by NG MIN SHEN
MALAYAN Banking Bhd (Maybank) together with Visa Malaysia yesterday launched its latest mobile payment app for merchants, Tap2Phone, at Menara Maybank.
It is an innovative fintech payment solution catered to small businesses, as well as delivery and sales agents. This new service, which is the first in South-East Asia, enables them to accept card payments from customers by using the app on their mobile phones without the need for a point-of-sale (POS) terminal.
The app is supported by the latest Android-based smartphones which are equipped with near-field communication and trusted execution environment technologies to facilitate credit, debit and prepaid card payments.
Merchants will have to download and launch the Tap2Phone application on their smartphones and customers can tap their card to the merchant’s phone to make payments. The Tap2Phone service accepts all contactless payments for transactions of RM250 and below.
Maybank head, community financial services Malaysia Datuk Hamirullah Boorhan believes that simplicity is a crucial feature when transacting.
“The Tap2Phone service provides just that, by allowing merchants to provide seamless and instantaneous payment options for their customers through a secure and easy-to-use mobile payment technology.
“For Tap2Phone, we target to enable over 10,000 device acceptance points within the next 12 months,” he said in a statement.
Meanwhile, Visa country manager for Malaysia Ng Kong Boon saw huge opportunities for cash displacement among small businesses and merchants.
“Contactless transactions in Malaysia are becoming increasingly popular, with four out of 10 Visa transactions being contactless. Given Malaysians are extremely familiar with using contactless payments, we believe both merchants and consumers will adopt this low-cost and simple solution.
Tap2Phone will be fully rolled out in September 2019 and is powered by Soft Space Sdn Bhd.