There once was a time when time was on our side. All that changed when we wanted everything instant and hurried, even our food hence fast foods. To accommodate those demands, technology, innovators, producers, and businesses, had to constantly device new ways that could cut the time to a minimum, yet compensated by higher quality, services, capacity and convenience. Naturally, this change appeals to the mass market who keeps asking for more.
Ford Forwarding
Henry Ford is an example when he introduced the production process where the moving assembly line changed the way automobiles were made. That was back in 1913 when this method of building cars first started rolling. Although he didn’t invent the automobile, he offered a new way of manufacturing cars in large numbers thus allowing the increase of automobile owners. This approach was then applied to other industries with providing higher, faster results.
In today’s payment landscape, the access to online digital payments and e-commerce have grown exponentially and undergone tremendous change, transforming and improving the way we pay and shop for goods and services. Mobile payments have become a form of necessity encouraging the spike of digitalisation across the globe.
Although cashless transaction is more common among urbanites, lower income segments and rural communities have started to familiarised with the mobile payment environment. Between 2015 and 2019, 3.6 billion transactions were recorded in Malaysia, while during the pandemic the transaction usage increased by 5.5 and 7.5 billion as per recorded between 2020 and 2021.
So, is it possible to have a payment solution programme with multiple payment access in one single platform, and one that can be accessed via card and app across various marketplace payment options? Yes. Now, almost every country has come up with their own form of payment app solutions for ease of transaction.
There are many reasons for owning a card or downloading an app. Everyone has their personal preferences depending on the purpose and usage. We have multiple choice of cards to choose from credit cards, debit cards, prepaid cards, NFC cards, travel money cards, etc. Even kids as early as nine years old now have their own bank cards.
For travel purposes we have cards that empowers cashless transaction with instant currency conversion for payment abroad, which can be used in stores, online and ATM withdrawals. It comes in many branded versions that are successfully distributed. Nowadays, even foreign workers are provided with such service via prepaid card applications for personal use by their employers as regulated by government agencies.
Not all aspiring digital payment solution providers have the complete setup to produce digital payment solutions that comes with card and app are able provide the desired payment requirements. Our market is filled with high numbers of fintech establishments with few given the license approval governed by the rules and regulations set by Malaysia’s National Bank (BNM).
Partnership Comes With Purpose
In the construction industry alone, over 1.7 million users have benefited from the card and app facilitated for the use of payments. Remittance is the most convenient feature provided for easy money transfer to their families back home. And with the available choice of salary disbursement platform and virtual bank account, many constructions company can easily bank in salaries to their foreign workers instantly without having to visit banks or pay them using cash.
Bayo Pay is a payment solutions provider that recognizes this significant need for the construction industry in Malaysia. The mutual partnership between Bayo and the Construction Industry Development Board (CIDB) has proven to be a collaborative success from the use of card and mobile app features with convenient as its principal objective.
The all-new CIDB Construction Personnel Registration Card is now an ID and payment card designed for all construction personnel in Malaysia. It is equipped with security features i.e. 2-Factor Authentication Security Standard; EMV-certified chip and QR code and is highly secure, tamper-proof and nearly impossible to counterfeit. Thus, allowing them to use the card and app at merchant outlets, for online marketplace, pay bills, receiving salary, and even transfer money internationally. The card comes with an app called ‘Construx‘ that also features the Affin Bank Virtual Account (VA) for foreign workers to have their own local bank account. What could be more user-friendly by having seamless payments done from the palm of their hands.
Clearly, foreign workers and all employees can now manage their financial wisely and within a safe environment, taking full control to achieve their financial goals. They can track their own spending and use their earned wages for emergency situations without having to resort to unlicensed moneylenders. The rising financial anxiety is commonly fueled from high living expenses and economic shifts.
As an accompanying solution to the rising concern, the Earned Wage Access (EWA) managed by Credex (a subsidiary of Bayo Group) helps workers in general manage their “personal” matters by providing timely access to their earnings. This can alleviate the pressure of emergency expenses and reduce reliance on high-interest credit options.
The EWA is not a loan. It is attainable via the goCredex app that can be downloaded on Google Play, App Store and AppGallery. The app allows employees to access a portion of their earned wages before the payday. When employees access their earned wages early through EWA, they are essentially accessing money they have already earned. So, they basically borrow from their own earnings which is safer and healthier, not likely to be harmed or lost.
However, are all industry ready to adopt these mobile payment access in all its advantageous convenience? They should be once they realised the benefits that it brings to both employers and employees such as, reducing financial stress among employees, increasing productivity, improving employee retention, and enhancing overall workforce well-being. The good that it brings to the table is worth adopting.
There is an inspiring quote by Rumi, a 13th century poet, to encapsulate living the life in the fast lane, that says, “What You Seek Is Seeking You”
Your desire or destiny is in search of you as well. However, your destiny cannot remove obstructions itself to meet you. So, you have to remove the barriers or clear the path for the seeker to reach you. You must put in efforts and claim the opportunities that are presented in front of you and use it to your advantage. In it you will find peace of mind.
Hence, Life in The Fast Lane becomes an environment in itself that provides consumers with what they want in fast results with serving both problems and solutions. Never let us be enslaved by problems but rather seek for solutions with the right information. For more benefiting payment solutions and details, feel free to visit https://cidb.bayo.my or https://etc.bayo.my for more info and to find your true payment solutions calling.
