MENU

Comments Off on Malaysia’s CIMB Bank using Mastercard’s tech for digital wallet Banks, Fintech news, Malaysia, Payment systems

Malaysia’s CIMB Bank using Mastercard’s tech for digital wallet

40

By Kate Fitzgerald for Payments Source

Malaysia-based CIMB has launched a digital wallet through an integration with Mastercard’s Digital Enablement Service that supports mobile payments on Android handsets.

The CIMB Pay app works with Mastercard and Visa cards via Near Field Communication and provides notifications of nearby merchant deals and rewards.

CIMB is the region’s first bank using Host Card Emulation to support a digital wallet combining contactless payments along with real-time merchant offers, reaching 7 million customers in a market with 1,800 NFC-enabled payment terminals, CIMB Bank said in a Dec. 21 press release.

Users may authenticate transactions using either a fingerprint reader on their handset or a six-digit PIN, and early next year CIMB plans to add additional features including streamlined express checkout at stores via Masterpass, along with a streamlined online checkout process that stores payment and shipping information, said Samir Gupta, CIMB Group’s CEO of group consumer banking, in the release.

“This initiative also supports [Malaysia’s central bank] Bank Negara’s move to reduce the use of cash in our economy,” Gupta added in the release.

CIMB Pay’s launch underscores the evolving needs of consumers who are relying more heavily on smartphones for everyday activities, said Perry Ong, Mastercard’s country manager for Malaysia and Brunei. “Today’s launch with CIMB marks our continued efforts as partners in offering more innovative and secure ways to pay as Malaysians embrace newer technologies in today’s increasingly digital world,” Ong said.

First appeared at Payments Source

Comments are closed.