Hong Leong Rolls Out Smartphone Payment Terminals Powered by PayNet & Soft Space
by Fintech News Malaysia September 9, 2020Hong Leong Bank announced today the roll out of its “Hong Leong Tap on Phone” solution, which enables Android mobile devices to be used a card payment acceptance device.
This new contactless feature is made possible through a partnership with Payment Networks Malaysia (“PayNet”) powered by Soft Space, with an aim to bring down the cost of going cashless even more for businesses.
PayNet together with SoftSpace started piloting this solution in October 2018. Since then they’ve also worked with Maybank and Hong Leong Bank to roll out similar services. The new contactless payment solution is touted to be a cost-effective option for micro and smaller businesses as they no longer need to rent and pay monthly maintenance fees for separate card payment terminals.
This new follows Visa calling for greater adoption of Tap on Phone solutions, in their study they found that Malaysians are most interested in using this method compared to other countries surveyed in Asia Pacific.
The contactless payment solution is easy to set up. Customers just need to download the Hong Leong Bank Tap On Phone App available on the Google Play Store to turn their mobile devices into payment terminals. Much like a credit card terminal, SMEs can accept payments below RM250 without a PIN number.
Additionally, Hong Leong Bank Tap On Phone will issue digital receipts via email or SMS to customers, helping business owners be more sustainable and at the same time, reduce the cost needed for receipt paper rolls in the long run.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said that the Bank will continue to innovate its product offerings and services to enable greater business efficiency and cost optimisation for its customers in the recovery phase of the MCO, while contributing towards building a cashless society in Malaysia.
Domenic Fuda
“We are here to help all businesses, especially our SMEs and micro traders to be more digital and embrace cashless as a way to improve resiliency, recover and eventually grow their businesses. We believe Hong Leong Bank Tap On Phone will not only be able to provide customers with a simple, seamless and secure payment solution that is low-cost and accessible to all types of businesses, but it will also help increase sales as it allows consumers to have more payment options,”
HLB is targeting to have 10,000 merchants adopt Hong Leong Bank Tap On Phone within a year. Currently, this new contactless payment solution accepts transactions below RM250. The Bank will soon enable businesses to accept contactless transactions above RM250 with a PIN as well as QR based transactions in the future.
