QUOTE(fakerdemit @ Oct 1 2019, 02:04 PM)
Well that is how you attract people to start using the service. Without the rewards and benefits, there isn't much of a different between paying with cash/cards and using the service. Malaysian are very budget-conscious and they don't mind any hassle as long as they are saving a few ringgits.
In order to justify it, how long SPay have been here?
More than 2 years I think.
Sooner or later, the coffers used to fund these ewallets will dry soon enough.
Look at Boost, I pay for a food at a stall around RM20, only get 10 sen after the shake.
That alone shows that these companies cannot give high enough rewards after some period of time.
In order to become a cashless society, we cannot expect a company to keep giving rewards in order to keep the customers using it.
And BNM should play a role to integrate a lot of payment system into one.
Now it is just too many ewallets that only some stores accept certain type of wallets etc.
As an example, WeChat Pay is the biggest ewallet in China due to no need to carrying cash etc.
They did not have to give any incentive for people to use it, because the wallet itself ald have so many advantages compared to cash so many people using it.