Business
Treasure Global Announces 113.5% Growth in Transactions for TAZTE, its Innovative Digital F&B Management System
Projected Market for Mobile POS Payments in Malaysia to Reach US$10.04 Billion by 2028* NEW YORK and KUALA LUMPUR, Malaysia, June 11, 2024 (GLOBE NEWSWIRE) --
About this update from Treasure Global Inc.
[{"type":"text","content":"Projected Market for Mobile POS Payments in Malaysia to Reach US$10.04 Billion by 2028*\nNEW YORK and KUALA LUMPUR, Malaysia, June 11, 2024 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“Treasure Global” or the “Company”), an innovative technology solutions provider, is pleased to announce that TAZTE Smart F&B system (“TAZTE”), its innovative digital food and beverage (“F&B”) management system, continues to make significant strides in its development and market penetration. Transaction Growth and User EngagementTAZTE has shown impressive year-over-year growth in both transactions and user engagement. Without any additional marketing funds, the total number of transactions reached 7,540, marking a 113.5% increase. Additionally, the number of monthly transacted users rose by 55%, now totalling 3,752. These figures highlight the strong demand and growing market presence of TAZTE. Market Insights and PotentialThe market potential for TAZTE is significant. According to Statista, the transaction value in the Mobile POS Payments market in Malaysia is projected to reach US$4.73 billion by the end of 2024. The market is expected to show a Compound Annual Growth Rate (2024-2028) of 20.70%, resulting in a projected total amount of US$10.04 billion by 2028. The number of users in this market is expected to amount to 9.77 million by 2028, with an average transaction value per user projected to be US$579.80 by the end of 2024.* This underscores the tremendous growth potential for TAZTE within Malaysia’s rapidly evolving digital payments landscape. Developmental Stages and Strategic VisionTreasure Global is currently in the developmental stages of the TAZTE, envisioned as a comprehensive solution for digital transformation tailored to registered food and beverage (“F&B”) outlets across Malaysia. TAZTE is strategically crafted as a merchant-centric program, aiming to harness Treasure Global’s user data to drive heightened business growth for its merchant clientele. Extended Complimentary Trial PeriodIn light of the encouraging metrics and positive feedback from Treasure Global’s beta testers, we have decided to extend the complimentary trial period offered to merchants for participation in TAZTE. Initially slated to conclude on December 31, 2023, the trial period has now been extended until June 2024. Enhancements and Market StrategyTA...