CIMB rolls out Google Wallet in Malaysia in line with its mission to drive contactless payments
15 November 2022
From 15 November 2022, customers will be able to store their CIMB Bank Mastercard credit card details in Google Wallet and make contactless and online payments via Google Pay
Kuala Lumpur: CIMB Bank Berhad (“CIMB” or “the Bank”) today announced that it is one of the first Malaysian banks to introduce Google Wallet, in line with Google’s announcement on the introduction of Google Wallet in the country. From 15 November 2022, the Bank’s customers in Malaysia can add any CIMB Bank Mastercard credit card to Google Wallet and make contactless payments on both Android and Wear OS devices in stores, as well as for payments on apps and on the web.
Through Google Wallet, cardholders of CIMB Bank Mastercard credit cards will have access to an additional safe and accessible contactless payment method, in line with the Bank’s digital focus. CIMB’s customers in Malaysia will be able to use Google Wallet to transact conveniently and securely anywhere Google Pay is accepted. The Google Wallet can also be used to tap and pay for transactions overseas as long as a customer’s credit card is enabled for cross-border transactions. In addition, the Bank will soon enable Islamic Mastercard credit cards on the payment platform.
Samir Gupta, CEO, Group Consumer Banking of CIMB Group, said “We are delighted to be one of the first Malaysian banks to introduce Google Wallet via our CIMB Bank Mastercard credit cards. As customers increasingly depend on their smartphones and wearable devices to interact and transact in their daily lifestyles, Google Wallet will make it easier for our customers to make seamless and secure payments across a wide range of contactless points of sale in stores, as well as in apps and on the web. We look forward to introducing more innovative digital offerings such as this cashless solution in line with our focus on Customer Centricity as part of the Bank’s Forward23+ strategic plan."
"According to the e-Conomy SEA 2022 report, digital payments are gaining popularity and are expected to hit almost $200B in gross transaction value in Malaysia by 2025. With millions of Malaysians now using their phones everyday to make payment, Google is excited to bring Google Wallet to Malaysia,” said Marc Woo, Managing Director, Google Malaysia. “With Google Wallet, Malaysians can tap to pay in stores or checkout seamlessly online. They can also easily access their boarding passes when they jet off for their year end holidays. Google Wallet helps keep everything protected in one place, no matter where you go."
Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard said, “Across the world, consumers are demanding more flexible choices in how they pay. Delivering choice and innovation in payments is an important part of Mastercard’s commitment towards improving everyday lives for consumers. Today’s launch with Google and CIMB is part of Mastercard’s ongoing efforts to empower customers with payment options that keep up with the digital lifestyles. Backed by the tokenization platform, Mastercard Digital Enablement Service, consumers will have peace of mind that every transaction is secure."
From 15 November 2022 to 28 February 2023, CIMB will also be running a cashback campaign to encourage customers to try out this contactless payment method. Any CIMB customer who spends a minimum of RM100 per transaction using their CIMB Bank Mastercard credit card via Google Pay will get RM10 cashback. Each customer is only eligible for one cashback transaction per month during the campaign period, for a maximum of up to RM40 in total.
Google Wallet makes payments safer with multiple layers of security. This includes industry-standard tokenisation, which means that when users transact using Google Wallet, transactions are made using a virtual card number, i.e. a token. A token is device-specific and is associated with a dynamic security code that changes with each transaction. Also, if a customer’s phone is ever lost or stolen, they can simply use the “Find my device” function to instantly lock their device from anywhere, secure it with a new password, or even wipe it clean of their personal information. These features work beyond all the standard protections provided for customers’ credit cards.
To get started, customers can download Google Wallet on the Google Play Store. Then, they can tap ‘Add to Wallet’ and follow the instructions to enter and verify their credit card details. Once it has been set up, customers can pay in stores that accept contactless payments via Google Pay with just one tap using their smartphone or Wear OS device. Users can also make payments on apps and websites by checking out using the Google Pay button.
(From left) Nick Drew, Head of Finance and Travel, Google Malaysia with Daniel Cheong, Head of Consumer Banking Malaysia, CIMB at the introduction of Google Wallet in Malaysia. Through Google Wallet, contactless and online payments via Google Pay will be available for CIMB Mastercard credit cards on both Android and Wear OS devices starting 15 November 2022
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