MyClear launches MyMobile

Business Times, March 2, 2013
By Ooi Tee Ching

Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned unit of Bank Negara, yesterday launched MyMobile, a mobile-to-mobile payment service that does not require smartphones nor mobile applications. "With MyMobile, subscribers can reload their handphone talktime and pay their credit card bills in real time without the need to use the Internet.

"Basically, it's just texting without the need to key in the name and account number of the recipient. You only need the recipient's handphone number," MyClear chairman Datuk Ooi Sang Kuang said at the launching ceremony, here, yesterday. The widespread availability of mobile phones in the country makes this platform a compelling channel for making and receiving e-payments.

MyClear conducted a pilot project involving almost 74,000 MyMobile subscribers. "MyMobile service leverages on the ubiquitous availability of mobile phones in Malaysia to increase access to electronic payments. "With this launch, we hope to see a significant jump in subscribers," he said.

To kick-off its services, MyMobile has teamed up with CIMB Bank, Malayan Banking Bhd and Public Bank as well as main telecommunication operators, namely Maxis, Celcom and DiGi. More banks and telecommunication operators are expected to adopt the platform in the second half of the year.

MyClear is also developing a smart phone version of MyMobile that will provide an intuitive and easy-to-use interface for initiating and receiving funds. It is scheduled to be by the end of the year.