the application form and expect an approval (or rejection) within 3 working days.
2) Customised Solutions
Businesses can digitise their payment acceptance with solutions such as mobile point-of-sale (mPOS), or mobile virtual terminal (MVT).
3) Wide Acceptance
As with GoPayz, GoBiz partners with Mastercard, UnionPay and Visa giving merchants the flexibility to accept payments from local and international customers.
4) Opportunities to Increase Revenue
GoBiz merchants may opt for additional revenue-generating services such as telco prepaid top-ups, bill payments and even game points to offer to their customers.
5) Secure and Safe
All transactions are performed in a safe and secured manner in accordance to regulatory and card scheme standards.
During the media briefing, Jasmine Lee, CMO of U Mobile, explained that GoPayz is a significant milestone not just for U Mobile but for the fintech industry.
“With GoPayz, we can now offer affordable digital financial services to everyone. We have GoLife Plus, the micro insurance which premium is as low as RM13 a month with coverage of up to RM76,000. The premium is unheard of prior to this as life insurance has alwaysbeen deemed to cater to those with higher disposable income.”
She added that GoBiz, like GoPayz, stand to benefit many too.
“U Mobile’s intention with our fintech ecosystem is to empower all, be it consumers or businesses. Hence, GoBiz seeks to enable all businesses, even the smallest of traders, to accept digital payments from customers and offer additional revenue-generating services like telco prepaid top-ups and bill payments to their customers.”
Click here more information on GoPayz, and here from more info on GoBiz.
