THE ASIAN BANKER: Maybank has partnered with Maxis Berhad to launch the Maybank mPOS service which enables SMEs to leverage the benefits of wireless payment mobility for business growth.
The Maybank mPOS is a portable payment device that allows merchants to accept card payments anytime, anywhere. Linked to Maxis’ network, it will require a merchant to simply insert the mPOS card reader into the audio port of their smartphone or any mobile telephony device such as the tablet and launch the mPOS application to activate the card payment function on their portable handset.
This new facility is targeted to attract some 4,000 new merchants in the first year of its introduction. It is a convenient payment channel for merchants fulfilling services or products at a customer’s premises or on-the-go. Both the merchant and consumer are also assured of a secure and reliable payment system through Maxis’ partnership with Maybank.
Under this partnership, Maxis will provide mPOS as a mobility solution under its worry-free MaxisONE Business proposition to the targeted segment which includes the telco’s large SME customer base. With Maxis ONE Business, SMEs will enjoy mPOS benefits from as low as RM10 per month and zero upfront cost unlike the conventional EDC POS Terminal.
Maybank Group Head of Cards, B Ravintharan said the Maybank mPOS is another step in the Bank’s effort to promote cashless payments among all segments of society, and strengthen its leadership in the merchant acquiring segment.
“This new service is targeted especially to SME and small retailers who will appreciate its seamless features and recognise the importance of providing their customers with added convenience for payments.”
Ravintharan added that this new payment technology was also part of on-going efforts to enhance Maybank’s value proposition to customers and to support e-payments target in the Financial Sector Blueprint, that is achieve 25 POS per 1,000 inhabitants by 2020 especially among SME business groups.
“This is the first of many more attractive mobility solutions that SMEs will enjoy with MaxisONE Business. Solutions like mPOS enable new ways of working, helping businesses to stay relevant in an increasingly digitally driven consumer landscape.
With MaxisONE Business, customers can take full advantage of a worry-free proposition and Business Grade Services that create new opportunities and drive the digitisation of businesses,” said Shanti Jusnita Bt Johari, Maxis’ Head of Enterprise Marketing & Mobility.
The Maybank mPOS service accepts payments cards issued under American Express, Mastercard and Visa cards.