KUALA LUMPUR (June 13): Malayan Banking Bhd (Maybank) is expecting a 100% increase in the value of 'e-Duit Raya' transactions to RM2.7 million this year from RM1.3 million last year.

This, the bank said, is based on the growing acceptance of cashless convenience in festive gifting among customers as well as the introduction of a new and faster payment feature named My Raya QR.

In a statement today, Maybank said My Raya QR is the first peer-to-peer instant transfer service in Malaysia which enables Maybank App customers to instantly send and receive Duit Raya by scanning a QR code using their mobile devices.

"We aim to make it easier to send and receive Duit Raya using a simple QR code. This new feature comes embedded in the new Maybank App," said Maybank.

Maybank's head of community financial services Datuk Hamirullah Boorhan said the e-Duit Raya, e-Ang Pow and DeepaMONEY are now popular go-to services sought after by Maybank App users to send festive cash gifts to loved ones.

"When we first pioneered this service in 2015, we recorded over 8,600 festive cashless transactions. Since then, this act of giving electronic cash has gained tremendous momentum, increasing by over three times in terms of number of transactions," he added

Hamirullah said that in 2017, more than 30,000 festive e-cash transactions were made by Maybank's customers.