Malaysia has become the first country in Asia-Pacific to roll out Mastercard Bill Pay, a new bill management tool that combines electronic bill presentment and payment in one place.
The tool, launched today (Jan 10) by Mastercard in partnership with ATX Fintech Holdings Sdn Bhd, is available to consumers via ATX’s digital wallet GoPay and web-based online payment platform PayHub2U.
Mastercard country manager for Malaysia and Brunei, Beena Pothen, said the partnership with ATX on the mobile-first bill pay solution is timely.
“Over US$25 billion (RM109 billion) in bill payment volume across one billion bills are paid annually in Malaysia and more people are using e-payments services for bills as accelerated by the pandemic,” she told reporters at the launch of Mastercard Bill Pay.
However, according to her, only 50% of it is digitised, and Mastercard is here to support the government and Bank Negara Malaysia’s initiative to make payments digital.
“That’s our key interest in launching Mastercard Bill Pay in the market, where consumers would be reminded about the bill and make payments using a single sign-on,” she added.
It would enable consumers to view and consolidate all their bills from multiple billers and payment could be made from the various options available, which include linking their bank accounts and saving their card credentials.
ATX founder and chief executive officer Sashi Kumar said that – supported by GoPay and PayHub2U – Mastercard Bill Pay would provide greater efficiency, transparency, speed, and accessibility for consumers.
“By providing multiple payment options and real-time communications, it can pave the way for better experiences and also foster consumers’ loyalty,” he said.
Sashi said the fintech company has integrated with 13 billers and is keen to expand its network through more partnerships in the coming months to provide more choices and convenience for consumers.