Payment system is going mobile and there is no stopping it, with over 140% mobile penetration the method is quite obvious and is seen as the future of bill payment. Having already made the service available in the region including Singapore with many wondering when it’ll hit our shores, Samsung has finally made the announcement of initially partnering with Maybank in rolling out Samsung Pay trial runs in Malaysia.
The largest bank in the country was the choice for the extensive user base and breadth of merchants which will make deployment and testing much easier. Beginning with an open beta service from December 9 till end of the month customers will able to try out the service at selected outlets with NFC terminals that accepts this form of payment, making the requirement of carrying debit, credit and prepaid cards some what redundant.
Disruptive technology are changing the way consumers view brick and mortar banks which are mostly still stuck in traditional processes and layers of red tape and often shrouded in lack of transparency. Bank Negara has already embarked on regulations to have local banks embrace new digital ways of banking and see’s the disruption as a wake up call as the FIAT currency comes under threat.
Local banks have been clamoring to introduce digital ways in banking from online banking to mobile apps that offers whole suite of services, and now payment via mobile will be the next phase of the digital transition. Samsung is making the preview possible with Maybank and will be intreoducing the service nationwide post beta.“We are excited to offer a preview of Samsung Pay to Maybank customers in Malaysia ahead of its nationwide launch,” said Mr. Lee Jui Siang, Vice President of Mobile and IT Business Unit.
Those using latest Galaxy series smartphones will be able to try the service out by just swiping up their smartphone, scan their fingerprint and pay. Security is assured with three layers in place, biometrics finger-scan, token authentication and Knox, Samsungs mobile security platform.
The open beta is currently open exclusively to owners of Maybank Visa credit, debit or prepaid cards and a Samsung Galaxy S7, Galaxy S7 edge, Galaxy Note5, Galaxy S6 edge+, Galaxy A7 (2016) or Galaxy A5 (2016).