AmBank and Maxis have teamed up to roll out mTAP, a secure contactless payment solution that is targeted at small and medium-sized enterprises (SMEs).
Simply put, mTAP turns a merchant’s mobile phone into a payment acceptance terminal capable of receiving payments from both debit and credit cards, with these transactions being processed by Payments Network Malaysia (PayNet). Merchants using mTAP will be able to enjoy several conveniences, such as having direct access to their bank accounts, making it easier for them to check their balances. Additionally, they’ll be able to view their transaction history, allowing them to keep track of their sales.
As usual, no PIN entry is required if the transaction value made on mTAP is less than RM250. However, mTAP currently can only be used on Android mobile phones with the near field communication (NFC) function enabled.
According the group chief executive officer of AmBank Group, Datuk Sulaiman Mohd Tahir, mTAP is a viable and cost-effective option for SMEs to accept card payments. “We saw that the consumer market, which is now dominated by millennials and Gen-Y are expecting smarter, faster, and more accessible financial services. Hence, this is one of our efforts to ramp up the next wave of digital initiatives for our valued merchants and customers,” he said.
Meanwhile, the chief executive officer of Maxis, Gokhan Ogut said that the telco has been empowering SMEs to adapt to a rapidly evolving digital landscape. This is done via efforts to incorporate essential digital solutions and reliable connectivity for their operations. “With our continued partnership with AmBank, we look forward to not just increasing digital adoption across this important segment, but to further strengthen their position within the digital ecosystem,” said Gokhan.
The group chief executive officer of PayNet, Peter Schiesser further chimed in by saying that mTAP in line with the governments agenda to empower Malaysia’s digital economy. In particular, it will contribute to two of the fifteen high-impact programmes that the Digital Economic Task Force has listed for this purpose: adoption of cashless payments and digitisation of SMEs.
For context, mTAP has actually been made available for download since October 2020, with an official announcement made by AmBank yesterday. You can download mTAP on the Google Play Store.