- Malaysians can now transfer money to friends and relatives around the world using Western Union’s website and mobile app
- Malaysia has been experiencing steady growth for the past few months and is now a destination for migrant workers
- The country has a large population with millions of smartphone users
Remittance giant Western Union just launched its online money transfer service in Malaysia via its website westernunion.com and its mobile app. The new service fulfils the brand’s aim to provide convenience to their customers, but it does more than that analysts say. Western Union’s role in the country is crucial for economic growth as it adds billions of dollars to its income.
With 15% of the country’s workforce composed of migrants, remittance outflow from Malaysia is considered sizeable. In fact, a report from the International Monetary Fund notes that remittance outflow grew by over 500% in the past decade. The role of WU, in this case, is to help migrant workers send money home without worrying if the funds will reach their destination, analysts say.
According to WU representatives, the newly-introduced online service will not only enable customers to take advantage of affordable overseas transfer rates but send funds to family and friends with just a few clicks. The ability to do such transactions anytime and from anywhere to anywhere in the world is a welcome development to many Malaysians and the growing migrant population. Analysts add that the service will make it easier for migrants from neighbouring countries to send money home more frequently than before, because they no longer have to deal with long queues.
Based on another report from the International Monetary Fund, the country’s economy has shown continuous growth in the past months and will likely achieve high income status very soon. This does not come as a surprise, analysts say, as Malaysia has been working very hard to globalise its businesses.
In an interview with Molly Shea, Western Union’s Senior Vice President and General Manager for Global Money Transfer, Asia Pacific, Shea said that the money transfer brand is “accelerating” its digital presence so that its customers can transfer money internationally without the added hassle.
“Our customers value us for our speed, convenience and reliability in serving their money transfer needs – up until now, offered through our wide retail footprint. We are pleased to take all of these features and much more and offer our services at their fingertips via our globally high star-rated mobile app or transactional web”, Shea added.
Customers in Malaysia can send a maximum of RM3,000 per day. The brand’s executives also told reporters that their users can top up their WU accounts through their mobile wallets.
Malaysia reportedly has a high smartphone usage. Numbers show that smartphone penetration in the country is at 98%. A study done by IDC Asia Pacific and Microsoft notes that the country’s digital transformation will add around USD10 billion to the country’s Gross Domestic Product. Economists say that continuous growth of this sector will contribute a 0.6% growth rate per year.
