Malta’s first mobile payment application, Myney, has been launched this morning by Fexserv Financial Services in conjunction with NTT DATA of Japan, through their Italian subsidiary NTT DATA Italia.
The mobile application, available for free download on the App Store and Google Play, allows users to pay in shops, send money to friends or family, transfer money to any bank account in the world as well as the ability to send a Myney Gift directly to a smart phone.
The launch took place at the Casino Maltese which formerly housed the Treasury of the Knights of St John and also served for a while as the government treasury during the early British period.
Myney has been in creation for over three years and has been developed at one of the three Research and Development Centres by NTT Data.
Addressing the launch, Economy Minister Chris Cardona said that the Maltese government is always willing to provide a helping hand to local entrepreneurs. He also praised local businessmen for the contribution to the Maltese economy and the ingenuity employed.
“We do not always understand today’s technology, but we understand good customer service,” he said.
“Malta Enterprise have brought new business to Malta, and features such as connectivity by air and by sea, as well as the use of the English language make the island an attractive, safe and stable environment for businesses to grow.”
He added that tax incentives also make it easier for businesses to expand operations,
“We (the government) take pride in being flexible, even from a legislative perspective,” he concluded.
Finance Minister Edward Scicluna made note of how Malta has the highest quantity of cash per capita out of all EU countries.
“This is not something good or efficient. The Central Bank has been criticised for the situation. We are talking about transactions here, and cash is not the best way to carry out transactions.”
He revealed that the government will be launching regulations prevention certain transactions taking place with cash.
“The government does not want to interfere with economic activity, this will only effect a handful of transactions such as property,” he said.
Once downloading the Myney app, private customers can immediately register and get an account. Private users are able to register digitally, verify their identification and get an account within minutes without needing to visit Fexserv’s offices. Myney user accounts can be topped up in seven difference ways whilst funds on the holders account can be utilised in 10 different functions. The app also includes a loyalty program, account maintenance and personalisation and an optional Personal Finance Manager system whereby the system tracks and compares to user budgets all transactions processed through the Myney Payment Account. Interest shown by the business community is very strong and it is expected that over 600 shops will be accepting Myney Payments in the coming months.
Photos Jonathan Borg