MyClear officially launches the inter-bank mobile payment service – MyMobile

MALAYSIA: Malaysia’s first inter-bank mobile payment service, MyMobile today was launched officially by Dato’ Ooi Sang Kuang, chairman of Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), a subsidiary wholly-owned by Bank Negara at Berjaya Time Square. MyMobile service allows its subscribers to perform telco mobile airtime reloads, 3rd party fund transfers, and payments for bills and credit cards, in real time within minutes.

Speaking at the launch Dato’ Ooi said, “The widespread availability of hand phones makes mobile networks a compelling channel for initiating and receiving e-Payments. MyMobile service seeks to leverage on the ubiquitous availability of mobile phones in Malaysia to increase access to e-Payments.” About 74,000 consumers have subscribed to MyMobile since the pilot in 2012, Dato’ Ooi added.

Malaysia is currently enjoying exponential growth of mobile banking from 675,000 subscribers in 2009 to more than 2.44 million subscribers in 2012 yet, the penetration rate of mobile banking remains at only 8.1 per cent.