What is the eWallet in Brunei?

06 Mar 2024 By PAYCEC

eWallets in Brunei referred to digital wallet solutions that allowed users to store funds electronically and conduct various financial transactions using their smartphones or other digital devices. These eWallets provided a convenient and secure way for individuals to make payments, transfer money, and perform other financial activities without the need for physical cash or traditional banking methods.

Key features and functionalities of eWallets in Brunei included:

• Mobile Payments: eWallets enabled users to make payments directly through their mobile phones at participating merchants or retailers. Users could simply scan a QR code or tap their phones at point-of-sale terminals to complete transactions.
• Peer-to-Peer Transfers: Users could transfer money instantly and securely to other individuals who also had the same eWallet. This feature allowed for quick and convenient peer-to-peer transactions, such as splitting bills or sending money to friends and family.
• Bill Payments: Some eWallets in Brunei offered the functionality to pay utility bills, phone bills, and other regular expenses directly through the app. Users could conveniently settle their bills without needing to visit physical payment centers.
• Online Purchases: eWallets often facilitated online shopping by allowing users to make payments on e-commerce platforms or websites that supported the particular eWallet as a payment method. This provided a seamless checkout experience for online shoppers.
• Integration with Banking Services: Some eWallets were integrated with users' bank accounts or linked to their debit/credit cards, allowing for easy loading or withdrawal of funds from the eWallet to their bank accounts.
• Security Measures: eWallets typically employed security features like PIN codes, biometric authentication, and encryption to ensure the safety of users' financial information and transactions.

The adoption of eWallets in Brunei aimed to bring several benefits to users and the financial ecosystem:

• Convenience: eWallets offered a convenient and user-friendly way to make payments and manage finances. Users could carry out transactions anytime, anywhere using their smartphones, reducing the need to carry physical wallets or cash.
• Financial Inclusion: eWallets contributed to financial inclusion by providing access to digital financial services for individuals who might not have had access to traditional banking services. This allowed a wider population to participate in the formal financial system.
• Reduced Cash Handling: The use of eWallets helped in reducing reliance on cash transactions, promoting a safer and more secure means of conducting financial transactions.
• Promotion of Digital Economy: eWallets played a role in fostering a digital economy by encouraging the use of digital financial services and technologies, contributing to economic growth and development.

Popular eWallets in Brunei included:

• BIBD NEXGEN Wallet: Offered by Bank Islam Brunei Darussalam (BIBD), this eWallet allowed users to perform various transactions, including payments at merchants, bill payments, and peer-to-peer transfers.
• Baiduri Deals eWallet: Provided by Baiduri Bank, this eWallet allowed users to make payments at participating merchants and access exclusive deals and discounts.
• GoPayz: A digital wallet offered by TelBru, which allowed users to make mobile payments, top-up mobile credit, pay bills, and perform other financial transactions.

It's important to note that the availability, features, and functionalities of eWallets in Brunei might have evolved or expanded. For the most current and comprehensive information on eWallets available in Brunei, including new services, technologies, or developments, it is recommended to refer to updated sources such as official announcements from financial institutions, eWallet providers, or industry reports focused on Brunei's financial technology landscape. Additionally, exploring recent news related to digital payments in Brunei or engaging with local financial experts could provide insights into the latest advancements and prevalent eWallet options in the country.