 | |
Type of site | e-wallet |
|---|---|
| Available in | English |
| Founded | 10 November 2017; 7 years ago (2017-11-10)[1] |
| Dissolved | 30 November 2019; 5 years ago (2019-11-30)[2] |
| Headquarters | Shah Alam,Selangor,Malaysia |
| Owner | Digi Telecommunications Sdn. Bhd.(Telenor Group) |
| Key people | Praveen Rajan(DigiCDO) Kathryn Lee(Product lead)[1] |
| URL | https://vcash.my at theWayback Machine (archived May 16, 2019) |
| Commercial | Yes |
| Registration | Required |
| Current status | Inactive |
vcash was aMalaysiandigital wallet andonline payment platform established inShah Alam in November 2017, byDigi Telecommunications, a subsidiary ofTelenor Group. vcash allowed users to make payments in local stores via aQR code, pay bills, top-upprepaid mobile phones, and doP2P transfers. Despite being a Digi product, user registration and usage of this service was opened to both Digi and non-Digi customers. Its competitors wereGrabPay,[2]Touch 'n Go eWallet, andAxiata's Boost.[3] On 1 November 2019, Digi announced they were discontinuing vcash on 30 November 2019, two years after its launch, which were attributed to stiff competition from competitors that provide rewards to their users to retain customers in their services.
Digi Telecommunications launched vcash on 10 November 2017 in collaboration with Valyou Sdn Bhd, ane-cash issuing company authorized by theCentral Bank of Malaysia. It was one of the first e-wallets in Malaysia.[4] Despite being a Digi product, user registration and usage of this service was opened to both Digi and non-Digi customers.[1] At that time of its launch, vcash had 500 touch points and 80 merchants nationwide[5] that accepted vcash payments, and had plans to expand their services to more than 2000 merchants by the end of 2017.[6] Digi claimed theirtransaction fee rate was at 0.8%, much lower compared to competing e-wallet services in Malaysia at the time.[5] On 6 August 2018, Digi partnered withAmBank to enable merchants with AmBankpoint-of-sale terminals to accept vcash.[7]
vcash was used on smartphones using their vcash app. It utilizedQR code technology as the payment method for local in-store payments. However, unlike competing services where users were required to show a random QR code generated on their app to be scanned by the merchant, vcash provided a QR code on their app in the store which could be scanned to make a payment.[2] vcash also provided features such as utility bill payment,P2P transfer andprepaid mobile phone top-ups.[8]
vcash also allowed online check-out on merchant and e-commerce websites whose payment systems were powered by iPay88 or MOLPay online payment gateway networks.[6]
Users could deposit cash into their vcash account in Digi stores or withcredit ordebit cards via FPX or JomPAY online gateway services.[6] Users could transfer cash from their vcash account to theirMaybank account or collect their cash at a Digi store with payment of a minimum fee.[2]
On 1 November 2019, Digi announced it would discontinue the operation and development of vcash on 30 November 2019, two years after its introduction.[8][4] It became one of the firste-wallet services in Malaysia to close. Its users were able to ask for a refund of any balance remaining in their account.[2]
The closure of vcash was attributed to stiff competition from competing e-wallet services with greaterventure capital financing than vcash. vcash had been experiencing a decline in the number of active users on a quarterly basis. When contacted by RinggitPlus regarding the closure, Digi stated closing down vcash was simply the result of a change in business strategy.[9] Two days after the closure of vcash, Praveen Rajan,CDO of Digi, said the e-wallet market in Malaysia was too competitive because each competing service provided rewards or a cashback program or other subsidies to their users to retain their customers in their services. He stated these tactics were used as their mainvalue proposition.[10]
Data from App Annie and iPrice ranked vcash fifth in the top five e-wallet applications in Malaysia by monthly active users in the first quarter of 2018 before disappearing from the top five in the second quarter onward. Since its release, vcash ranked fifth in the top five e-wallet applications in Malaysia by total app downloads in the fourth quarter of 2017. It later jumped to third place in this category in the first quarter of 2018, only to fall to fifth place in the second quarter of 2018 before disappearing from the top five in third quarter of 2018.[11]
Some merchants includingHainanese restaurant Yut Kee Coffee Shop andjuice bar Life Juice, who were early adopters of vcash, viewed the service positively. Merchants praised the low transaction fee rate, noting the adoption of e-wallet services led to shorterqueueing times, improved the customer service experience at reduced costs, and allowed for better understanding of customers' behavior using the services'analytical tools.[12]
The MalaysianMinistry of Youth and Sports make vcash a preferred cashless payment platform at their headquarters,restaurants, andgym in February 2018.Khairy Jamaluddin, the minister at the time, said the adoption of e-wallet as a payment system allowed Malaysia to move towards the goal of becoming acashless nation.[13]
