Pertama Digital Berhad and Pos Malaysia has launched the new KOCEK coin conversion service which is now available at four of the latter's branches throughout
the Klang Valley. It is slated to see a wider expansion to about 30 other branches within the region by year's end, and later proliferated to other states in stages in 2024 - with a total of 100 locations planned. Today's event also saw the attendance of deputy minister of finance Datuk Seri Ahmad Maslan.
KOCEK, previously known as MyPay Coin Conversion, is a service that offers individuals a seamless solution for exchanging unused coins into digital cash value. It is developed by Pertama Digital with the aim to invigorate the recirculation of unused coins among Malaysians. It is reported that an estimate of up to 30% or more than 200 million pieces of coins issued every year by Bank Negara Malaysia end up becoming 'dead coins' due to being kept unused at home in jars, drawers and so on.
Through the service, all recollected coins from individuals are converted into digital cash and deposited into their bank accounts. This in return will reduce the need to mint and distribute new coins and help lower the cost of issuing currency for the central bank. Additionally, merchants and traders can purchase coins for their business needs, addressing the pain-points of both consumers and businesses, as well as enhancing their spending powers.
Pertama Digital's partnership with Pos Malaysia will provide it access to the national postal service's branches nationwide, providing visitors to its KOCEK coin conversion service and KOCEK OUT coin purchase convenience. The company adds that the service is also available via its MyPay mobile app, which enables seamless communication with selected government agencies.
As mentioned earlier, KOCEK is currently operational at four Pos Malaysia branches in the Klang Valley, namely Pejabat Pos Besar Kuala Lumpur, Pejabat Pos Besar Shah Alam, Pejabat Pos Kajang 2020, and Pejabat Pos Bandar Baru Bangi. Outside of the national postal service's offices, you can also find the service at Subang Parade, Berjaya Times Square, and NSK Trade City in Kuchai Lama.
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