Maybank has begun piloting QR code payments in Malaysia, in solution dubbed “Maybank QRPay”.
The bank claims the solution is the first of its kind in the country.
Maybank QRPay, which allows customers to instantly pay for products and services just by scanning a QR code on their mobile devices, aims to promote greater use of cashless transactions in the country.
The solution can be easily installed or used by any individual or business wanting to adopt cashless payment modes, particularly for small ticket items.
Maybank Head of Group Community Financial Services, Datuk Lim Hong Tat said that the new service is expected to revolutionize the way payments are conducted between customers and merchants especially for small ticket items.
Retailers will be able to accept QRPay transactions from Maybank customers regardless of whether the merchants are Maybank customers or not. Merchants can have instant access to funds which can then be used to pay their suppliers.
“We will be offering a convenient and extremely quick process for merchants to sign up via a mobile platform following which they can enjoy receiving payments from customers who will transact via the Maybank2u app,” said Maybank Head of Group Community Financial Services, Datuk Lim Hong Tat.
“Any merchant can apply to use the service by registering for Maybank QRPay via the Maybank QRPay merchant App, where they can indicate their own bank account number for payments to be channeled to. Money is credited in real-time to the merchant account, making the whole process seamless and merchant friendly,” continued Datuk Lim.
Once registered, merchants will enjoy a host of benefits such as ability to view and manage payments to their different cashiers and outlets, undertake their own promotion and business profiles updates, as well as the flexibility of choosing static or dynamic QR codes for their transactions. They will also be able to view up to 90 days of transaction history, receive instant notification for all transactions, and track transactions on a real time basis.
Customers, on the other hand, will need to make payments via the new M2U App by selecting the QR code feature within the App and then scanning their mobile phones against a merchant’s QR code for the transaction to take place. The QRPay makes a direct deduction from their selected current or savings account for immediate credit to the merchant.
Maybank QRPay offers customers the flexibility to make payments of a minimum of RM0.01 up to a maximum of RM1,000 daily. They can set a preferred daily transaction limit based on their spending pattern and desired comfort level. Anything above RM250 will require the customer to either use their TouchID, FaceID, VoiceID or password to authenticate themselves.
The pilot phase will see all 33 stalls at the food court in Laman Menara Maybank adopting the Maybank QRPay option for customers. The service will be launched to the public later this month.
The QRPay service adopts the QR code standards established by Payments Network Malaysia (PayNet), the financial market infrastructure jointly owned by Bank Negara Malaysia, Maybank and 10 other banks.
The PayNet QR standard will be adopted by all banks and payment providers in Malaysia to ensure interoperability and provide a seamless customer experience. “Our collaboration with Maybank provides a cost effective, convenient and efficient digital payment solution that is well-suited for retailers and merchants.
Re-disseminated by The Asian Banker from EnterpriseInnovation.net