Vcash
vcash was a Malaysian digital wallet and online payment platform established in Shah Alam in November 2017, by Digi Telecommunications, a subsidiary of Telenor Group. vcash allowed users to make payments in local stores via a QR code, pay bills, top-up prepaid mobile phones, and do P2P transfers. Despite being a Digi product, user registration and usage of this service was opened to both Digi and non-Digi customers. Its competitors were GrabPay, Touch 'n Go eWallet, and Axiata's Boost. On 1 November 2019, Digi announced they were discontinuing vcash on 30 November 2019, two years after its launch, which were attributed to stiff competition from competitors that provide rewards to their users to retain customers in their services.
History
Digi Telecommunications launched vcash on 10 November 2017 in collaboration with Valyou Sdn Bhd, an e-cash issuing company authorized by the Central Bank of Malaysia. It was one of the first e-wallets in Malaysia. Despite being a Digi product, user registration and usage of this service was opened to both Digi and non-Digi customers. At that time of its launch, vcash had 500 touch points and 80 merchants nationwide that accepted vcash payments, and had plans to expand their services to more than 2000 merchants by the end of 2017. Digi claimed their transaction fee rate was at 0.8%, much lower compared to competing e-wallet services in Malaysia at the time. On 6 August 2018, Digi partnered with AmBank to enable merchants with AmBank point-of-sale terminals to accept vcash.Services
vcash was used on smartphones using their vcash app. It utilized QR code technology as the payment method for local in-store payments. However, unlike competing services where users were required to show a random QR code generated on their app to be scanned by the merchant, vcash provided a QR code on their app in the store which could be scanned to make a payment. vcash also provided features such as utility bill payment, P2P transfer and prepaid mobile phone top-ups.vcash also allowed online check-out on merchant and e-commerce websites whose payment systems were powered by iPay88 or MOLPay online payment gateway networks.
Users could deposit cash into their vcash account in Digi stores or with credit or debit cards via FPX or JomPAY online gateway services. Users could transfer cash from their vcash account to their Maybank account or collect their cash at a Digi store with payment of a minimum fee.
Closure
On 1 November 2019, Digi announced it would discontinue the operation and development of vcash on 30 November 2019, two years after its introduction. It became one of the first e-wallet services in Malaysia to close. Its users were able to ask for a refund of any balance remaining in their account.The closure of vcash was attributed to stiff competition from competing e-wallet services with greater venture capital financing than vcash. vcash had been experiencing a decline in the number of active users on a quarterly basis. When contacted by RinggitPlus regarding the closure, Digi stated closing down vcash was simply the result of a change in business strategy. Two days after the closure of vcash, Praveen Rajan, CDO of Digi, said the e-wallet market in Malaysia was too competitive because each competing service provided rewards or a cashback program or other subsidies to their users to retain their customers in their services. He stated these tactics were used as their main value proposition.