BBYB 2020

118

Borneo Bulletin Yearbook 2020

BUSINESS SERVICES

FINANCIAL SERVICES

From conventional cash and payment cards to mobile

payment apps and e-wallets, the society is becoming

increasingly digital. According to the Global

Payments Report 2018 by Worldpay, e-wallets are

projected to become the main global e-commerce

payment method at 47 per cent by 2022. Credit cards

and debit cards come second and third at 17 per cent

and 11 per cent respectively.

Brunei Darussalam’s first ever mobile wallet,

Progresif PAY, was introduced in 2018. Progresif

PAY enables consumers and businesses in the

country to carry out cashless transactions on their

smartphones, similar to popular e-wallet apps like

China’s AliPay and Malaysia’s MPay.

Another e-wallet app, offered by BruPay, enables

users to send and receive money by scanning QR

codes or direct to registered mobile numbers. Users

simply have to sign up, verify their account and top

up their wallet.

DST, Baiduri to launch e-wallet

On November 12, 2019, DST and Baiduri Bank signed

a memorandum of understanding (MoU) to launch an

e-wallet nationwide in the second quarter of 2020.

The e-wallet will use near-field communication (NFC)

technology, enabling users to pay at card terminals

by ‘tapping’ their phones and scanning QR codes.

DST users will be able to pay for goods and services

locally and internationally.

Once launched, the e-wallet will be available to

all new and existing DST subscribers and accepted

nationwide at over 2,000 Baiduri Bank merchant

outlets. The e-wallet can also be linked to a regional