AmBank has partnered with Maxis to introduce mTAP, a secure contactless payment solution for the use of small and medium enterprises (SMEs).
For everyone's knowledge, mTAP uses mobile devices as payment payment terminals to process debit and credit card transactions through Payments Network Malaysia Sdn Bhd (PayNet).
According to AmBank Group Group Chief Executive Officer (CEO), Datuk Sulaiman Mohd Tahir, it is an effective and cost-effective option to enable more SMEs to accept card payments.
This is because the consumer market is now dominated by Millennials and Gen-Y who expect smarter, faster and more accessible financial services.
Meanwhile, Maxis CEO Gokhan Ogut said communications service providers have empowered SMEs to adapt to the fast-growing digital landscape by incorporating important digital solutions and reliable relationships for their operations.
With this collaboration, they hope that it will not only increase the use of digital in this important segment, but to strengthen the position of traders in the digital ecosystem.
Meanwhile, Paynet Group CEO Peter Schiesser revealed that the initiative will contribute to 2 of the 15 high-impact programs implemented by the government, namely the Implementation of Cashless Payments and UKM Digitization.
In addition, the mobile-based payment platform can be downloaded and used nationwide on mobile phones equipped with Android NFC from October 2020 through the Google Play Store.
The payment is ‘contactless’ and there is no need to enter the PIN if the transaction value is RM250 and below.
