XOX Mobile To Launch Mastercard Enabled E-Wallet Soonby Fintech News Malaysia August 29, 2019
XOX Mobile an MNVO operator is the latest in the long line of companies joining the e-wallet game in Malaysia. XOX Mobile’s CEO, Ng Kok Heng told local media that they are eyeing to capture 10% of the market within the first year of launching their e-wallet.
The group will reportedly allocate RM 33 million to expand its e-wallet function by developing a new app to support micropayments, issuance of Mastercards and peer-to-peer transfers.
The telco seems confident that it will be able to build upon its existing ecosystem to compete in Malaysia’s extremely crowded e-wallet market.
Despite the group’s optimism, it is unclear what significant advantages it would have over existing telco players like Axiata’s Boost, Digi’s vcash or even U Mobile’s GoPayz.
If XOX Mobile intends to rely on its Mastercard partnership it will have to step in the ring and compete with the likes of BigPay who has a partnership with Mastercard and one of Malaysia’s largest money services business operator Merchantrade who has partnered with Visa to launch their e-wallet, Merchantrade Money.