“The facility is a viable alternative to the conventional point-of sale (POS) terminal, particularly for micro small and medium enterprises (SMEs),” the financial services group said.
CIMB group commercial banking CEO Victor Lee said CIMB’s refreshed SME business proposition has resulted in the CIMBPayNet collaboration under the CIMB SME Transact pillar, which enables micro SMEs to have access to a simple, seamless and secure digital payment solution for their developmental needs.
“Together with PayNet, we are pushing boundaries to enable SMEs to benefit from the market expertise of two established strong brands to support their growth.
“This is well aligned with CIMB’s Forward23 growth strategy to focus on tech and data by spurring digital innovations to benefit our customers,” he said.
Meanwhile, PayNet group CEO and operator of the MyDebit national debit card scheme Peter Schiesser added: “We saw potential for significant reduction in cost and improved accessibility for merchants to accept card payments.”
He said segments like hawkers, street vendors and night market traders could go cashless with just their smartphones doubling up as POS terminals to collect debit card payments from their customers.
“The collective impact is that the pain point of these groups of merchants associated with the cost of dedicated POS terminals will be a thing of the past with this solution,” he said.
CIMB Tap n Pay is downloadable on an Android mobile device and is currently available for all contactless MyDebit transactions below RM250 without personal identification number.