Ann: IOUpay Partners with RMS Reloads, page-39

Would be good to hear from anyone in Malaysia which validates how I think this works ....below is based on what I have seen in Indonesia.

Outlets like 7-11, Circle K, Alfamart etc has a point of sale terminal where they sell/distribute things like mobile airtime & data, subscription pay TV services, utility bills, healthcare payments, gift cards like Apple and Netflix vouchers and so on.

Outside the major cities the economy is almost 100% cash based, there are no banks in small rural villages ..... users go to these outlets and pay for vital services in cash, the outlets then act as cash collection centres. Millions of users don't even have a bank account and rely solely on this functionality and e-wallets inside mobile data providers etc.

If this user can now access IOUPay app on their phone (and still be subject to credit checks, with what I imagine will be very low limits etc), then they can now purchase goods instore or online using BNPL without any need for debit/credit cards or bank accounts. The app presumably sends the users payment reminders when payments are due and so forth, and works much like Afterpay or Zip.

I don't know anything about the cost structure of receiving payments like this, but I can see that it potentially opens up a massive consumer base. Also an affiliation with RMS Reloads who are owned by Razer is a gateway into other SEA nations, for sure. Meantime I will go research RMS now ....