Maybank in collaboration with Visa Malaysia and powered by Soft Space launched their mobile payments app for merchants, Tap2phone.
This new service, 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. Once enabled, merchants will be able to accept card payments by simply having their customers tap their card on the merchant’s mobile phone
Tap2Phone is supported by the latest Android-based smartphones which are equipped with Near-Field Communication (NFC) and Trusted Execution Environment (TEE) technologies, to facilitate credit, debit and prepaid card payments.
Merchants will simply 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.
Commenting on the launch Joel Tay, said,
“We’ve designed and developed this solution in partnership with Maybank and Visa to spur the adoption of cashless card payments amongst merchants in Malaysia. With Tap2Phone utilising our technology, we’re proud to say that we are the first to roll out such a unique solution to customers in the region, an aim that is consistent with our philosophy of reshaping finance by enabling simplified mobile payment solutions for businesses.”
Meanwhile, Visa Country Manager for Malaysia Ng Kong Boon added,
“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”
During the press conference Maybank said that they are targeting to enable over 10,000 devices over the next 12 months.
Similarly Soft Space has previously entered into partnership with PayNet to make this service available for debit cards as well. In the same fashion, businesses will be able to use any Android-based smartphones with NFC technology to accept and process MyDebit payments — which is available on all Malaysian debit cards.