How the Malaysian e-payment platform, FlashCash, is paving the way for a cashless future.
Suria Labs is proud to have worked on the FlashCash app that lets you make and manage payments in a quick and secure way. We spoke to Amri Khalid, the CEO of FlashCash on why e-wallets are the future of how we manage our money.
Why do you think now is the right time to introduce FlashCash to Malaysians?
My take on this is that there is never the perfect time. There are statistics that support e-wallet products and other statistics that don’t. I believe it’s something that you just have to dive in and believe that your product will grow with the market’s acceptance.
What makes FlashCash unique compared to other e-wallets?
FlashCash was built from scratch and is proudly Malaysian made. We did not merely transfer technology from a parent app. Our team sat down and really asked the tough questions of what Malaysians really want and need from an e-wallet. The result is a product that we are confident is relevant to Malaysians and also sets a new benchmark in the cashless payments industry.
Why do you think more people should use e-wallets, what are the benefits?
Apart from the obvious reason of convenience, I would like to specifically highlight the benefits of using FlashCash. Unlike other e-wallets, FlashCash is not limited to a specific ecosystem. We are as good as cash and users will be able to make payments with FlashCash anywhere. Furthermore, with our robust marketing and rewards programs, FlashCash is definitely the winning choice for users.
Are there any particular disadvantages to e-wallets that you personally find?
I think one of the biggest problems that will be faced by the industry are issues pertaining to mobile network reliability. I believe we can address this issue by further exploring offline payments technology and this is something that we are already looking into.
What do you think of the future of e-wallets? Do you think there is a possibility of going completely cashless in the future?
Yes, I believe that is very much a possibility. It’s going to take the entire industry’s effort coupled with a strong mandate from the government.
In what ways can e-wallets help to improve our daily lives?
You are literally eliminating the need to line up at an ATM machine to withdraw old fashioned cash. Furthermore, consumers will be spoilt for choice with the amount of discounts and promotions being rolled-out by all the e-wallet players in the industry.
How secure are e-wallets and how do we ensure that our money and information is completely secure?
Malaysians need to know that Bank Negara Malaysia (BNM) is really on top of things in terms of regulations and oversight. Prior to getting the approval from BNM to issue e-money, e-money issuers are required to prove that a specific standard of systems, data privacy and protection, operations and management reliability are met with the main objective of maintaining the general public’s trust. Therefore, as long as you are using an e-wallet from an approved E-Money Issuer by BNM, there should be nothing for consumers to worry about.