Rather than take a more common approach to e-wallets, it looks like U Mobile is taking the road less taken by creating a much more universal e-wallet with its own fintech system. The consumer version is called GoPayz and this universal e-wallet will do more than make payments for you; it promises to even help you with currency exchange, wealth planning, insurances and more!
U Mobile had recently signed an MOU with Chubb Insurance, which is likely no surprise that their e-wallet will also offer the service. But what is likely surprising is that the app promises to offer other types of financial assistance which includes currency exchange and wealth planning, where you can invest in unit trusts with service fees being as low as 0 to 1 percent allegedly.
There are other services to look out for which include being able to use the e-wallet overseas as the e-wallet uses Visa, Mastercard and UnionPay payment schemes. You can also request for a debit card to enable easier payments, and there will also be a chance to earn GoPoints, which are loyalty points you can use to get more rewards.
Jasmine Lee, CMO of U Mobile, explained that the goal of the app was to create its own fintech ecosystem, which is why the app will cover services from personal, financial and lifestyle segments. It's likely that the app will do a lot more in the future, but in due time.
As of now, there's no official date on when this app will be launched, and it's likely not all the services mentioned here will be available straight away during the launch. According to Lee, it was important to fully test out these services while also giving time for potential customers to trust the service.
There will also be a business version of the app called GoBiz meant for merchants. U Mobile aims to target the app towards small businesses and entrepreneurs.
We will be getting a chance to test out the app tomorrow during Malaysia Tech Week, so if you're interested in the app, look out for our full writeup on it tomorrow!