PPRO, the leading digital payments infrastructure provider, has increased its market coverage in Malaysia by integrating major e-wallets GrabPay and Touch ‘n Go into its payments infrastructure.
PPRO now offers all of Malaysia’s popular independent e-wallets – Boost, Touch ‘n Go and GrabPay – to its partners, which include payment platform companies, payment service providers, fintechs and banks. With PPRO’s seamless integration, these partners can increase revenue by gaining direct access to Malaysian consumers, who spend an estimated $3.8 billion per year on cross-border shopping.
According to a study by Statista, the number of users of the GrabPay and Touch ‘n Go e-wallets is expected to double between 2020 and 2025. For companies with payment platforms looking to enter or expand their presence in the Malaysian market to allow consumers to conveniently transact with their e-wallets through their mobile devices is a smart move that gives them access to the 83% of the population of Malaysia who have access to a smartphone.
Speaking on PPRO’s increased presence in the Malaysian market, An Lu, Head of Market Development, APAC, at PPRO said, “Digital payments are natural for Malaysia’s highly mobile population and for companies with payment platforms looking to break into new market segments and new cross-border revenue streams generate, the Malaysian market must not be overlooked. To increase customer conversion from Malaysia, businesses need to understand their customers’ preferences at the checkout. PPRO has built an extensive Malaysian payments offering on its infrastructure and is well-positioned to enable payment processors, fintechs and banks to power cross-border transactions in this fast-growing market.”
Super App Grab’s e-wallet, GrabPay, has an ecosystem of over 25 million users transacting, which means companies that can offer GrabPay at checkout have access to a large pool of the Malaysian population. Consumers use the GrabPay app for a variety of purchases both in-store and online, from money transfers to food delivery and ride-hailing. Alongside GrabPay, Touch ‘n Go has been instrumental in driving Malaysia’s digital transformation as it has transformed from a toll payment method to a user base of 16 million consumers who use it for a variety of online purchases every day.
The rapid acceleration of e-wallet usage in Malaysia comes at a time when the government has placed significant emphasis on digitizing the country’s economy to foster the cultivation of cashless transactions by launching the e-Pemula initiative both GrabPay and Touch ‘n Go are involved, and MyDIGITAL as part of the Malaysia Digital Economy Blueprint.
Last year, PPRO announced it had achieved unicorn status after raising $180 million from Eurazeo Growth, Sprints Capital and Wellington Management. Earlier this year, PPRO announced the acquisition of Alpha Fintech, a next-generation payments technology company, in a transaction that will expand PPRO’s offering and strengthen its presence and networks in the Asia-Pacific region.