Malaysia’s Malayan Banking (Maybank) has introduced mobile payment app for small merchants in collaboration with Visa Malaysia.
The app, called Tap2Phone, can be used by small businesses as well as delivery and sales agents.
It will allow the merchants to accept card payments on their mobile phones, eliminating the need of a POS terminal.
Powered by Soft Space, Tap2Phone will be completely rolled out by September this year.
The Maybank mobile payment app is compatible with the latest Android-based smartphones. The solution is equipped with Near-Field Communication (NFC) and Trusted Execution Environment (TEE) technologies and allows payments made from credit, debit and prepaid cards.
All payments can be done by tapping the card on the merchant’s phone.
The bank plans to achieve more than 10,000 Tap2Phone device acceptance points in the next one year.
Maybank community financial services Malaysia head Datuk Hamirullah Boorhan wa quoted by the local media sources as saying: “We believe this new service will help increase the use of cashless payments technology by businesses which would further lower the infrastructure cost for merchants and support the growing demand of electronic payments in the country.”
The Tap2Phone service will accept contactless payments for transactions up to RM250.
Visa country manager for Malaysia Ng Kong Boon was quoted as local publications as saying: “Contactless transactions in Malaysia are becoming increasingly popular, with four out of ten 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.”