Ever since Bank Negara embarked on a 10-year roadmap to move towards a cashless society, the ever growing trend of cashless transactions has been increasing and is popular amongst the Gen-Y and Millennial Generation. Sunway Malls took the initiative to bring in leading eWallet companies such as Boost, FavePay, GrabPay, Maybank QRPay, Touch ‘n Go Pay, and WeChat Pay for exclusive face-to-face sessions with retailers at a closed door conference held at Sunway Pyramid Convention Centre, in Petaling Jaya.
No longer do you need to carry around cash and credit cards as your mobile phone can do the paying! Numerous e-payment players in the market have emerged and is providing shoppers with better deals and convenience.
Among the benefits of e-payment include enhanced shopper experience, increased sales and quick and convenient payment.
“As the payment market continues to evolve, it is imperative that we stay abreast with development of cashless payment to cater to new consumer demands”, said H.C Chan, Chief Executive Officer of Sunway Malls & Theme Parks.
Retailers who attended the conference were treated to a detailed and in-depth look at how cashless transactions would benefit their business and increase their sales through intimate small group discussions with the five e-wallet companies. To date, close to 35% of retailers across Sunway Malls are using some sort of eWallet payment at their outlets and the malls hopes to increase this number to cater to the ever growing trend of cashless payments.
The conference keynote was presented by Peter Schiesser, Group Chief Executive Officer of Payment Networks Malaysia (PayNet), Malaysia’s premier payments network and central infrastructure for financial markets while Deep Chowdhury, Client Service Director (Consumer Insights) from Nielsen Malaysia spoke on the topic of ‘Cash or Cashless? Malaysia’s Payment Landscape’ and shared insights on current Malaysian purchasing and spending behaviour in the retail industry and beyond.
Over 350 brands attended the conference which was also Sunway Malls’ annual Business Partner Meeting to receive the latest updates on the current market outlook and upcoming plans for each mall.
Sunway Malls is gearing to be amongst Malaysia’s largest mall owner-operator as existing projects and those in the pipeline now stand at 7.7 million sq ft New Lettable Area (NLA) and that figure is planned to be increased to 10.2 million sq ft NLA by 2020.