Recently Bank Negara is pushing on for a cashless society. Since then, we have seen a sudden influx of multiple service providers offering their various digital wallet solutions for retailers. Their latest technology offerings are beneficial to push towards a cashless society. However, it would be useful for merchants to have a more comprehensive information on how this works. Before we jump into the further details of each service providers, let’s take a look at how cashless society affects overall F&B retail businesses.
Malaysia in general is still a cash heavy society. However, the trend is changing given the recent blueprint issued by Bank Negara which one of the nine focus is on electronic payments.
In many ways, we have seen this trend impacting our personal lives. For instance, a quick tap on your mobile phone, enables you to buy items from Lazada. Oftentimes at a cheaper price and shipped directly to your doorstep. Saving the hassle of going to the mall to buy the same item.
A quick look in our internal data shows that 32.9% of Slurp’s customers accept digital wallet payment method, while the other 67.1% are still hesitating.
Of the 32.9%, we found that their average ticket size is approximately RM49 per receipt, which is 3x more than outlets whom does not accept cashless payment method. This translates into a contributing factor of their total revenue per month as well.
Merchants’ top two concern on adopting digital wallet payments method would be cash flow and cost of implementation. Many service providers are competing with each other on the above as an added incentive to draw merchants to accept cashless payments method.
Interested to find out more on each of the service provider above?
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