PETALING JAYA: Maybank has launched a pilot version of its cashless mobile payment option using QR codes called “Maybank QRPay”.
The new service allows customers to instantly pay for products and services by scanning a QR code on their mobile devices via the Maybank2u app.
The bank said the service aims to promote greater use of cashless transactions in the country.
Maybank Group Community Financial Services head Datuk Lim Hong Tat said Maybank QRPay 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 said in a statement.
During the pilot phase, stalls at the food court in Laman Menara Maybank will adopt the Maybank QRPay option. The service will then be launched to the public in January 2018.
Lim said cash usage has continued to grow over the past five years, with the ratio of cash-in-circulation as a share of GDP increasing from 5.9% in 2012 to 6.9% in 2016,
The value of ATM cash withdrawals has also grown at an average of 6.9% per year during the same period, while about 85% of payments in Malaysia at the moment are cash-based transactions.
“The main objective of our new QR Pay service is to replace that act of making traditional cash payments into something more secure as well as immediate, allowing our customers the freedom to pay simply by just scanning their mobile devices to a code,” 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.
Maybank QRPay then makes a direct deduction from the customer’s selected current or savings account.
The service offers customers the flexibility to make payments of a minimum of RM0.01 up to a maximum of RM1,000 daily.
Transactions above RM250 will require the customer to either use their TouchID, FaceID, VoiceID or password for authentication.