Malaysian payment solutions providers Soft Space and Payments Network Malaysia (PayNet) have partnered to launch a pilot scheme, Fasstap, for acceptance of MyDebit cards on mobiles.
MyDebit is the country’s debit scheme operated by PayNet.
As part of the pilot, small businesses and sole-proprietors will be able to use near-field communication (NFC)-enabled Android smartphones to accept and process MyDebit payments. This eliminates the need for standard card point-of-sale (POS) terminals.
The mobile acceptance will be facilitated through the Fasstap application powered by Soft Space. The application can also process certain contactless payments.
Soft Space CEO Joel Tay said: “While NFC-based mobile payment application isn’t new, utilising the hardware-embedded security technology within the smartphone to enable secure PIN-entry and authorisation is a world’s first.
“Fasstap is unique in that it extends today’s mPOS capabilities to make cashless payments accessible to a wider group of merchants, especially the smaller scale ones in a cost effective and secure way.”
Soft Space added that the new payment technology will help merchants in avoiding the transaction fees associated with POS terminals used to accept MyDebit cards.
PayNet group CEO Peter Schiesser said: “In line with our objective to make cashless payments accessible to all Malaysians, we initiated a pilot to trial MyDebit acceptance through Fasstap because the solution promises to significantly reduce the cost for merchants to accept card payments.
“Small businesses, including hawkers, street vendors and pasar malam traders will need nothing more than their smartphones to collect debit card payments from their customers, once we are ready to go to a full commercial roll-out.”