XOX MOBILE has worked with Mastercard to introduce the XOX Prepaid Mastercard card. This is part of its plan to enhance the digital ecosystem for XOX MOBILE’s over 2.5 million subscribers.
XOX was awarded with an issuer approval from Mastercard in May 2019. This jointly developed XOX Prepaid Mastercard Card will complement the existing XOX E-Money, an e-wallet platform designed for XOX MOBILE subscribers. XOX E-Money enables users to make purchases and access exclusive promotions and packages from its growing list of merchants.
According to Ng Kok Heng, Group Chief Executive Officer of XOX MOBILE, Malaysia has seen a tsunami of e-wallet platforms making its way into the market. Providers have been luring consumers to get onto their respective platforms, with the competition of becoming the go-to app continuing to take shape.
“Our strategy is to enhance value for our existing subscribers, by making their digital lifestyle more holistic and seamless while being attuned to their evolving demands, to become their e-wallet of choice. XOX MOBILE is excited to work with Mastercard, bringing forth great synergy and drive to innovate with products and services while contributing to the advancement of Malaysia’s growing digital ecosystem,” says Ng.
Based on a study, Malaysia is at a prime stage for e-wallet adoption, owing to its 64% mobile phone penetration rate and a largely young and tech-savvy population with 59% being 35 years old and below. The study also estimated that the e-wallet market is projected to grow to USD20 billion (RM83 billion) by 2024. E-wallets are used mostly for purchases relating to Retail, F&B, e-commerce, transportation, prepaid top-ups, bill payments and peer-to-peer transfers.
Perry Ong, Country Manager, Malaysia and Brunei, Mastercard, said “Malaysians are embracing increasingly digital lifestyles and businesses need to step forward with creative solutions to meet their demands and enhance customer experience through innovation and collaboration. The partnership with XOX MOBILE comes at an opportune time as it addresses the need for greater convenience, safety and speed in all aspects of going digital – including payments.
XOX MOBILE’s subscribers will soon be able to enjoy the convenience of making simple, secure and swift payments with Mastercard, where the subscriber could opt for a virtual or physical Mastercard card, managed through a dedicated XOX MOBILE app. Subscribers will also be able to check on their balance, top-up, transaction history and spending habits.
The roll out of XOX Prepaid Mastercard card is expected to take place by end of 2019 or early 2020.