Fasspay, PayNet, Elokal to accelerate MyDebit acceptance with Tap on Phone solution
By Digital News Asia April 9, 2021
PAYMENTS Network Malaysia Sdn Bhd (PayNet) has appointed Fass Payment Solutions Sdn Bhd (Fasspay), a subsidiary of Asia’s leading fintech player Soft Space, to be a third-party acquirer (TPA) for MyDebit, the nation’s domestic debit card scheme.
The collaboration with the national payments network and shared central infrastructure for Malaysia’s financial markets allows Fasspay to acquire small merchants and offer them its suite of cost-effective payment solutions, it said in a statement.
Interested merchants in signing up with Fasspay do not need to be physically present as the entire onboarding and approval process. This includes all ‘know-your-customer’ (KYC) compliance requirements, are done remotely through a simple, guided step-by-step online procedure, the company claimed.
For starters, Fasspay will introduce ‘Fasstap,’ a Tap on Phone payment solution coupled with Fasspay’s loyalty platform.
According to Fasspay, merchants using Fasstap can use their own mobile devices as a contactless point-of-sale (POS) terminal to accept payments with MyDebit ATM card by downloading the Fasstap application.
Claming to have two unique selling propositions, Fasspay said the first is that the contactless payment method can be integrated directly into the merchant’s business applications without the need to launch multiple applications, which addresses a common and often costly system integration issue faced by merchants.
Secondly, Fasstap comes with a customer loyalty platform called ‘Superks’ that rewards customers based on usage. This feature is available to all Fasstap merchants together with sales analytics that can assist merchants to design effective sales promotion campaigns and loyalty programs, it said.
“Fasstap is a robust cloud-based solution that eliminates the need for expensive and dedicated payment hardware making it viable even for small merchants,” said Chris Leong (pic), chief executive officer of Fasspay.
According to Leong, payments are reliable and secure, so merchants can be confident in knowing that their solutions face little to no risk.
“With our collaboration with PayNet, we believe Fasstap will create an innovation cycle to further spur contactless usage in Malaysia,” he added.
To ensure that Fasstap establishes its footprint in the targeted underserved segment across Malaysia, Fasspay has forged an alliance with Elokal, an e-commerce solution platform, to digitally enable 2,000 SMEs with Fasstap in rural areas.
This initiative will start at Desamall at KPLB in Kuala Lipis, Pahang on the April 10 and is aimed at encouraging these targeted merchants to accept contactless MyDebit payments with their NFC Android smartphone.
“This will enable our local sellers especially the rural entrepreneurs to collect payments from anywhere by using their smartphones, thus mitigating non-collection of payments,” said Ahmad Shah Wahid, Elokal chief executive officer.
Apart from smaller merchants, Leong said Fasstap is also suitable for mobility-type businesses, multi-level marketing (MLM) executives and payment collection agents, as well as ‘cash-on-delivery’ payment collections.
The collaboration between PayNet and Soft Space, which began with a pilot launch in October 2018, has enabled merchants, particularly smaller merchants to go cashless and accept MyDebit payments without incurring the monthly expenses for a separate card payment terminal.
"PayNet has partnered with Soft Space and now Fasspay to introduce the Tap on Phone solution to merchants for the acceptance of MyDebit in promoting a more cost-effective payment option," said Peter Schiesser, group chief executive Officer of PayNet.
“The Covid-19 pandemic has raised concern about safety and hygiene, and we are pleased that with the Fasstap solution, merchants can meet their customers’ preference for contactless payments.”
Interested merchants can now sign up with Fasstap or contact Fasspay’s helpdesk at +603-7494 1222
Disclaimer: Soft Space and Digital News Asia has a common investor. All editorials remain independent.
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