Transactions via Maybank mobile platform to hit RM25b this year

PETALING JAYA: Malayan Banking Bhd (Maybank) expects the value of banking transactions via its mobile platform to rise by over 50% this year to some RM25 billion, driven by the new Maybank2u app and the growth momentum achieved last year.
Maybank group chief strategy officer Michael Foong said that the volume of digital banking transactions is growing at a much faster rate compared with transactions done via online platforms.
“In 2016, the number of transactions carried out via mobile devices grew by 72%, while transactions via all online channels (including desktops and personal computers) rose by 41%, demonstrating that users are increasingly comfortable with digital platforms,” he said in a statement yesterday.
Maybank will introduce by end April the Secure2u app, which allows a customer to have the option to acknowledge and digitally verify transactions via the app, providing added security for transactions. Transaction Authorisation Codes (TAC) will also be generated on the mobile app.
Maybank group head of community financial services Datuk Lim Hong Tat said the bank recorded 34% growth in the number of active online users in 2016 compared with 2015, while the number of active mobile users rose nearly 42% in the same period.
“The number of transactions carried out online was close to three billion in 2016, with close to 500 million being done on mobile. Our expectation is that the proportion of customers transacting digitally will grow exponentially over the next few years,” he said.
Since the pilot launch of the new Maybank2u app in mid-March, more than 57,000 downloads have been recorded to date, with 82% of users rating the app as excellent.