KUALA LUMPUR (Jan 17): Over 2 million app downloads with 8 million monthly mobile sessions, Fave reaffirms cashless payment as the 'next wave' for mobile commerce in Malaysia.
This high usage transcended to a 100% month-on-month increase in adoption of its mobile payment feature, FavePay. As such, it subsequently resulted in a 400% increase in the acceptance of FavePay as a payment option among its merchant base.
With rewards and customer loyalty benefits at the core of Fave's business, the app is now at the forefront of Malaysia's evolving mobile commerce industry.
In a statement today, Fave founder, Joel Neoh, said FavePay presents a simplified and user-friendly mobile payment option.
"It bundles convenience, savings and rewards in a single app for consumers while providing merchants with a cost-saving mobile payment solution and an in-house loyalty program," added Neoh.
Since the launch of FavePay last April, the company's gross merchandise volume consistently doubled the following months.
Neoh said the company wanted to provide businesses with a convenient way to easily accept payments, grow their business and connect users with new Fave merchants, hence it introduced FaveBiz.
FaveBiz allows merchants to track real-time transactions and understand purchasing trends, said Neoh.
Fave has seen fast growth among merchants such as Juice Works, llaollao, Unique Seafood Group of Restaurants, MBG Fruits, Serai Group, La Juiceria and Teppanyaki since launching the platform.
The company believes the continued rapid adoption of mobile payment in Malaysia will fuel Fave's target of reaching RM1 billion in transactions and a merchant base of more than 100,000 in Southeast Asia.
With a steady increase in the adoption of advance payment options, mobile payment is set to drive the transformation of Malaysia's mobile commerce industry this year.
As of 2017, there was a reported 42.8 million mobile phone users in Malaysia, 70% of which are smartphones. The entrance of big mobile payment companies such as AliPay and WeChat is further proof of the country's potential as a growing market for cashless payment options. This is solidified with Bank Negara Malaysia's increased efforts to accelerate mobile payments in the country.
In 2018, Fave is set to spur and support Malaysia's mobile commerce transformation in reaching the nation's cashless aspirations with 14.7% of Malaysians already using the payment gateway services to make online purchases.