- This expands TrueMoney’s footprint to over 30,000 payment points in Malaysia.
- BHPetrol and Petron are the latest additions to TrueMoney’s growing network of prominent merchants, which includes Lotus’s, MyNews, CU Mart, and many others.
KUALA LUMPUR, 3 October 2023 – TrueMoney, Malaysia’s leading e-wallet and digital payment platform, today announced its partnership with two of Malaysia’s premier petroleum companies, BHPetrol and Petron. The addition of these two large mobility retailers allows TrueMoney users to enjoy seamless and effortless payment at all 794 Petron and 320 BHPetrol service stations across Malaysia.
TrueMoney users can now enjoy a hassle-free experience when refueling, making purchases, or accessing essential services at any BHPetrol service or Petron station location. This partnership marks a significant milestone for TrueMoney, along with both Petron and BHPetrol, as it simplifies the payment process of millions of Malaysians who rely on these fuel and service stations every day.
Ir. Azizul Azily Ahmad, Chief Executive Officer of BHPetrol stated, “At BHPetrol, we have always been committed to ensuring our customers have the best experience with us. This partnership with TrueMoney allows our customers, whether they are filling up their tanks or taking care of their vehicular needs, to enjoy a hassle-free, cashless payment experience. Now TrueMoney users can use their e-wallet to make payment as easy and seamless as possible at our stations.”
Furthermore, in addition to the above, TrueMoney customers can now take advantage of cash reload benefits at participating merchants, which include BHPetrol stations, Petron petrol stations, Five petrol stations, Billion Shopping Centre, Hai-O Raya and many more. This expansion extends the company’s network to encompass a total of 7,475 outlets offering the convenience of cash reload.
Facilitating Malaysia’s digitalization through e-wallets
The landscape of digital payments in Malaysia is undergoing a transformation, driven by the remarkable growth of the e-commerce sector. As reported in an article, Malaysia’s e-commerce market witnessed a substantial expansion, surging from US$3 billion in 2019 to a remarkable US$46 billion in 2020. Industry experts have predicted a further leap of US$13 billion by 2025.
This growth contributes to the significant rise of digital payments, including e-wallets. According to research, the number of digital payment users is expected to continue its upward trajectory between 2023 and 2027, with an estimated increase of 3.2 million users, marking a remarkable 19.04 per cent rise. Additionally, this e-wallet revolution is being propelled by the increasing trend of cashless and contactless payments, especially among millennials, Gen X, and Gen Z individuals.
Jessie Chong, Ascend Group’s Country Managing Director, shared, “At TrueMoney, we recognize that as everyday consumers, we’re all seeking greater convenience. Adding Petron and BHPetrol to our network, allows our users to enjoy the ease of having their credit cards and cash right in a mobile app. Our customers already enjoy some of the most appealing perks like cashback rewards and giveaways. They can now enjoy these benefits and more when paying at any one of the over 1,100 stations around the country.”
Newly launched in the country in January, the company now has expanded its e-wallet ecosystem to approximately 12,000 merchants and 30,000 payment points spanning retail, gaming, technology and more. TrueMoney aspires to offer unparalleled convenience and accessibility to its customers while expanding its footprint in the financial services sector, strengthening its position as a leading player in the industry.
