BANK Negara Malaysia has in principle given a green light to the proposal by Serba Dinamik IT Solutions Sdn Bhd’s (SDIT), the information technology arm of Serba Dinamik Holdings Bhd, to expand its e-money usage beyond parking.
For the record, SDIT has pioneered the Qwik Pay parking solution which is deemed the latest ticketless and cashless payment system in town.
An app that utilises QR (Quick Response) codes to replace cash, Qwik Pay is itself an e-wallet platform that focuses primarily on payment for parking. However, users may also use Qwik Pay to make payments for shopping, dining and other amenities.
Additionally, Qwik Pay is integrated with major banks and various e-money vendors in order to provide ease of use to our ever growing database. Aside from being a smart parking solution system, Qwik Pay also possesses several other features such as e-wallet service.
In a response to SDIT’s application to expand Qwik Pay into the realm of retail merchants and cash top-up, BNM said it has no qualm that users can make payment for retail purchasers, including at Perbadanan Perwira Niaga Malaysia (PERNAMA) and the Selangor Tithe Board.
Currently, more than 100 PERNAMA marts are using Qwik Pay solution by the label PNPAY. Moving forward, an estimated 500 to 1,000 restaurants aligned to PERNAMA will also be relying on similar Qwik Pay solution by end-2022
Delving more into Qwik Pay, BNM noted that SDIT is also free to offer cash top-up but subject to the following terms and conditions:
Meanwhile, Serba Dinamik’s head honcho Datuk Dr Mohd Abdul Karim Abdullah has hailed the latest response from the central bank as “not only enabling Serba Dinamik to be at par with other existing e-pay players but to capitalise on a potentially profitable revenue stream”.
“Currently SDIT is working closely with state government namely Malacca, Pahang and Perlis,” he told FocusM. “SDIT shall ensure compliance with the requirements imposed previously by BNM as well as any relevant requirements or standards issued by the central bank.”
Above all else, the central bank also insisted that all e-wallet operators in Malaysia must establish adequate governance and operational arrangements by including measures to ensure safety, security and operational reliability of the e-money, including contingency arrangements.
For example, BNM stipulated that e-wallet funds stored must be placed in a trust account (ie M Trustee Bhd) that can only be used for two purposes: (i) refunds to users and (ii) payment to merchants. – Nov 2, 2021
