KUALA LUMPUR – Pertama Digital Bhd, an investment holding company listed on Bursa Malaysia’s main market, has launched the MyPay Coin Deposit feature in a bid to help bring billions of ringgit worth of coins back into circulation.
In a filing with Bursa today, Pertama Digital said the initiative is made via its portfolio unit, DAPAT Vista (M) Sdn Bhd, which owns and operates the MyPay mobile app, in collaboration with Hektar Asset Management Sdn Bhd, the manager of Hektar Real Estate Investment Trust.
Under the collaboration, Hektar Asset Management will make available locations on its premises as coin deposit points.
DAPAT Vista chief executive Amanda Sabri said the idea was conceptualised and initiated to address a challenge faced by many Malaysians when they try to deposit coins into their bank accounts.
“By facilitating coin deposits, we will bring idle coins back into circulation and repurpose them for digital payments.
“Besides supporting Malaysia’s efforts towards becoming a cashless society, the project will also benefit Pertama Digital by boosting activity on DAPAT Vista’s super app, MyPay.”
A significant sum in coins issued by Bank Negara Malaysia is not returned for recirculation each year.
Coins worth some RM3.5 billion are currently in circulation, and a sizable chunk does not go back into the system.
According to Pertama Digital, a recent survey revealed that almost every household has coins that are unused.
To get this money “working” again, people can deposit coins, which will be credited into their chosen accounts, using the MyPay Coin Deposit feature, to be made available at thousands of locations.
The feature is Pertama Digital’s first step towards democratising the conversion of cash into digital value, in tandem with the growing popularity of a cashless lifestyle among Malaysians.
For more information, visit www.dapat.com to register as a partner. – Bernama, December 31, 2020
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