The reason behind this generosity- is to drive the adoption of cashless payment in Malaysia. This time, by targeting the vast middle class in the country, it drives bulk majority of the people to start to use ewallets. Recently, the Penang state goverment also aspires to achieve cashless status in the near future.

Many people think of the success of China when they talk about cashless society. In China, even the hawkers by the street stalls are using QR payments via WeChat or Alipay. However, we are still very much at the infant stage in Malaysia. There are still many rooms to improve and grow. Nonetheless, I believe the potential is really huge as our smart phone adoption is high. We start to see all kinds of ewallets and QR payments in F&B outlets and retail outlets. It’s just a matter of time when we can perform cashless transactions more frequently in our daily life and ultimately achieve a cashless society in the long run.

I am a strong believer in cashless payment as I see no turning back for this trend. It is impossible that people want to go back to the era of bringing a briefcase loaded with cash for business transaction. It is impossible for people to shop on Taobao and then ask to pay by cash. For that, I would like to share the three cashless payment service providers listed in Malaysia: GHLSYS, REVENUE and MPAY.

The share price of REVENUE has gone up continuously for the last few months, while GHLSYS started to show a sharp rise early this year. MPAY seems to be struggling to be profitable and I avoid this counter for now. Personally I think both REVENUE and GHLSYS are good proxy to hang on to while cashless payment grows in Malaysia.

Do remember to claim your RM 30 via Grabpay, Boost or Touch-N-Go ewallet starting tomorrow, only valid until 14th March!

DISCLAIMER:
This article is written to express the author’s view and it is NOT a buy call.
I do own shares of both REVENUE and GHLSYS at the moment of writing.

Written by
Rich Son Poor Son
14/1/2020