THE collaboration is part of AmBank’s digital transformation journey and is in line with the Government’s vision to embrace digitilisation in becoming a digital hub, under the 12th Malaysia Plan.
This partnership is mainly to ease the process of cashless payment via mTAP. Cashless payment acceptance via mTAP is compliant and endorsed by card schemes such as PayNet (MyDebit), Visa (PayWave) and Mastercard (PayPass).
On top of that, it converts most smartphones into payment acceptance terminals, allowing retailers to accept credit and debit card payments from consumers without the need for an overpriced card terminal.
According to AmBank retail banking managing director Aaron Loo, there is a growing demand among SMEs for fast, contactless and effortless payment methods.
“Digital payments are further accelerated by the pandemic with people opting for cashless transactions,” said Loo.
“Through mTAP we are able to further add value to our merchant partners through additional services such as PayG which would enable merchants to obtain loans quickly through their merchant account with us.
Meanwhile, KIP Group of Companies CEO Valerie Ong added that cashless transactions have been revolutionised, especially in the retail space.
“This initiative has been expedited due to the pandemic and also demonetisation. Business owners at KIPMall Kota Warisan and shoppers are slowly adapting to the shift of digital payment.
“They benefit from the convenience and security associated with these payment modes which is in line with global progression. We believe our partnership with AmBank will lead KIPMalls to the forefront of cashless transactions.”
The mTAP function is currently available only on Android mobile phones with the NFC function enabled.
Over 1,100 merchants have signed up for mTAP since its launch in November 2020. – Jan 5, 2022
