WeChat to implement Ringgit Malaysia as an e-wallet in June 2018 for Malaysians
Today, we just learn from a Mandarin newspaper, Oriented Daily is reporting that Malaysian WeChat users will be able to use the app as an e-wallet in Malaysia Ringgit with local banks. Said to start in June 2018, WeChat has been in cooperating with several partner companies to allow Malaysians to shop through WeChat just before the Hari Raya festive season officially kicks off.
According to Liu Shengyi, Senior Executive Vice President of Tencent Group, the company started this beta test run as early as two years ago, selecting 10,000 Malaysian WeChat users to test out the RM e-wallet version. This group of selected users have a dual version that can switch wallets in China and Malaysia, which allows them to use their local bank card for Ringgit e-trading experience. However, it's also mentioned that Ringgit will not be able to convert into China's RMB currency. Therefore, even if Malaysian WeChat users have two kinds of e-wallets but no bank cards from China, they must still exchange money through agents.
If the new RM Wallet responds well, then more chain stores will start using it and also help Malaysia further to go into a "cashless society" in the future. Once the Malaysian merchants join the WeChat ecological chain, they will be able to change the payment scenarios of Malaysian consumers, such as how China has reached the point where consumers can use a QR code to pay or collect tickets at any convenience stores, street stalls, the cinema and more.
So what do you think? We think it's about damn time! Let us know in the comments below and stay tuned for more local tech news at TechNave.com.