Public Bank makes e-payment even easier
> First lender to launch all-in-one digital payment platform, in partnership with Revenue Group
KUALA LUMPUR: Public Bank Bhd, which yesterday launched the all-in-one digital payment terminals in partnership with Revenue Group Bhd, is the first bank to roll out such an integrated payment terminal in Malaysia.
Dubbed the “Smart Android device”, the all-in-one digital payment terminals can handle mobile Quick Response (QR) code payment services including Alipay, Boost, Touch ‘n Go, UnionPay QR and Wechat Pay, as well as card payments such as Visa, MasterCard, MyDebit, JCB and UnionPay, making payment management simpler and more efficient for physical retail merchants.
This all-in-one digital payment terminal has been piloted at selected merchant outlets of Public Bank and will be made available today.
Public Bank managing director and CEO Tan Sri Tay Ah Lek said the first all-in-one digital payment terminal in Malaysia, developed by Revenue, will simplify the payment acceptance process as it will enable physical retail merchants to accept both card payments and mobile wallet payments in a single digital payment terminal thus providing convenience to them.
As at end September 2018, Public Bank has more than 60,000 electronic data capture terminals nationwide.
Tay said it will continue with its strategy of increasing its merchant base and adding on more new acceptance services, in line with Bank Negara Malaysia’s vision to promote a cashless society among consumers.
Public Bank has a diverse range of merchants spanning across a variety of industry sectors including food and beverage, retail, fashion, electronics, telecommunications and petrol stations. Meanwhile, Revenue managing director and group CEO Eddie Ng Chee Siong said the all-in-one digital payment terminal will enable its customers to manage a diverse range of payment more efficiently and strengthen their payment and cash management capabilities.
Through this terminal, physical retail merchants will be able to accept payment through multiple channels involving QR codes, near-field communications, chip cards and traditional magnetic stripe cards.
Ng said another two banks are expected to roll out the smart Android device by year-end.
“This partnership with Public Bank will bring substantial contribution to Revenue group. We expect a double-digit growth to be reflected in our second quarter ending Dec 30, 2018 (Q2 FY19),” said Ng, adding that Public Bank is one of the top three merchant acquiring banks in Malaysia.
He said banks are expected to replace the traditional payment terminals with the smart Android device in the next two years and that the device can do more than just payment, as it helps banks lower acquiring costs by having more applications in the device.
He added that the Revenue group will also enjoy recurring maintenance income for the payment terminals.