UOB Malaysia, Fasspay enable contactless payment for J&T Express deliveries
UOB Malaysia and Fass Payment Solutions Sdn Bhd (Fasspay), a wholly owned subsidiary of Soft Space Sdn Bhd that acts as a merchant acquiring arm for partner banks, have formed a strategic collaboration aimed at providing J&T Express riders with the convenience of using their smartphones as point-of-sale (POS) terminals to accept contactless debit card payments during lastmile deliveries.
The partnership introduces the first tap-on-phone payment acceptance system for a logistics industry player in Malaysia through Fasstap, a cutting-edge solution that transforms any near field communication-enabled device that runs on Android and Harmony operating systems into POS terminals.
Currently, J&T Express processes close to seven million cash-ondelivery (COD) transactions valued at about RM200 million monthly. This digital payment system presents a timely and more convenient alternative to the traditional cash-based model and streamlines the payment process for increased efficiency.
Under the partnership, UOB
Malaysia acts as the settlement bank to facilitate the flow of funds between parties through Fasspay’s in-house developed Fasstap. J&T Express riders can now accept payments directly on their smartphones with a simple tap from customers’ debit cards, streamlining the payment process and enhancing the overall delivery experience. Payments are instantly credited to J&T Express’ UOB account, with riders receiving immediate credit notifications upon successful transactions.
Lucas Chew, executive director and country head of transaction banking, UOB Malaysia, said, “UOB’s commitment to driving digital innovation and facilitating business growth within Asean and beyond is what drives such first-in-market payment solutions.”
Soft Space chief strategy officer and Fasspay CEO Chris Leong said, “Recent studies conducted by Visa show that seven out of ten Malaysian consumers are now actively using contactless cards. We want to further empower this trend by increasing the number of contactless payment points, especially in previously costineffective areas.