TrueMoney recently entered into strategic partnerships with two of Malaysia’s most renowned petroleum giants, BHPetrol and Petron. This exciting collaboration now grants TrueMoney users the ability to enjoy seamless and effortless payment experiences at all of the 794 Petron and 320 BHPetrol service stations spread throughout Malaysia.
Thanks to this newfound alliance, TrueMoney users can now revel in a hassle-free experience when they refuel their vehicles, make purchases, or access essential services at any BHPetrol service or Petron station location. This partnership marks a significant milestone for not only TrueMoney but also both Petron and BHPetrol, as it streamlines the payment process for millions of Malaysians who depend on these fuel and service stations in their daily lives.
What’s more, in addition to these fantastic benefits, TrueMoney customers can also take advantage of cash reload perks at participating merchants, including BHPetrol stations, Petron petrol stations, Five petrol stations, Billion Shopping Centre, Hai-O Raya, and many more. This expansion extends the company’s extensive network to encompass a total of 7,475 outlets, offering the utmost convenience when it comes to cash reloads.
The digital payment landscape in Malaysia is currently undergoing a transformative phase, driven by the remarkable growth of the e-commerce sector. As reported in a recent article, Malaysia’s e-commerce market has witnessed a staggering expansion, surging from US$3 billion in 2019 to an astonishing US$46 billion in 2020. Industry experts have predicted a further leap, projecting a market worth US$13 billion by 2025.
This growth has significantly contributed to the rise of digital payments, especially e-wallets. According to research, the number of digital payment users is expected to continue its upward trajectory between 2023 and 2027, with an estimated increase of 3.2 million users, marking a remarkable 19.04 percent rise. This e-wallet revolution is further driven by the increasing trend of cashless and contactless payments, particularly among millennials, Gen X, and Gen Z individuals.
TrueMoney, which was newly introduced to the country in January, has rapidly expanded its e-wallet ecosystem to encompass approximately 12,000 merchants and 30,000 payment points spanning various sectors, including retail, gaming, and technology, among others. TrueMoney’s goal is to offer unparalleled convenience and accessibility to its customers while expanding its presence in the financial services sector, solidifying its position as a leading player in the industry.
