Digi is shutting its e-wallet service, vcash, on 1 December, “as part of its long-term strategy to prioritise innovations in new digital services to capture revenue growth in the consumer and business segments”. A Digi spokesperson confirmed the news to A+M but did not share more details.
Digi’s spokesperson also added that Valyou will continue to operate and vcash users will have the option to use the Valyou app to perform remittances, peer-to-peer transfers, prepaid top ups and bill payments. For users who do not wish to use the Valyou app, cash balances in vcash accounts will be refunded to the users’ bank accounts. The e-wallet was first launched in 2017 as part of a partnership with Valyou, a Malaysian mobile financial services business unit of Telenor Group, which marked Digi’s entrance into the fintech space.
During its launch, vcash had a range of merchants in its line up, such as Astro Go Shop, Ezbuy, Fish & Co., Mydin, Tony Roma’s, and Manhattan Fish Market, among others. It was also available at 500 physical touch-points nationwide during its roll out in 2017 and previously aimed to reach about 2,000 touch-points by year end. According to Digi previously, vcash will “significantly” lower costs for merchants, with lower merchant discount rates compared to other payment methods.