PPROa provider of digital payments infrastructure, strengthened its coverage of the Malaysian market with the integration of electronic wallets GrabPay and Tap and go on its payment infrastructure.
Fintech PPRO Now Offers All Independent Malaysian E-Wallets – Increase, Touch ‘n Go and GrabPay – to its partners which include companies with payment platforms, payment service providers, fintechs and banks.
Through the integration of PPRO, e-wallet partners increase their revenue by gaining direct access to Malaysian consumers who spend approximately $3.8 billion annually on cross-border purchases. Meanwhile, e-wallets GrabPay and Touch ‘n Go are both expected to see their number of users double from 2020 to 202, according to a study by Statistical.
One Lu, Market Development Manager, APAC, at PPRO discusses the company’s enhanced presence in the Malaysian market. Lu says, “Digital payments are second nature to Malaysia’s highly mobile population and for companies with payment platforms looking to enter new market segments and generate new cross-border revenue, the Malaysian market should not be neglected.
“In order to increase the conversion of Malaysian customers, businesses need to understand their customers’ preferences at checkout. PPRO has built an extensive Malaysian payments offering on its infrastructure and is well prepared to enable payment service providers, fintechs and banks to conduct cross-border transactions in this rapidly growing market.
To input‘s e-wallet, GrabPay, has an ecosystem of over 25 million transacting users, who make a variety of in-store and online purchases, from money transfers to food delivery and transportation services. Alongside GrabPay, Touch ‘n Go has played a leading role in Malaysia’s digital transformation as it grew from being a road toll payment method to a user base of 16 million consumers.
The rapid acceleration in the use of e-wallets in Malaysia comes at a time when the government has been emphasizing the digitalization of the country’s economy through the launch of the e-Pemula initiative to boost the culture of transactions. cashless, of which GrabPay and Touch ‘n Go are involved.
Last year, PPRO announced that it had achieved unicorn status after raising $180 million from Eurazeo Growth, Sprints Capital as good as Wellington Management. Earlier this year, PPRO also announced the acquisition of Alpha Fintech, a next-generation payment technology company, to strengthen its presence and networks in the Asia-Pacific region.