11th September 2020 - 3 min read
Hong Leong Bank (HLB) has rolled out its new HLB Tap On Phone solution, a contactless mobile payment acceptance service for SMEs and merchants. Launched in partnership with Payments Network Malaysia (PayNet) and powered by Soft Space, the solution enables traders to use their Android mobile devices to accept contactless card payments.
In a statement, HLB said that the HLB Tap On Phone solution leverages on the near-field communication (NFC) technology, and can accept payment from Visa, Mastercard, and MyDebit cards. With this, traders can conveniently conduct payment transactions anytime and anywhere, and are also able to opt out of renting and paying monthly maintenance fees for separate card payment terminals.
At present, HLB Tap On Phone only allows merchants to accept transactions that are below RM250. Like regular credit card transactions, no PIN verification is required for this amount, and merchants can also issue digital receipts via email or SMS to their customers through the solution. However, HLB said that it will soon enable contactless transactions above RM250 (with PIN verifications) as well as QR-based transactions on the solution.
A separate FAQ document further clarified that merchants who wish to use HLB Tap On Phone are advised to first open a current account with HLB for a smooth onboarding journey. Alternatively, you can choose to register as a merchant at any HLB branches. Once done, you’re free to apply for the HLB Tap On Phone solution.
The bank will notify you of your application status and you can then download the app from Google Play. Interested parties are required to contact HLB to find out the cost for using the solution.
“We believe Hong Leong Bank Tap On Phone will not only be able to provide customers with a simple, seamless, and secure payment solution that is low-cost and accessible to all types of businesses, but it will also help increase sales as it allows consumers to have more payment options,” said the group managing director and chief executive officer of HLB, Domenic Fuda.
That said, HLB is not the only bank to launch such a payment solution; other banks have also rolled out similar products, such as Maybank’s Tap2Phone and CIMB’s Tap n Pay app.
HLB aims to have 10,000 merchants adopt HLB Tap On Phone within a year. Find out more about the HLB’s new solution on the bank’s website. Alternatively, you can contact HLB’s merchant helpdesk at 03-2777 1297 or via MerchantH’[email protected].
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