PRODUCT DISCLOSURE SHEET
| PLEASE READ THIS PRODUCT DISCLOSURE SHEET BEFORE YOU DECIDE TO SIGN UP FOR A WAVPAY E-WALLET ACCOUNT WITH WAVPAY SYSTEMS SDN BHD (WSSB). KINDLY READ THE GENERAL TERMS AND CONDITIONS OF THE WAVPAY E-WALLET BEFORE YOU TAKE UP THE PRODUCT AS THE TERMS AND CONDITIONS WILL BE BINDING ON YOU. | Wavpay Systems Sdn Bhd Wavpay E-Wallet Updated as at: 10 October 2024 Effective Date: 4 November 2024 |
1. What is this product about?
The Wavpay e-wallet is an electronic wallet (e-wallet) application that allows you to perform various cashless transactions using your smartphone. After registering as a Wavpay e-wallet user, you can reload your e-wallet balance and use it for payments, money transfers, investments, and more.
Available Transactions Include:
- Reload of E-Wallet Balance: Add funds via online banking (e.g. FPX, DuitNow OBW), credit card (subject to verification and limits), or over-the-counter at participating merchants business outlets.
- Scan and Pay: Make payments at participating business outlets using a QR code within your e-wallet or scanning the DuitNow QR code.
- Foreign Transfers: Send money to family and friends, via a licensed remittance partner.
- Investments: Invest in money market funds. For Shariah Money Market Fund investments, the maximum allowed is RM10,000.
- Mobile Top-Up: Reload prepaid mobile services and pay for postpaid mobile services.
- Ticket Purchases: Buy tickets for transport, movies, and other services within the app.
- Parking Payments: Pay for parking at selected local councils using the app.
- Bill Payments: Pay bills for services such as mobile, internet, utilities, game credits, and local councils.
- In-App Commerce: Enjoy merchant deals and faster checkout within the app.
- Spending Tracking: View detailed transaction histories in your e-wallet statement.
- Withdrawals: Transfer balances to a pre-registered bank account or withdraw over the counter at participating merchant outlets (subject to type of wallet account and eKYC status).
2. What are the fees and charges I have to pay?
| Description | Fees Charged |
| Annual Fee | RM0.00 |
| Registration Fee | RM0.00 |
| Reload Charges | Online Banking & Over the Counter: RM 0.00 Credit Card: 1% Convenience Fee |
| Transaction Charges | RM0.00 |
| Notification Charges | RM0.00 for SMS and email notifications |
| Cancellation Fee | RM0.10 for full withdrawal upon cancellation or termination |
| Withdrawal Fee | RM1.50 for over-the-counter withdrawals at participating merchant outlets |
3. What are the key terms of this product?
- Using Wavpay e-wallet on your smartphone:
- Download the Wavpay e-wallet app from Google Play, Apple App Store, or Huawei Gallery.
- Ensure your smartphone meets the minimum OS requirements.
- Avoid using jailbroken or rooted devices.
4. Types of Wavpay e-wallet:
| Type | Entry Account | Ultimate Account | |
| Wallet Size | RM 3,000 | RM 10,000 | RM 20,000 |
| Reload: | |||
| a) Online Banking | Within wallet size. Reload through Online Banking is subject to the terms and conditions | ||
| b) Credit Card | Additional CDD Pre requisite required subject to the terms and conditions | ||
| – Reload Limit | Daily: RM 1,000 (Txn Vol: 5) Monthly: RM 3,000 (Txn Vol: 15) | ||
| Transaction Limit (Spending): | |||
| – Daily | RM 3,000 (Txn Vol: 50) | RM 10,000 (Txn Vol: 80) | RM 20,000 (Txn Vol: 100) |
| – Monthly | RM 5,000 (Txn Vol: 1,000) | RM 20,000 (Txn Vol: 1,800) | RM 40,000 (Txn Vol: 2,000) |
| – Annually | RM 60,000 (Txn Vol: 10,000) | RM 120,000 (Txn Vol: 15,000) | RM 240,000 (Txn Vol: 20,000) |
| Wallet Features & Services: | |||
| Scan & Pay / Payments | YES | YES | YES |
| Wallet-to-Wallet Transfer | Not Available | YES | YES |
| DuitNow Transfer | Not Available | YES | YES |
| Withdrawal – Via DuitNow – Via OTC | Not Available | YES | YES |
| Remittance | Not Available | 1) RM30,000 (aggregate per day) 2) RM5,000 (aggregate per day for foreign workers) 3) To be subjected to Terms & Conditions by the remittance partner | |
| Investment | Not Available | RM10,000 (aggregate at all times) (Currently available for Shariah Money Market Funds listed in the e-wallet investment services) | |
- Your identity:
- Wavpay will verify your identity through an Electronic Know Your Customer (E-KYC) process, including Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) screenings, in compliance with the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLA).
- You may need to provide a government-issued ID, such as MyKad or passport, and additional verification like a selfie video.
- Failure to provide satisfactory information will limit access to full e-wallet features.
- Security of your e-wallet:
- Keep your One-Time PIN (OTP) and 6-digit transaction code PIN confidential.
- You may receive a One-Time Password (OTP) on your mobile phone when performing transactions above a certain limit for authentication purposes. It is important to secure your mobile device when conducting such transactions.
- Regularly check your transaction history to ensure all transactions are authorized.
- Exercise caution when using your e-wallet on your mobile device in public places.
- Your transactions:
- Wallet Size Limits: Your e-wallet transactions must not exceed the wallet’s size limit at any time.
- Reloads: When reloading your e-wallet, Wavpay may perform additional due diligence
| Reload via Online Banking | You must use your bank account that matches the registered e-wallet user name. If the names do not match, there may be a delay in the reload process as verification is required, and you may need to provide additional documentation. |
| Reload using a Debit/Credit Card | You must link your bank account as part of the additional customer due diligence (CDD) requirement to use this method. For the first-time use of the credit card, funds will be on hold for twelve (12) hours before they can be utilized. Subsequent uses of the same card are subject to a daily reload limit of RM1,000 and a monthly reload limit of RM3,000. |
| Reload over-the-counter | You can reload your e-wallet via cash only at participating merchants offering the OTC service. You are advised to check your e-wallet balance before and after performing the OTC reload. |
- Shariah Money Market Fund Investments: The maximum investment value for Shariah Money Market Funds through our investment partner platform is RM10,000. While you can redeem these investments at any time, the redeemed amount transferred to your e-wallet cannot exceed your e-wallet’s balance or size limits.
- Monitoring and Verification: Wavpay may request additional information if your transactions seem unusual, inconsistent with your usual activity, or appear suspicious.
- Contact for Clarification: If clarification is needed, Wavpay will reach out to you via [email protected]. Failure to provide the requested information may result in a disruption of your e-wallet services.
5. Protecting Your E-Wallet: Risks and Safeguards
- Fraud Risks:
- Potential Risks: Your e-wallet may be at risk if your smartphone is lost or stolen, which could lead to unauthorized transactions.
- Preventive Measures:
- Transaction Monitoring: Regularly review your transaction history for any unauthorized or unusual activity.
- Security Practices: Keep your security credentials confidential and avoid using jailbroken or rooted devices, as they may compromise the security of your e-wallet.
- Scam Awareness: Stay informed about the latest scam tactics and ensure that your e-wallet is not used as a mule account for fraudulent activities.
- Reporting Suspicious Activity:
- Scam Reporting: If you suspect that your e-wallet has been used for fraudulent activities, report it immediately to Wavpay at [email protected]. Prompt reporting is crucial to prevent further misuse.
- Transaction Threshold Monitoring:
- Internal Monitoring: Wavpay may monitor your e-wallet transactions to ensure compliance with regulatory requirements, including the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLA).
- Information Requests: If your transactions exceed certain thresholds, Wavpay may request additional information from you. Providing this information promptly is essential to avoid any disruptions to your e-wallet usage.
- Major Risks:
- Potential Fraud: Risks include unauthorized transactions if your smartphone is lost or stolen. Notify Wavpay immediately if you suspect any unauthorized transactions.
- Actions to Avoid Fraud: Regularly monitor your transaction history, maintain the confidentiality of your security credentials, and avoid using jailbroken or rooted devices.
6. What do I need to do if there are changes to my contact details?
It is crucial to update your contact details to ensure you receive all communications promptly. You can update your information via the e-wallet’s “Update Contact” feature or contact Wavpay at [email protected].
7. Dispute Resolution
If you have any dispute with your e-wallet transactions, you may refer to WSSB’s support at [email protected].
If you are not satisfied with how we handle your disputes, you may further refer your disputes to the Ombudsman for Financial Services (OFS) which handles the consumer complaints, within 6 months from the date of our dispute resolutions. The procedure for lodging a dispute with OFS can be referred to the pamphlet on “Resolution of Financial Disputes”.
8. Where can I get further information?
| Address: | Wavpay Systems Sdn Bhd (WSSB) G-07-01, Level 7, Tower 1, Block G, Mercu Mustapha Kamal, NEO Damansara, No. 1 Jalan PJU 8/1, Bandar Damansara Perdana, 47820 Petaling Jaya, Selangor |
| Tel: | +603 7622 2519 |
| Mobile: | +6016 277 4199 (enquiry via WhatsApp) |
| Fax: | +603 7622 2520 |
| Email: | [email protected] |
9. Other e-money products available
Wavpay Systems Sdn Bhd (WSSB) continuously updating the services available in the e-wallet app. For updates on new products and services, refer to the Wavpay website at https://wavpay.net/, or stay informed via in-app notifications and emails.