Fave records exponential growth of 276 pct y-o-y savings
KUALA LUMPUR: Online-tooffline ( O2O) mobile platform, Fave, posted an exponential growth of 276 per cent year-onyear (y-o-y) savings through merchant cashbacks.
During Ramadan this year, Malaysians also saved more than RM3 million through purchased vouchers, as well as cashback rewards by merchants to loyal customers, Fave said in a statement yesterday.
It said given the high smartphone penetration and mobile data usage in Malaysia at 76 per cent – based on the Nielsen Malaysia Market Research Reports 2018 – app payments were now evolving at a rapid pace with new features and payment tools.
“In fact, 25.126 million mobile payment transactions worth RM725.8 million were recorded in the first quarter of this year, according to the Ministry of Finance.
“This shift precipitates a need for merchants to adopt fast, simple and secure mobile payments,” it added.
Fave co-founder Joel Neoh said as a merchant-first platform orientated towards consumer needs, it has always been seen as ‘glue’ that can create a winwin solution within the Fave ecosystem.
“We want to make it easy to offer solutions across the merchant pool. We prioritise collaboration over competition, as seen with FoodTime co-founder Ahmad Daleen, who joined Fave’s team earlier this year.
“This enhances our merchant solutions by acquiring technology from FoodTime. The FoodTime app, meanwhile, continues to operate and provide services to its customers in Malaysia,” he added.
Neoh said going forward, Fave aimed to democratise the mobile payments scene in Malaysia and be seen as a driving force behind the loyalty and payments platform.
Fave currently collaborates with more than 10,000 businesses across key Malaysian cities such as Johor Bahru, Kuala Lumpur, Ipoh, Kuching, Kota Kinabalu and Penang, to offer a variety of mobile services and tools to better engage as well as retain over 2.5 million Malaysians who are subscribed to its app on their mobile phones. — Bernama