KUALA LUMPUR (Jan 7): Malayan Banking Bhd (Maybank) and Visa have today launched Maybank Visa Payband, the first contactless wearable in the country.

The wearable leverages on Visa's payWave contactless technology at more than 1,000 locations across the country.

The Visa Consumer Payment Attitudes Study found 95% of Malaysian correspondents having said they are more likely to visit a store that accepted contactless payments over one that did not, an increase of 7% compared to 2014.

Visa country manager for Malaysia Ng Kong Boon said the adoption of contactless payment wearable will be well-received by Malaysians and will be used to displace cash, particularly at events, concerts and theme parks, making it easier and more convenient for consumers.

"To be able to drive Malaysia to become a cashless society, it is important that we take steps to displace cash at places that are traditionally heavy on cash, particularly at events and theme parks, where payments, such as entrance fees and drinks, are small ticket payments.

"Since we introduced Visa payWave, contactless payments have taken off in Malaysia and we have been working hard with our clients to expand the acceptance and issuance of Visa payWave cards across the country.

"So far, we have well over 2.5 million Visa payWave cards in circulation and a rapidly-growing acceptance footprint. We have also seen year-on-year growth of 250% in the payment volume for Visa payWave transactions as of November 2015," he added.

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