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In early 2012, Lee Ching Wei ("Ching"), co-Founder of iMoney quit his investment banking job in Melbourne, gave up an Australian permanent residency permit and returned home to Malaysia. [2] The idea for iMoney formed as Ching went from bank to bank in attempt to compare and apply for a suitable savings account and credit card.
Touch 'n Go lane signboard. Touch 'n Go is a contactless smart card system used for electronic payments in Malaysia.The system was introduced in 1997 and is widely used for toll payments on highways, public transportation, parking, and other services.
The card is called a Bankcard, a card with multiple functions. Three main functions can be used, namely ATM (with various combinations of banking transactions), e-debit (online purchase payment) transactions at participating merchants and MEPS Cash (a stored-value card that can be used to pay at participating merchants).
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale ) Company
Malaysia is currently also the world's largest centre of Islamic Finance. Malaysia has 16 fully-fledged Islamic banks including five foreign ones, with total Islamic bank assets of US$168.4 billion, which accounts for 25% of the Malaysia's total banking assets. [2] This in turn accounts for over 10% of the world's total Islamic banking assets.
As at 2014, Citibank Debit, ATM and Credit cardholders can use their cards at over 11,000 MEPS shared ATMs in Malaysia covering 2000 locations nationwide, [15] in addition to over 1.2 million Citi and Visa Plus ATMs in over 100 countries. [15]
EPS entails the simple use of an ATM card or a credit card with ATM capability issued by a member bank of the EPS, acting as a debit card. No application for the service is required. The EPS device is a dual-unit device consisting of a removable card processor and a stationary base that serves as a charger and data link.
In 2012, 2C2P launched an alternative payment method called 123, a local-currency alternative payment channel for non-credit-card payment processing. [9] [10] In the fiscal year of 2014, the company processed over US$2.2 billion in transactions. [11]