KUALA LUMPUR: MALAYAN BANKING BHD (Maybank) expects a 20% growth in billings from small and medium enterprise (SME) card merchants this year, boosted by its new mPOS service.
Group executive vice-president and head of cards B. Ravintharan said the mPOS, a portable payment device, was a collaboration between Maybank and Maxis Bhd.
Last year, Ravintharan said, total billings from SME card merchants were RM10bil, which was a 10% growth from the previous year.
“Unlike the conventional EDC point-of-sale (POS) terminal, which requires a minimum of RM800 as upfront cost, SMEs only need to invest a minimum of RM10 per month under MaxisONE business plan to enjoy the benefits of mPOS.
“This is in line with the bank’s efforts to promote cashless transactions among the society, apart from our ongoing efforts to enhance Maybank’s value proposition to customers and support e-payment target in the Financial Sector Blueprint to achieve 25 POS terminals per 1,000 inhabitants by 2020,” he said after launching the service. Also present was Maxis head of enterprise marketing and mobility Shanti Jusnita Johari.
Ravintharan said it was the common goal of the bank and the telco provider to garner some 4,000 new merchants, especially SMEs and small retailers, in the first year of mPOS’ introduction. The mPOS service accepts payments from all cards and enables transactions at any place and time.
“This is the way forward to change the payment landscape. Such partnerships would provide convenience to both merchants and customers, more so in the increasingly consumer-driven market space.”