QUOTE(thankyou @ Jun 17 2019, 06:18 PM)
Need calculation which is more worth it... If it's company trip where everything at company expense, then go ahead with normal CC...
It really depends on individual, I think cannot conclude which is better, as for me, definitely CC points is more valuable, I'm ok with 2% charges.
QUOTE(BigPayJonathan @ Jun 17 2019, 06:33 PM)
Sooo... essentially an e-wallet is a cloud based storage of value. Which is essentially what we do. The main difference is that we give our users a physical card to allow them to spend where there are payment terminals. I like to think of us as a financial institution that challenges the way traditional banking is usually done. You can refer to us as an e-wallet to us if you like. Or a money app. But don't forget to mention our awesome card
Our positioning is also very different - but more on that hereunder.
It's a conversation I've been having quite a lot recently.
The thing is... cashback and rewards are not free. One way or another, people are paying for it - even if you might not see it directly
The other players providing cashback and rewards are not printing free money for anyone. If you ask me (and a lot of analysts): it's an unsustainable business model and you will slowly see other players getting out of it. Banks were/are able to do it because they charge a shit ton of fees on a lot of ridiculous things. Other e-wallets bleed money to attract users and/or have another sustainable business to mitigate that.
BigPay allows users to save money by providing them real insights on how they're spending their money as well as being super transparent on fees. Over time, I firmly believe you can save way more by not paying fees and become more financially savvy than by just hunting cashback. Our priority is to make our users healthy, not to blindly incentivize spending.
I've been using BigPay as my only payment card for the last 3 months and I have learnt a great deal on how I spend thanks to the new analytics. I honestly think this has already saved me more in the last 4 weeks than any cashback reward could have ever given me back! But that's just me
A lot of people get our app because of how much money they can save on current exchange (our main hook for now) but keep using it for all the seemingly smaller day-to-day features we provide: split bills, instant money transfers, analytics, card freeze, and so on and so forth.
As we keep adding on more features and providing good insights, people will see the long-term value of BigPay. And hopefully other financial institutions will follow suit, as it'll raise the standard for everyone in Malaysia! Building our vision takes time and we know it's not necessarily in line with the instant gratification that other players might offer. But it's a choice...
I hope that answers your message!
1) E-wallet with cashback, yes they're bleeding money and not sustainable for long term, but that's what startup will do, capture market share, dominate the market, and lose money for first few years. They are many real-life examples
2) BP on local transactions - if we use BP, we get nothing other than miserable BP points (guess you know how much the BP points awarded worth). But if we use credit card, we get rebates/cash back/points.
3) BP on foreign transactions - as I highlighted earlier, I used to save forex from BP, while not sacrificing on my CC points. But now, I've to choose between paying 2% CC charges in return for points or use BP, save the 2% but get nothing. For me, I'll choose to use CC, moreover, I still trust CC in all sort of fraud/scam protection. Also, I don't encounter like missing records in my card statement like in BP.
I'm not saying my decision represent everyone, I do believe many still enjoy BP with no forex fee.
I'm highlighting above not blaming on BP fault, as you can't control the bank's decision. What I'm saying is, BP definitely is a lot less attractive after the decisions by few banks to remove all sort of points/CB for top up. I honestly still can't see how BP stand out now.
I'm also highlighting that BP should realise where you stand, and not too confident of your "dominance". We thank you for having this, I guess so many of us enjoy BP for so long, but it slowly will prove otherwise
This post has been edited by msa9696: Jun 17 2019, 09:29 PM 
Apr 27 2019, 11:33 PM
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