PPRO, a provider of digital payments infrastructure, has bolstered its market coverage of Malaysia with the integration of e-wallets GrabPay and Touch ‘n Go on its payments infrastructure.
Fintech PPRO now offers all of Malaysia’s Independent e-wallets – Boost, Touch ‘n Go and GrabPay – to its partners which include enterprises with payments platforms, payment service providers, fintechs and banks.
Through PPRO’s integration, the e-wallet partners boosts its revenue by gaining direct access to Malaysian consumers who spend an estimated $3.8billion a year when shopping cross-border. Meanwhile, e-wallets GrabPay and Touch ‘n Go are both expected to see their user number double from 2020 to 202, according to research by Statista.
An Lu, head of market development, APAC, at PPRO addresses the company’s bolstered presence in the Malaysian market. Lu says: “Digital payments are second nature to Malaysia’s highly, mobile-enabled population and for enterprises with payments platforms looking to break into new market segments and grow new cross-border revenue, the Malaysian market must not be overlooked.
“In order to increase customer conversion from Malaysia, enterprises need to understand their customers’ preferences at checkout. PPRO has built an extensive Malaysian payments offering on its infrastructure and is well-primed to enable payment service providers, fintechs and banks to drive cross-border transactions in this fast-growing market.”
Grab’s e-wallet, GrabPay, has an ecosystem of more than 25 million transacting users, who make a variety of purchases both in-store and online, from fund transfers to food delivery and ride hailing services. Alongside GrabPay, Touch ‘n Go has been prevalent in leading Malaysia’s digital transformation, as it has shifted from being a road toll payment method, to now having a user base of 16 million consumers.
The rapid acceleration of the use of e-wallets in Malaysia comes at a time when the government has placed significant focus on digitising the country’s economy through the launch of the e-Pemula initiative to drive the cultivation of cashless transactions, of which both GrabPay and Touch ‘n Go are involved.
Last year, PPRO announced that it had achieved unicorn status after raising $180million from Eurazeo Growth, Sprints Capital as well as Wellington Management. Earlier this year, PPRO also announced the acquisition of Alpha Fintech, a next-gen payments technology firm, to strengthen its presence and networks in the Asia Pacific region.
Image and article originally from thefintechtimes.com. Read the original article here.