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Borneo Bulletin Yearbook 2021
FINANCIAL SERVICES
Instead of paying by cash, making payments
online is becoming the choice for many consumers
around the world due to its convenience.
According to Global Payment Report 2020, digital
and mobile wallets accounted for 22 per cent of
global point of sale spend in 2019. This figure is
projected to increase to 30 per cent by 2023.
Cash payment, on the other hand, is projected to
decrease from 30 per cent in 2019 to 18.7 per
cent by 2023.
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.
Progresif PAY services include QuickPay QR,
making payments through QR codes, as well as
Tap and Pay, making payments through Near-
field communication (NFC).
Another e-wallet app, offered by BruPay, enables
users to make payments by scanning and
verifying shareable QR codes. Users can also
make payments by sending a set amount to the
recipient’s phone number.
The first of its kind online currency booking
platform, BruXchange Money Changer launched
on October 1, 2020 to enable customers to check
live exchange rates and reserve currencies
online for pickup.
Customers can complete a currency order in
three easy steps – register for an account online,
select a currency and amount to exchange; pay
online with BruPay; and then collect their order
within seven days from the BruXchange Money
Changer counter located in Kiulap.
There are 18 currencies available, including
major currencies such as pound sterling, US
dollar, euro, Malaysian ringgit, peso, Thai baht,
Japanese yen and Korean won.
The website has a currency converter so users
can calculate the amount to be exchanged.