KUALA LUMPUR, Dec 17 (Bernama) -- CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic) (collectively “CIMB” or “the Bank”) today introduced CIMB Tap n Pay, a payment solution that processes debit card transactions seamlessly and conveniently using just an android mobile device as a payment acceptance terminal. This facility is a viable alternative to the conventional point-of-sale (POS) terminal, particularly for micro SMEs.
This marks the latest addition to CIMB’s suite of digital payments proposition, offering an innovative, hassle-free, fast, secure and cost-effective payment acceptance solution for merchants. CIMB is the first bank to collaborate with PayNet on this proposition and is targeting at least 20,000 merchant downloads by 2020.
The CIMB Tap n Pay is an innovative shift in the merchant’s digital payments space where only a mobile device with connectivity is required and payment receipts can be sent via email or SMS. Transaction and customer data are both secured through end-to-end encryption. Merchants’ account e-statements are available via the CIMB online portal, making it totally paperless, convenient and hassle-free.
Victor Lee, CEO, Group Commercial Banking, CIMB Group said, “CIMB’s refreshed SME business proposition has resulted in this CIMB-PayNet collaboration under the CIMB SME Transact pillar, which enables micro SMEs to have access to a simple, seamless and secure digital payment solution for their developmental needs. Together with PayNet, we are pushing boundaries to enable SMEs to benefit from the market expertise of two established strong brands to support their growth. This is well aligned with CIMB’s Forward23 growth strategy to focus on Tech and Data by spurring digital innovations to benefit our customers.”
Peter Schiesser, the Group Chief Executive Officer of PayNet and operator of the MyDebit national debit card scheme said, “We saw potential for significant reduction in cost and improved accessibility for merchants to accept card payments. Segments like hawkers, street vendors and night market traders can now go cashless with just their smartphones doubling up as POS terminals to collect debit card payments from their customers. The collective impact is that the pain point of these groups of merchants associated with the cost of dedicated POS terminals will be a thing of the past with this solution. At PayNet, we continue to innovate to accelerate adoption of digital payments in Malaysia.”
CIMB continues to innovate in the digital payment space by providing numerous cashless payment options in support of Bank Negara’s vision to develop a cashless society.
CIMB Tap n Pay is available to be used anytime, anywhere in Malaysia. It is downloadable on an android mobile device and it is currently available for all contactless MyDebit transactions below RM250 without PIN. In 2020, plans are afoot to accept contactless transactions above RM250 with PIN, as well as through credit cards and QR codes. On boarded merchants on the CIMB Tap n Pay include GTrans – powered by Sunlight Taxi Group and Teleport Logistics, a wholly-owned cargo and logistics subsidiary of AirAsia Group.
About CIMB BankCIMB Bank is the consumer banking arm of CIMB Group, offering retail and commercial banking services.
CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is now present in 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.
CIMB Group has the most extensive retail branch network in ASEAN approximately of 720 branches as at 30 September 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around of 950 stocks in the region.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM48.9 billion as at 30 September 2019. The Group has around 36,000 employees located in 16 countries.
SOURCE: CIMB GROUPFOR MORE INFORMATION, PLEASE CONTACT:Name: Suria Zainal Group Corporate Communications Group CEO’s Office CIMB Group Holdings Berhad Tel: +603 - 2261 0638 Email: suriawati.zainal@cimb.com--BERNAMA 
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