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Dendan Setia (Nins)

@brennansv
A significant part of this is the fact that a huge part of the world that's not North America (and okay, maybe Europe, but i need to check) really moved into digital financial services such as e-wallets. So there's the QR code practice to access weblinks, and this includes ordering food in-store (so paper menus are becoming rarer). But in finance/banking, central banks elsewhere seem to take their mandate seriously, or perhaps more fairly, american banking took different infra paths. In Malaysia's case, the e-wallets are many but the CB instructed for the creation of an interoperable bank transfer system (we already have one, but now optimized for e-wallets), and ... Well, the banks pretty much got on board. So as long as you have a bank account, you have a qr code. If my banking app is being a little shit, i use another ewallet.

(Cite: am Malaysian; am in financial inclusion in the global south)
@atomicpoet

27 Mar 2023 at 4:40 | Wall-to-wall | Open on mefi.social
12 comments
Chris Trottier

@cendawanita @brennansv Where I live, the trend is more towards NFC payments, especially via Apple Wallet or Google Pay. Which also works here in Malaysia—but people are surprised that it works.

27 Mar 2023 at 4:44 | Open on mastodon.social
Chris Trottier

@atomicpoet @cendawanita @brennansv What I feel Malaysia has over Canada is more options for prepaid services, which is fantastic.

27 Mar 2023 at 4:47 | Open on mastodon.social
Brennan Stehling

@atomicpoet @atomicpoet @cendawanita Sometimes countries like US and Canada are able to adopt new technologies early with a lot of investment then other countries get the tech later after it is refined and costs have come down. In a way they get to skip all the rouge edges and spend less to get the same stuff.

27 Mar 2023 at 4:49 | Open on sfba.social
Brennan Stehling

@atomicpoet @cendawanita We have Clipper for public transit here which is a touches system but people still press their cards against the surface all the time. I have my Clipper card set up with my Apple Watch and I just bring it close enough to make that noise. It’s so convenient.

27 Mar 2023 at 4:47 | Open on sfba.social
Dendan Setia (Nins)

@atomicpoet
I'm extremely certain that it's because we're an Android dominant market + both of these american solutions requires a connection to your credit card, which is actually still not a thing (it's very class stratified usage). It's only because of COVID tbh as well, but that benefited the e-wallets first because first mover advantage + connection is as basic as your bank account + it's the more low-tech option (feature phones may not be able to scan codes but the point is that it's piggybacking the existing IBG interbank system)
@brennansv

@atomicpoet
I'm extremely certain that it's because we're an Android dominant market + both of these american solutions requires a connection to your credit card, which is actually still not a thing (it's very class stratified usage). It's only because of COVID tbh as well, but that benefited the e-wallets first because first mover advantage + connection is as basic as your bank account + it's the more low-tech option (feature phones may not be able to scan codes but the point is that it's piggybacking...

27 Mar 2023 at 4:49 | Open on mefi.social
Chris Trottier

@cendawanita @brennansv In Canada, there’s a service called Interac. It behaves like a credit card, and even gives you a credit card number, but it debits your bank account. You can use Interac with Apple Wallet. However, it’s useless for traveling.

27 Mar 2023 at 4:59 | Open on mastodon.social
Dendan Setia (Nins)

@atomicpoet
Is this similar? bigpayme.com/en-my/

I use this a lot when travelling because it's an ewallet but the credit card is basically a debit card, and because it deducts from the wallet i have another layer of protection so it doesn't harm my actual savings. (And i can reload with my credit card balance)
@brennansv

27 Mar 2023 at 5:02 | Open on mefi.social
Chris Trottier
Dendan Setia (Nins)

@atomicpoet
Ohhhh this one would be more of our JomPay (another multilingual silly name) which also piggybacks on our IBG (interbank) transfer mechanism
@brennansv

27 Mar 2023 at 5:39 | Open on mefi.social
Brennan Stehling

@atomicpoet @cendawanita I used travelers checks on one trip many years ago. These days I’d like to load up a digital wallet with whatever crypto is used at my destination and just use that. No exchange fees or conversions needed. I’ve gone to festivals where you can only get food and drinks using the tickets you buy from the organizers. It would be sort of like that, but a digital currency. I’ve read of this sort of system being created already but have never seen it in use.

27 Mar 2023 at 5:04 | Open on sfba.social
Oblomov

@atomicpoet @cendawanita @brennansv Most banks in Europe give you a card that works both as a credit card and as the common debit & prepaid card standard (Bancomat). The credit side is also associated with your bank account, so it's usually covered automatically at the end of the month unless this would result in an overdraw.

27 Mar 2023 at 6:18 | Open on sociale.network
Just another rakyat 🇲🇾

@atomicpoet @cendawanita @brennansv Apple Pay only entered here end of last year & is still limited to just a few banks (plus iPhones have never been that dominant here). Samsung Pay never really caught on. I think digital payment systems as a whole only really became commonplace during the pandemic.

27 Mar 2023 at 6:01 | Open on hachyderm.io
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