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Please use this identifier to cite or link to this item: http://cdr.uum.edu.my/jspui/handle/123456789/136
Title: Cashless! An Emerging Market Opportunity
Authors: Mohammed Yusr, Maha
Perumal, Selvan
Mohd Mokhtar, Sany Sanuri
Md Isa, Normalisa
Salimon, Maruf Gabadebo
Keywords: Marketing Management;Business Marketing;Strategic Marketing Management;Principles of Marketing
Issue Date: 2021
Abstract: The case analyzes the trends of the current world's economy with the growing number of internet and smartphone. The adoption of M-commerce expedites in the Asia Pacific with the largest portion of payment methods, namely, "Digital or E-wallet." KiplePay Malaysia, established in 2018, illustrates how the company aims to enrich people's lifestyles by transforming cash to cashless payment in providing convenience and keeping processes in monetary transactions secured. There is a plethora of competitors competing with Kiple, and Kiple faces several challenges and takes it as positive-sum-games as a way for the company to learn and grab the opportunities. This case centers on the importance of KiplePay as the pioneer in the educational sector, competitor's analysis, and marketing strategies adopted by the company to transform the behavior of consumers from cash to cashless society. Following the advancement of technologies, the trends of e-commerce raised when the community embraced digital technology as part of their lives. The digitalization of modern life is bringing e-commerce to become an indispensable part of the global retail landscape; notably, consumers are now known as "digital buyers" who enjoy online transactions from brick-and-mortar purchase activity to virtual buying processes. The e-retail stores exceeded 4.2 trillion U.S dollars worldwide, with over two billion people worldwide purchasing products or services online in 2020. The leading global ranking of the online retail website was Taobao and Tmall (Alibaba Group), the online commerce provider in Asia and Amazon ranging from computing services, consumer electronics, digital content, and e-retail (Coppola, 2021). Interestingly, it has been noted that e-wallet/e-payment is most widely used in the context of Malaysia, simply online transactions or electronic payments. In 2020, the Central Bank of Malaysia statistics showed that the transaction volume of e-money rose to 1,833.2 with the transaction value of 29.6 compared to 497.9 and 489.3 transaction volume of debit and credit cards, respectively. The blooming of e-payment has increased the efficiency of the country's payment 2 systems, resulting in the switching of payment methods from cash to cashless transactions. It denotes that consumer purchase online has become a norm in which consumer has their virtual wallet, an application in their smartphones to pay for goods and services, transfer, and bills payment. The changing of consumer behavior has created ripple effects with the use of the application in smartphones, and the adoption rate towards e-payment is gaining every day among Generation Z (age ranging from 5 to 21) and millennials (age from 22 to 28). These two groups are among the active users of e-wallet typically, and mobile phones are indeed salient. As we can foresee, the cashless society will grow tremendously among Generation Z and Y, surprising expand further to Generation X and Baby Boomers. The time will come very soon where we hardly believe that 50s, 60s, and 70s men and women making purchases through e-wallet by scanning the QR codes to purchase the goods and services.
URI: http://cdr.uum.edu.my/jspui/handle/123456789/136
Payment Link: http://epay.uum.edu.my/go.php?billcode=CDRCASE&productid=TC201-1
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