Press Release 2018

UOB Malaysia launches cash rebate campaign to encourage customers to go contactless

Kuala Lumpur, Malaysia, 16 November 2018 - United Overseas Bank (Malaysia) Bhd (UOB Malaysia) today announced the launch of a cash rebate campaign to encourage more customers to go contactless. The campaign, directed at all new customers who open a savings or current account with UOB Malaysia from now until 15 January 2019. It offers a RM50 rebate when they use their UOB debit cards to top up their WeChat Pay MY E-wallet for the first time. To be eligible, new customers will have to credit in RM5,000 within a month of their account opening, maintain a minimum average monthly deposit balance of the same amount and top up at least RM50 into their WeChat Pay MY E-wallet¹.

According to UOB Malaysia data, contactless payments have grown by 113 per cent in the past 12 months² as customers choose contactless payment methods such as wave-and-pay³ over traditional chip and pin payments. Customers also made three times⁴ more wave-and-pay transactions in 2017 than they did the year before.

Mobile payments are also on the rise, with payments made on UOB Mighty Pay growing at an average rate of 26 per cent a month⁵ since November 2017. UOB Mighty Pay is the payment feature within the Bank's all-in-one mobile banking app that facilitates contactless payments at merchants' point-of-sale terminals⁶.

Mr. Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said the Bank supports Malaysia's initiative to promote a cashless economy and is committed to supporting its customers' preference for contactless payments.

"Our customers want payment solutions that are simpler, smarter and safer. Making payments through contactless-enabled credit and debit cards, as well as scan-and-pay technology through QR codes and mobile phones eliminates the need to carry cash and provides customers with an easy and convenient shopping experience."

"To help speed up the adoption of contactless payments among our customers, UOB Malaysia is offering its new savings account holders a cash rebate of RM50 when they use their UOB Debit cards to top up their WeChat Pay MY E-wallets for the first time. WeChat Pay is a major mobile service payment provider in China and as a new entrant to Malaysia, we anticipate growing demand for its services. With this promotion, we aim to offer our customers greater value and a wider choice of e-payment service providers."

In addition, from now until 25 November 2018, UOB Malaysia customers are able to enjoy their Americano coffees at just RM1 at Starbucks outlets nationwide when they pay with WeChat Pay MY E-wallets⁷. To find out more about WeChat Pay MY and its promotions, customers can logon to www.uob.com.my.

..............................................................................................................................................................................

¹The allocated cash rebate for the duration of the campaign period is RM60,000 and it will be on a first-come-first-served basis. Other terms and conditions apply. Please refer to www.uob.com.my for more information.
²Source: UOB Malaysia credit and debit card transactions between 17 September 2017 and 17 September 2018.
³A payment system that uses radio-frequency identification (RFID) technology or near field communication (NFC) to allow a customer to pay for goods by passing a card in front of a sensor.
⁴Source: UOB Malaysia credit and debit card transactions between 1 January 2016 and 31 December 2017.
⁵Source: UOB Malaysia credit and debit card transactions between 1 November 2017 and 30 September 2018.
⁶UOB Mighty, launched in 2017, is UOB Malaysia’s an all-in-one mobile banking app that enables customers to turn their smartphones into electronic wallets and to enjoy great dining deals within Malaysia and across the region. UOB Mighty is the first mobile banking app in Malaysia to incorporate banking, dining and payment transaction features in a single app.
⁷Limited to a single purchase of Starbucks Americano coffee per day. Terms and conditions apply.