Merchants in Malaysia can now use a tap-to-phone payment acceptance service from Hong Leong Bank (HLB) to accept contactless card payments on a standard NFC Android mobile device.
The bank’s Tap On Phone service enables merchants to accept Visa, Mastercard and MyDebit payments up to a value of RM250 (US$60) by downloading the Hong Leong Bank Tap On Phone app.
The service “is 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,” the bank explains.
“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’s Domenic Fuda says.
The bank aims to roll out the Tap On Phone service to 10,000 merchants over the next year. It says that it “will soon enable businesses to accept contactless transactions above RM250 with a PIN as well [as] QR based transactions in the future”.
A recent survey by Visa found wide support for tap-to-phone payments in the Asia Pacific region.