Malayan Banking Bhd has launched its new payment gateway, Maybank2u Pay to support e-commerce entrepreneurs, particularly small and medium enterprises (SMEs), to boost their businesses.
Maybank said the gateway enables e-commerce businesses to apply online to obtain payment capabilities for their e-commerce sites, and receive an approval in as little as 24 hours.
The bank’s head of community financial services Malaysia, Datuk Hamirullah Boorhan said Maybank2u Pay was part of the group’s initiative to enable e-payment capabilities for e-commerce businesses, especially SMEs, who needed a simple, effective and cost-efficient payment platform to support their online presence.
Prime Minister Datuk Seri Najib Tun Razak launched the new service in conjunction with Minggu Saham Amanah Malaysia (MSAM) 2017 which was held in Temerloh, Pahang. Also present were Maybank chairman Datuk Mohaiyani Shamsudin and its group president & CEO Datuk Abdul Farid Alias.
“It is crucial that our local businesses are given every support needed to leverage this growing trend among customers to shop online,” he added.
He said businesses must build a stronger presence in the online market given the vast opportunities available, particularly with the introduction of the Digital Free Trade Zone in the country.
“There is tremendous potential in the e-commerce space and our aim is to enable small and medium sized businesses to tap into this and boost their revenue.
“SMEs made a significant contribution of some 37% to the GDP of the country in 2016. Our new Maybank2u Pay will help them grow their businesses online, and increase their contribution to the nation’s economy even further.”
Among the benefits of Maybank2u Pay are a low transaction fee, simple set-up and no requirement for documents as the application is made online. Merchants will be able to integrate a payment gateway in a few simple steps into their company’s website so that they can receive payments online from their customers.
Customers can submit their application for Maybank2u Pay online at https://m2upay.maybank2u.com.my/#/. Upon approval, they will then be able to download the Software Development Kit (SDK codes) and integrate them into their online sites.
Once integrated, the site will allow the business to accept payments through the online debiting of accounts via Maybank2u.
The pilot launch of Maybank2u Pay in early March has so far seen encouraging response with close to 600 applications from SMEs for this new service.
Hamirullah added the Maybank2u Pay gateway will be expanded to include acceptance of payment by credit and debit cards in the future.
In conjunction with the launch of Maybank2u Pay, Maybank is offering transaction fee waivers for three months for those who sign up for this service before May 31, 2017.