Maybank introduces new digital account with MAE
By Digital News Asia March 6, 2019
- A customer can open a MAE account in five minutes through the Maybank App
- First Visa digital debit card linked to Maybank’s mobile banking wallet, MAE
MAYBANK has introduced MAE - Maybank Anytime, Everyone – bringing to the market the first ever product which enables users to open an account via their mobile phone.
With MAE, users are now able to start a banking relationship online via the Maybank App in less than five minutes and transact instantly while enjoying the convenience of a full-fledged e-wallet.
MAE was launched in Kuala Lumpur today by Maybank Group president and chief executive officer Abdul Farid Alias, Group chief executive officer Community Financial Services John Chong and head of Virtual Banking & Payments Kalyani Nair.
“MAE demonstrates the bank’s continuous effort in creating highly engaging digital experience for all segments of our customers through our digital banking platforms. This has been evident since the introduction of Maybank2u (M2u) in 2000, and today we introduce yet another first-in-the-market service by Maybank, in line with our commitment to becoming the ‘Digital Bank of Choice’ in the region,” said Farid.
He added, “MAE is a result of deep research and development centred on the growing demand in the digital payment space, and created especially for the digitally savvy users. We have taken it up a notch by incorporating an e-wallet and a host of other banking features which will almost eliminate the need to visit a branch for transactions.
“Our intention is to ultimately bring this across to all our key home markets in the region to enable even more of the masses to enjoy the convenience of banking made much simpler, in line with our mission of humanising financial services.”
Meanwhile, Chong said that the continuous growth achieved in the bank’s online banking platform has been phenomenal, thus spurring the development of even more digital banking services aimed at enriching customer experience.
“We have seen the volume of M2u online transactions totalling 5.85 billion in 2018, comprising 3.77 billion on the website, with another 2.08 billion on our mobile platform,” he said.
“M2u monetary transactions grew at 43%, whilst mobile transactions overtook web and grew at a much faster pace of 173% year-on-year. With the introduction of MAE, mobile transaction growth is expected to continue at this high momentum.”
“With the mass market especially the younger generation preferring to go cashless, MAE is certain to meet the growing demand of consumers looking to manage their savings and expenditures all in one robust application.
“MAE is expected to further solidify Maybank’s leadership in the online banking space, where currently more than 66% of all mobile banking transactions in Malaysia goes through our App.”
Open MAE via mobile in five minutes
For the first time in Malaysia, a customer can open a MAE account in five minutes through the Maybank App. This service provides customers ease of access, saving time and bypassing lengthy documentation process.
MAE leverages on the banking payment infrastructure which means users can fund their MAE account via M2u, Interbank Transfer, Self Service Terminals and Over The Counter (OTC). It also allows topping up from other banks via FPX and debit cards, allowing account holders to fund their MAE account from other banks.
What makes MAE less restrictive compared to other non-banking e-wallet providers is that the capability of moving money out of the e-wallet is now friction-free. Customers of MAE can simply move money out using the normal bank transfer capability on the mobile.
MAE aims to enhance the functions of an e-wallet by providing access to wider banking services – ultimately creating a seamless and rewarding experience for the users.
MAE’s e-wallet with banking convenience means that all banking features such as Instant transfers, ATM services, bill payments, prepaid reloads can be carried out like a regular banking account.
Customers can also transfer funds from another bank account to MAE via the regular funds transfer service.
Virtual Visa debit card for users
For customers who are new to Maybank, MAE comes with an instant virtual Visa card. It allows users to start e-commerce shopping the very instant the account is opened. Furthermore, users can use the virtual card at Visa POS terminals via Maybank Pay or Samsung Pay.
“We are extremely excited to partner Maybank to launch Malaysia’s first Visa digital debit card linked to Maybank’s mobile banking wallet, MAE. Visa contactless payments have been growing significantly in the country as Malaysians embrace the convenience and seamless experience that this payment solution offers," said Ng Kong Boon, Visa country manager for Malaysia.
Ng expects the introduction of MAE will further propel the growth of Visa's contactless payments in Malaysia, where it is seeing more than five million Visa contactless transactions a month, which gives it around 30% market penetration.