Merchants in Malaysia can now use an off-the-shelf Android NFC smartphone and an app developed by CIMB Bank to accept debit card payments valued at up to RM250 (US$61.08) — with no additional hardware required.
“This facility is a viable alternative to the conventional point-of-sale (POS) terminal, particularly for micro SMEs,” says the bank, which is targeting 20,000 merchant downloads this year.
“CIMB Tap n Pay is an innovative shift in the merchant’s digital payments space where only a mobile device with connectivity is required and payment receipts can be sent via email or SMS.
“Transaction and customer data are both secured through end-to-end encryption.
“Merchants’ account e-statements are available via the CIMB online portal, making it totally paperless, convenient and hassle-free.”