PayNet Appoints Soft Space’s FassPay as Third Party Acquirerby Fintech News Malaysia April 9, 2021 0 comments
PayNet, the national payments network and shared central infrastructure for Malaysia’s financial markets, has appointed FassPay, a subsidiary Soft Space, to be a third-party acquirer (TPA) for MyDebit, the nation’s domestic debit card scheme.
This appointment allows Fasspay to acquire small merchants and offer them its suite of payment solutions which includes their Tap on Phone Payment solution, Fasstap — a solution that enables merchants to use their own mobile devices as POS terminal to accept card payments.
Interested merchants in signing up with Fasspay do not need to be physically present as the entire onboarding and approval process, including all “know-your-customer” (KYC) compliance requirements, are done remotely through a simple, guided step-by-step online procedure.
FassPay has also partnered with e-commerce platform Elokal to digitally enable 2,000 SMEs in rural areas to accept cashless payments.
“Fasstap is a robust cloud-based solution that eliminates the need for expensive and dedicated payment hardware making it viable even for small merchants,”
said Chris Leong, Chief Executive Officer of Fasspay.
“The solution also gives access to businesses to tap into our value-added loyalty platform and other developer-based services. Tap on Phone payments are reliable and secure, so merchants can be confident in knowing that their solutions face little to no risk. With our collaboration with PayNet, we believe Fasstap will create an innovation cycle to further spur contactless usage in Malaysia,”
The collaboration between PayNet and Soft Space, which began with a pilot launch in October 2018, has enabled merchants, particularly smaller merchants to go cashless and accept MyDebit payments without incurring the monthly expenses for a separate card payment terminal. Merchants that sign up with Fasspay would be able to use their Android mobile devices to accept MyDebit payments with the “Tap on Phone” solution called “Fasstap” by leveraging on near-field communication (“NFC”) capabilities.
“PayNet has partnered with Soft Space and now Fasspay to introduce the Tap on Phone solution to merchants for the acceptance of MyDebit in promoting a more cost-effective payment option. The Covid-19 pandemic has raised concern about safety and hygiene, and we are pleased that with the Fasstap solution, merchants can meet their customers’ preference for contactless payments. PayNet strives to offer payment eco-systems that are resilient, competitive and accessible to all. This is in line with our mission to be a trusted enabler of inclusive and collaborative financial ecosystems, which supports the nation’s vision to transform into a digitally-driven, high income nation and a regional leader in the digital economy,”
said Peter Schiesser, Group Chief Executive Officer of PayNet.