Here are some statistics about the size of the Malaysian blogshop scene. I think the estimated 3000 blogshops does not include the ones operating on Facebook.
Source: http://www.freemalaysiatoday.com/category/business/2013/04/17/online-payment-gateway-for-%E2%80%98growing%E2%80%99-blog-shops/
Online payment gateway for ‘growing’ blog shops
By Tanu Pandey KUALA LUMPUR: Keeping pace with the changing shopping environment where online shopping has become very popular, Malayan Banking Bhd (Maybank) has launched a payment gateway for blog shops, targeting a blog shop purchase market worth RM105 million in five years.
Blog shops that are online shops that sell goods and services online, have been growing lately with an estimated 3,000 blog shops currently and the “the number is growing”.
Maybank president and CEO Abdul Wahid Omar said this yesterday at the launch of the Maybank2u Pay, the first payment service of its kind in the country.
This year, the bank aims at capturing 5% of the sector worth RM5 million with at least 180,000 transactions on the online shopping portals and blogs. The average size of each transaction is worth RM30 as many of the blogs shops purchases are for lower priced items.
There is an increasing trend in social commerce where blog shops use banks as a payment facility. Such shops are too small to be registered as payee corporations and in most cases use online fund transfers as a mode of payment from buyers to sellers.
The Maybank2u Pay service has no joining fee but after 2013 there will be a nominal transaction fee for each transaction done via the gateway.
Maybank plans to expand the service to Indonesia, the Philippines and Singapore after this year. “This year we will try to expand the service in Malaysia and try to penetrate the market,” said executive VP and head of virtual banking & payments community financial services Mohd Suhail Amar Suresh.
When asked if the bank expects others to follow a similar trend, Abdul Wahid said, “ As a leader, we are used to others following us. We are accustomed to dealing with competition.”
Online shopping has become popular in the country with more than 1.1 million Malaysians spending RM1.8 billion for online shopping in 2010, according to statistics. The value of such shopping is expected to grow RM5 billion next year, said Maybank.
from: http://www.thesundaily.my/news/663916
Maybank aims RM5m transactions from blogshops
Posted on 17 April 2013 - 05:40am
"This is projected to increase to 30% (of total blogshops) with expected transaction value of RM105 million in five years," he said at the launch of Maybank2u Pay here yesterday.
Twenty local blogshops have signed on for the service, which is the first by a bank in Malaysia.
"The average transaction (at blogshops) is about RM30 and this is where we feel we can play a role by making it more efficient so that it can generate more volume," said Abdul Wahid.
Online shopping in the country is expected to grow to RM5 billion next year from RM1.8 billion in 2010 spent by over 1.1 million Malaysians. Maybank currently commands 50% of registered users for online banking in the country.
"Within our customer base, we have some 2.3 million active users who performed over 2.5 million shopping transactions worth about RM675 million last year," he added.
Abdul Wahid said over the years, Maybank has noticed an increasing trend in social commerce of blogshops using Maybank2u as a payment facility.
However, they were too small to be registered as payee corporations and in most cases, were using online fund transfers as a mode of payment from buyers to sellers.
This year, Maybank will focus on rolling out Maybank2u Pay in Malaysia, but plans to expand the service across its other key markets such as Indonesia, the Philippines and Singapore in 2014.
Maybank2u Pay offers blog shop owners the ability to manage their transactions via Maybank2u in a systematic and professional manner, with detailed view of sales transactions with information such as date and time of transactions, buyer's name and email as well as the transferred amount.
The new service also eliminates the current need to send proof of payment to blogshop owners. Instead, Maybank2u Pay will send email alerts to both buyers and sellers when a payment is made.
One of the key strengths of Maybank2u has always been the bill payment facility, which by far, offers the largest number of payee corporations. Maybank is also the leader in online fund transfers.
Blogshop owners can apply for Maybank2u Pay via their Maybank2u access without any joining fee. Beyond 2013, on a per transaction basis, the bank would probably charge a nominal fee like any other e-payment transaction.
Abdul Wahid also said Maybank is predicting Malaysia's gross domestic product to grow by 5.3% this year, driven by the various projects under the Economic Transformation Programme.
"With that, the banking system will both benefit as well as play a catalyst role. With an efficient banking system, we will make sure that there is enough founding for the various projects to be implemented."
from: http://www.btimes.com.my/Current_News/BTIMES/articles/rup164/Article/
Maybank2u Pay to facilitate online shopping
Published: 2013/04/17
Malayan Banking Bhd (Maybank) president and chief executive officer Datuk Seri Abdul Wahid Omar said the Maybank2u Pay will likely attract at least five per cent of the 3,000-strong local blogshop community this year.
This customer base is projected to increase to 30 per cent with expected transaction value of RM105 million in five years.
Within Maybank itself, there are some 2.3 million active users who performed more than 2.5 million online shopping transaction, worth about RM675 million last year.
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"We intend to introduce this to other key markets in the region, where we believe we can make a significant impact on the lives of micro entrepreneurs," he said at a media briefing yesterday.
Maybank is the first in Malaysia to launch such a payment gateway for the blogshop community.
Originally hosted on free blog sites, blogshops are now becoming regular online stores while retaining more personal customer relationships.
The country's biggest lender, which has been a leader in Internet banking since it introduced the service in 2000, commands nearly half of registered users in the market for its services, which include the bill payment facility and online fund transfers.
Over the years, Maybank found an increasing trend of blogshops using its website as a payment facility. They were, however, too small to be registered as payee corporations and in most cases, were using online fund transfers as a mode of payment from buyers to sellers.
Maybank2u Pay eliminates the current need to send proof of payment to blogshop owners. Instead, Maybank2u Pay will send email alerts to both buyers and sellers when a payment is made.
Read more: Maybank2u Pay to facilitate online shopping http://www.btimes.com.my/Current_News/BTIMES/articles/rup164/Article/#ixzz2QlzZoB9X
