KUALA LUMPUR, Dec 31 — 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 Malaysia today, Pertama Digital Group said the initiative was made via its portfolio unit, DAPAT Vista (M) Sdn Bhd, which owns and operates the MyPay mobile application, 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 within its retail premises as coin deposit points.
DAPAT Vista chief executive officer 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 the 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 the Pertama Digital group by boosting activity on DAPAT Vista’s superapp, MyPay,” she said.
Annually, a significant amount of coins issued by Bank Negara Malaysia have not been returned for recirculation.
Some RM3.5 billion worth of coins are currently in circulation, and a sizable chunk of it does not go back into the system.
According to the group, a recent survey revealed that almost every household has coins lying unused somewhere in a drawer or car cup holder.
To get this money “working” again, members of the public may deposit their coins, which would be credited into their chosen bank accounts, using the MyPay Coin Deposit feature, to be made available at thousands of locations.
The Coin Deposit feature on MyPay is the group’s first step towards democratising the conversion of cash into digital value, in tandem with the high growth of a cashless lifestyle among Malaysian.
For more information, visit www.dapat.com to register as a partner via the signup form.