Malaysia’s Maybank has partnered with Visa to launch first NFC wristband, called Maybank Visa Payband, to enable its customers make payments with a wave of the wrist.
The Maybank Visa Payband uses Visa’s payWave contactless technology to allow contactless payments at more than 1000 locations across the country.
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Visa country manager for Malaysia Ng Kong Boon said the contactless payment wearable will be used to displace cash particularly at events, concerts and theme parks.
According to a Visa Consumer Payment Attitudes Study, 95% of Malaysian respondents were more likely to visit a store that accepted contactless payments over one that did not, an increase of 7% compared with 2014.
"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 payment such as entrance fees and drinks are small ticket payments.
"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," Kong Boon added.
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By GlobalData
