Things are getting more interesting in Malaysia.
And the conventional banking system is one of them that is being challenged.
A lot of them would have said that, "oh! This is an evil system! (of AI)" but then I believe that AI is still at its infancy stage where it is not THAT scary just yet, but we can still make use of it as our tool, with wisdom and care.
And today I have decided to jump into that AI bandwagon to test how effective this AI powered e-wallet is.
With the inconveniences of conventional banking in Malaysia raises higher (such as lack of physical banks and low interest rates), it is time to look into various ways to be able to make full use when the system is still a friendly helpful tool.
Moreover the promotional of this wallet is the best in the e-wallet Malaysia financial industry at the moment, and when you need to stretch your wallet, you'd try anything with limited amount.
Of course, there's a catch, there is always a minimal amount that you need to set aside there in order to see the daily interest as little as 1 sen (cent) MYR, which is between MYR 50 to MYR 100, but to activate the e-wallet account and straight away to have that special savings privilage, it was recommended to add MYR 100.
As long as you keep in the amount you can afford to get stuck when something happens.
I mention "stuck" and not "gone" because this e-wallet is insured up till MYR 250,000. The standard limit for all banks operating in Malaysia.
Another attractive part is this 1.2% cash back with the "PayLater" service. I have not tried this yet but I think it should work pretty good if it allows cash back at the same time allows 0% interest if settled the next month.
However, I didn't see any clause of how much % is charge just yet. Maybe I haven't finished combing through the Terms and usage
The most interesting function I want to test is actually this one. Because as AI prompting (like ChatGPT) is more used, I want to see how powerful the AI language model can detect.
Of course, because this is an e-bank specifically in Malaysia, paying bills is naturally within Malaysia
It also has an image language model engine running in this mobile app, and that's what I want to try see, to reduce error typing for bills and invoices should it had the standard merchant payment feature - JOMPay
According to the guide, it looks pretty simple and straight forward, so I actually decided to test to pay a utility bill of a minimal amount and see if there really is a MYR 1 cash back (during this promotional period)
So first, to make things clearer for the bot, I actually screen captured the bill payment code that the Bot needs for the JOMPay feature.
And if you want to add an additional reference (like what it is paid for) for me it is the mobile phone bill, I just add on.
The next thing is that it asked to state the amount to pay.
Once you click on the "Approve" button, it will go through
And true enough, there's a MYR1 being rewarded as cash back.
And it goes straight into the 4% APY "pocket" and let it grow.
Now I will need to see if there will be a 1 sen (cent) credited tomorrow. 🤞🏼
So far, not too bad for a new launch. Its parent company also is one of the first 4G telco launch and now though the rest of the telco giants are trying to overtake it with connection technology, the parent company had a different direction and invest on data mining and data centers.
Updates!
(The next day...)
Yes! The interest is here already! I have 2 cents because there's another savings pocket that is almost RM100 and the bonus 1% interest managed to add into the default pocket
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Thanks so much @uwelang for spotting this post!
I don't feel like there's anything that special leh about this ewallet
The special is that you pay bills like using ChatGpt, while you get RM1 cash back instantly
I mean it's nothing really game changing. if it's a super important feature the normal banks can also add ai to assist in paying bills. There's nothing really super unique about the IP. As for the RM1, it's kinda meh lah. Nowadays can't even get a mcdonalds ice cream cone for RM1 leh haha
You got to look Far.
You see, I tested my bill I split to pay twice on separate days, and I got RM2 cash back instead of RM1 cash back.
Every cash back not used is accumulated in interest, and whenever bills are paid, more cash back is obtained (even it is tiny bit) during this promotional period.
The bot allows periodic bill payment, which is great for those who are at the edge of an empty wallet and bills mount up.
Maybe you haven't reached the age of tons of bills, but there is a saying in Malaysia
"Sikit-sikit, lama-lama jadi bukit"
It may not look tangible now (sad that a McD Sundae Cone cost more than RM1 these days) but all these can be rolled up for more income investment and eventually creates a snowball you never knew until you needed it
if want to look far, I feel better in EPF, stocks, crypto, HBD or even hive power no. If you really want a snowball, There's just better investments.
It's ok la I won't roast this Ryt ai anymore. I'm happy that it's working for you and whoever else that uses it~
Those are standard already
The AI one I am using to pay bills to get cash back.
HBD withdrawals takes 3 days.
EPF is long time cannot really touch. Even with Account 3 also takes 3 working days at least.
HIVE Power requires 13 weeks.
Stocks and crypto generally are volatile unless you know which to invest long term.
Only stable coins the easiest to set aside and Binance sometimes gives around 4-5% if account is not an active trading account.
And besides, never put all eggs in one basket. Diversify is definitely a necessary.
And I won't touch (normal volatile) stock, I'd rather look at the tokenised properties for long term and that also takes around 10 working days to approve if selling back to the company.
So cannot just roast one platform ya
Every available ways have their pros and cons.
Most important is to catch the pros and overcome the cons.
And I am taking each into different considerations with awareness, while the promotion still runs active.
I thought you were emphasizing long-term so I feel it's ok leh. It's really hard for money to be liquid if you want money to be earning for you.
Oh yes diversify of course.
I mean it's ok la there's market for people some may use some may not use. As long as it works for those that use then it's all good~. just don't kena scammed o.o
I missed those days when I was working in McD Sundae counter, and the cone only costs 80sen. All the kids will come for it.
o.o ya we need it back but now got mixue im not sure if they under rm1 butI heard very cheap alr
Don't think it is below RM1. With this kind of inflation.
o.o that's true too kinda sad
Paying bills with bot prompting? Now that's intriguing!AN, KL, KT, MK
Yes, it is quite interesting. However I noticed that at this point only cash in hand works, or maybe I don't know how to setup payLater feature
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