Places like China remain miles ahead in terms of being a cashless society as even buskers on the street accept cash digitally via e-wallets and carrying hard currency is about as quaint as wearing a top hat. While Malaysia is still light years away from that reality, Digi has made a leap forward as they’ve launched their vcash payment app to pay and store cash on smartphones for both Android and iOS platforms. The app itself is free to download and is devised in partnership with Valyou Sdn Bhd, a Bank Negara Malaysia authorised e-money issuer.
The way the vcash app works is that it makes and takes payment via QR codes so if you want to buy stuff at a store or transfer cash between another vcash user, you scan in a particular QR code from the recipient. Authentication of a transaction is via a PIN number or fingerprint and currently, users can store, send and withdrawn up to RM5,000 depending on the status of their account. Depositing cash for use in the vcash e-wallet is via any Digi store or via FPX or Jompay.
Currently, there are no transaction fees though not all merchants accept vcash as yet but the list is growing. At launch, Digi announced over 500 touchpoints nationwide that accept vcash that include notable brands such as Astro Go Shop, Ezbuy, Fish & Co, Life Juice, Major Drop, Manhattan Fish Market, Mydin, Nice Catch, NY Steak Shack, RedTick, Sam’s Groceria, TAPAK, The Lorry, Tony Roma’s, TR Fire Grill and more.
To further expand usage, vcash will also be offered as a payment option for merchants via MOLPay and iPay88’s online payment gateway networks. If this means not having to carry a heavy handful of loose change to pay for parking and oddly priced groceries at checkout, we’re all for it. Check out vcash at www.vcash.my