Visa has launched Google Wallet for Android and Wear OS devices for its cardholders.
Visa cardholders with Hong Leong Bank (credit and debit cards) and Public Bank (credit and debit cards) may now make fast and safe transactions in stores, online, and on apps, and save their Visa cards within Google Wallet, according to a statement released on Tuesday, November 15.
In the future months, HSBC (credit) and HSBC Amanah (credit) users will also be able to link their cards to Google Wallet.
According to the Visa 2021 Consumer Payment Attitudes survey, more than half (60%) of Malaysian consumers have increased their use of mobile contactless payment solutions, citing safety (58%) and convenience (53%) as the leading drivers of usage in compared to carrying cash.
Visa reported in 2021 that 70 percent of all transactions were contactless, reflecting Malaysians’ growing interest and awareness.
Visa Malaysia’s country manager, Ng Kong Boon, stated that the impact of Covid-19 on the mobile payment landscape resulted in a shift in preference for digital payments, with more Malaysians opting for safer and more convenient payment solutions and a generally positive outlook on new payment trends.
The launch of Google Wallet in Malaysia will allow more Visa cardholders to make mobile payments in a country where contactless payments are widely accepted.
“More than seven out of ten Visa transactions in Malaysia are now contactless, and we’re also rolling out new contactless acceptances across the country.”
“The introduction of Google Wallet will allow more Visa cardholders to conduct smooth and secure online and in-person payments, accelerating the country’s transition to a cashless society,” added Ng.
In the meantime, Google Malaysia managing director Marc Woo stated that the total transaction value of digital payments in Malaysia is estimated to reach almost US$200 billion (RM917.5 billion) by 2025.
“With Google Wallet, Malaysians may tap to pay in stores or effortlessly check out online,” he explained.
When a card is added to Google Pay or the corresponding banking app, Google Wallet generates tokens, which are temporary aliases for actual account numbers that protect cardholder account information.
The tokenised account number is shared with merchants instead of the original account number, ensuring the privacy of consumer data.
Visa cardholders will also be able to perform transactions on Wear OS and Android smartphones running Android 5.2 or later, as well as download the Google Wallet app from the Play Store.