GHL Systems, a Malaysian payment service provider, has inked an agreement to provide payment facilitator or third-party acquisition (TPA) services to CIMB Bank.
"GHL will seek to acquire between 3,000 to 4,000 merchants, on behalf of CIMB Bank in the first year, and this would enable the merchants to accept payments from various international card associations," GHL said in a statement.
GHL Systems added that it will allow the merchants to accept payments from the various International Card Associations.
The agreement will see GHL providing e-pay services such as mobile prepaid reload and bill payment collection services to these merchants as value added services.
With this agreement, GHL will become the first company in Malaysia to offer small and medium enterprise (SME) merchants cashless payment acceptance as well as the ability to earn additional revenue via e-pay products and services.
The transaction is part of GHL’s strategy that includes the deployment of conventional electronic data capture (EDC) terminals and mobile point of sales (mPOS) devices and e-Commerce.
GHL Systems group CEO Raj Lorenz said: "This collaboration closely follows GHL’s other deals in Thailand and the Philippines, in line with GHL’s objective of becoming ASEAN’s largest merchant acquirer. In addition to this, the tie-up is aligned with BNM’s objective of increasing cashless payment acceptance points to its target of 800,000 payment devices by 2020."
CIMB Bank head of consumer banking Sulaiman Mohd Tahir said: "It is vital that we leverage on specialised business partners such as GHL, who are focused on this niche area, for a more cost effective transition. We aim to broaden the accessibility and affordability of e-payment services to different consumer and business segments."