Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


ACE Market-listed company, PUC Bhd (PUC) on Sept 24 officially unveiled its mobile wallet function – Presto Wallet, which is now accessible within Presto, a home-grown social marketing app operated by PUC that offers a shopping experience with cashback for Malaysians.

Apart from facilitating hassle-free cashless payments for online and offline retail transactions, the features of Presto Wallet make it one of the first in allowing Malaysians to perform prepaid mobile reloads and bill payments such as utility expenses to Astro, Syabas, TM, and Tenaga National to name a few.

Group managing director and chief executive officer of PUC, Cheong Chia Chou says that by offering Presto Wallet as a component within Presto’s ecosystem, the company is a step closer to becoming one of the leading digital lifestyle service providers in Malaysia.

He adds, “Presto Wallet will compliment Presto’s vision. People can buy and sell within Presto’s ecosystem at a better price anytime, anywhere, while saving more from its cashback rewards. In addition, many more exciting features such as movie ticket purchases and leisure games will soon be launched within Presto in the next coming months in stages and as a whole, will offer everyone a smarter and cooler e-lifestyle.”

Presto Wallet also has “Send Money” and “Lucky Money” services, where Malaysian consumers can enjoy the convenience of sending and receiving money from family and friends, or a group without any service charge.

Users can top up their Presto Wallet either by adding any credit or debit cards issued by Malaysian banks to transfer the desired amount to their wallet, or through JOMPay.

Presto Wallet is launched under Presto Pay Sdn Bhd (formerly known as EPP Solution Sdn Bhd), a wholly-owned subsidiary of PUC Bhd, which has received a letter from Bank Negara Malaysia dated Aug 28, 2018 stating no objection to commence the issuance of e-money via Presto.

Appointing third party merchant acquirer                                

In conjunction with the launch, Revenue Monster Sdn Bhd (RMSB) has been appointed as Presto’s official third-party merchant acquirer to facilitate its e-wallet transactions as well as allowing Presto to tap into RMSB’s existing merchant base covering hypermarket and convenient stores, petrol stations and many more retail outlets.

“This is a strategic decision as RMSB’s mobile payment terminals are on lease from a subsidiary of PUC, whereby not only will we be able to receive a portion of the transaction fee for every eWallet payment performed using these terminals through a revenue share partnership with RMSB, we will also be able to configure Presto Wallet into RMSB’s existing terminals – that are now being used to facilitate WeChat Pay transactions in Malaysia– to achieve greater market adoption,” Cheong highlights.

RMSB is one of the official appointed third-party acquirers of WeChat Pay in Malaysia. Ken Lim, chief executive officer of RMSB also shares that by integrating Presto into its existing terminal network, RMSB will be able to offer greater values to both merchants and consumers with more choices of e-wallets, and also more cashback, deals and rewards as an end-to-end payment solutions provider.

“We are thrilled to facilitate Presto transactions in Malaysia and we hope to encourage more people to select e-wallet as their payment option, while enjoying a better shopping experience,” Lim says.

Seizing more business opportunities in e-commerce

Presto Wallet (developed by ENOVAX, a member of PUC Berhad) is also expected to be integrated onto 11street, an online marketplace with more than 13 million product listings from 45,000 sellers. Through this collaboration, Presto Wallet will be able to reach out to a large base of 11street’s existing merchants and customers, enabling online purchases to be transacted using the mobile wallet.

Cheong says, “This collaboration will create a win-win situation. In the near future, 11street’s customers will expect cashback promotions and sellers will enjoy a lower payment gateway fee using Presto Wallet compared to credit and debit card payments.”

“While homegrown, we envision to be a world class digital lifestyle services provider in the future and with Presto’s ecosystem, we can join hands together with industry players and the authorities to make Malaysia one of the leading digital hubs in Asia and also a digital gateway for the world to venture in Asia and Malaysia,” Cheong said.

Group Managing Director & CEO of PUC at the official launch
Group Managing Director & CEO of PUC at the official launch

Source/Credit :  Digital News Asia September 25, 2018

The Enovax Team behind the development of Presto E-W
The Enovax Team behind the development of Presto E-W