Maybank first local lender to offer e-payment service using QR codes

PETALING JAYA: Maybank has become the first local bank to offer cashless mobile payment option using QR codes dubbed “Maybank QRPay”.
The group said in a statement today the service allows customers to instantly pay for products and services just by scanning a QR code on their mobile devices, in an effort to promote greater use of cashless transactions in the country.
Maybank Group Community Financial Services head Datuk Lim Hong Tat said the new service is expected to revolutionise the way payments are conducted between customers and merchants especially for small-ticket items.
“Our new service is versatile in that it will allow any merchant to accept QRPay transactions from Maybank customers regardless whether its account is with Maybank or not,” he explained.
“We will be offering a convenient and extremely quick process for merchants to sign up via a mobile platform following which they can enjoy receiving payments from customers who will transact via the Maybank2u app.”
He added that the pilot phase will see all 33 stalls at the food court in Laman Menara Maybank adopting the Maybank QRPay option for customers, before a launch to the public in January 2018.
He highlighted that Maybank was confident that its QRPay service has the potential to complement the debit or credit card as a cost-effective alternative to cash due to the lower infrastructure cost and the increasing use of mobile phones in Malaysia.
Lim said any merchant can apply to use the service by registering for Maybank QRPay via the Maybank QRPay merchant App, where they can indicate their own bank account number for payments to be channelled to.
Meanwhile, he said customers will need to make payments via the new M2U App by selecting the QR code feature within the App and then scanning their mobile phones against a merchant’s QR code for the transaction to take place.

“The QRPay makes a direct deduction from their selected current or savings account for immediate credit to the merchant.”
Explaining the rationale behind the new QR Pay service, Lim said it will replace the act of making traditional cash payments into something more secure as well as immediate, allowing its customers the freedom to pay simply by just scanning their mobile devices to a code.
“Money is credited in real-time to the merchant account, making the whole process seamless and merchant friendly.”