Maybank just rolled out a new feature to Malaysian consumers. Dubbed MAE (an acronym for Maybank Anytime, Everyone), this feature makes it much easier to open an account with Maybank. How so? For starters, you can open an MAE account with just your smartphone – it’s that easy.
In this article, we’ll explain exactly what is MAE, and how you can take advantage of Maybank’s own e-wallet.
MAE Is Maybank’s E-Wallet
Maybank describes MAE as an “e-wallet with banking features,” and that’s basically it. It resides within the Maybank App, and one of the biggest appeals of MAE is the fact that you can register for it through the app itself.
The best part is, you don’t even have to be a Maybank customer to open an MAE account – anyone can do so by just downloading the Maybank App. Of course, you’ll need to scan your ID for authentication purpose, but the registration can be done through the app itself.
Once you’ve got your MAE account set up, you’ll have to top it up like any other e-wallet; a minimum amount of RM10 is required to activate it. If you’re already a Maybank customer, you can top up your MAE account with Maybank2u.
Alternatively, you can also add funds to your MAE account via interbank transfer, FPX, or debit card. If you’re feeling old school, you can even use a cash deposit machine.
It Has Some Genuinely Useful Features
So why would you sign up for MAE? For a number of good reasons. Unlike the majority of e-wallets, you can transfer money out of your MAE account seamlessly. According to Maybank, you can do just that using the normal bank transfer capability found in the app.
Besides that, MAE can be used to perform payment at retailers that accept Maybank QRPay. Maybank said there are over 200,000 merchants that support QRPay, and more are added every day.
But what if QRPay isn’t supported by your favourite retailer? Well, that’s where the virtual Visa card comes into the picture. Non-Maybank customers that sign up for an MAE account will receive a Visa digital debit card, which can be used at terminals that support Maybank Pay and Samsung Pay. Naturally, the same virtual Visa card can also be used to perform payments online.
Another interesting feature MAE offers is Split Bill, which will be very useful for – you guessed it – splitting bills with your friends. MAE can automatically calculate the shared bill, and you can then use the Maybank App to “remind and notify” other users the amount that they owe you.
Obviously, this will only work if everyone you’re splitting the bill with has an MAE account, but it’s still a very useful feature nonetheless.
There Are Limitations
At the end of the day, MAE is still just an e-wallet, so you don’t get the perks of a conventional bank account. One of the biggest limitations here is the fact that you cannot withdraw money from an ATM machine. After all, you only have a virtual Visa card with MAE.
Certain transactions cannot be done with MAE either, which include making payment for car and mortgage loans. For Maybank customers, these transactions are reserved for the main account, and MAE can serve as a separate account to give you more control (and visibility) over your daily expenditures.
Maybank MAE is certainly an interesting e-wallet, and it can be beneficial to both existing and new Maybank users. Oh, it’s worth noting that only new Maybank customers will receive a virtual Visa card when they sign up for an MAE account. Existing customers won’t get it, but Maybank is planning to offer the virtual card to these customers sometime in the future.