Maybank in collaboration with Visa Malaysia today launched its latest mobile payment app for merchants, Tap2Phone, at Menara Maybank. Tap2Phone is an innovative fintech payment solution catered to small businesses, as well as delivery and sales agents.

This new service is the first in Southeast Asia that enables them to accept card payments from customers by using the app on their mobile phones without the need for a point-of-sale (POS) terminal.

Tap2Phone is supported by the latest Android-based smartphones which are equipped with Near-Field Communication (NFC) and Trusted Execution Environment (TEE) technologies, to facilitate credit, debit and prepaid card payments.

Merchants will have to download and launch the Tap2Phone app on their smartphones and customers can tap their card to the merchant’s phone to make payments. The Tap2Phone service accepts all contactless payments for transactions of RM250 and below. Pretty similar to how Visa’s Paywave works, with the limit of a transactional amount.

Maybank’s Head, Community Financial Services Malaysia, Datuk Hamirullah Boorhan said;

“We believe that simplicity is a crucial feature when transacting. The Tap2Phone service provides just that, by allowing merchants to provide seamless and instantaneous payment options for their customers through a secure and easy-to-use mobile payment technology.”

“We believe this new service will help increase the use of cashless payments technology by businesses which would further lower the infrastructure cost for merchants and support the growing demand of electronic payments in the country. For Tap2Phone, we target to enable over 10,000 device acceptance points within the next 12 months.”

Tap2Phone will be fully rolled out in September 2019 and is powered by Soft Space.