18th December 2024 - 2 min read
CIMB Bank has partnered with Paynet to introduce Malaysia’s first payment terminal with automated e-invoice capability. It is designed to simplify invoicing processes for businesses, including small and medium enterprises (SMEs), while ensuring seamless compliance with the Inland Revenue Board’s (LHDN) e-invoice mandate.
The terminal, currently being piloted with select merchants, is set for full rollout by the second quarter of 2025. It automates the invoicing process, from creation to instant delivery of e-invoices, significantly reducing administrative tasks and minimising the risk of manual errors. Designed with an intuitive interface, the terminal aims to streamline operations for businesses and enhance the customer experience.
More than just a payment acceptance device, the terminal features built-in Point-of-Sale (POS) functionality that can serve as a standalone system or integrate seamlessly with existing setups via Application Programming Interface (API). It also offers itemised billing for increased transparency and provides real-time voice alerts for both card and QR code transactions, improving security and convenience for merchants.
Effendy Shahul Hamid, Chief Executive Officer of Group Consumer and Digital Banking at CIMB, highlighted the importance of the terminal in addressing businesses’ compliance challenges.
“At CIMB, we understand that implementing e-invoicing can be a challenge due to the complexity of businesses’ current accounting systems and compliance requirements. To assist our customers, we are pleased to work with PayNet to introduce the first payment terminal with e-invoice capability, driving CIMB’s ongoing commitment to integrating digital innovations into unique propositions for our customers,” he said.
He added that the terminal not only simplifies compliance processes but also empowers businesses to focus on growth and services. “This innovative solution reflects our dedication to delivering practical and future-ready tools that support businesses and customers in a rapidly evolving landscape,” Effendy said.
Azrul Fakhzan Mainor, Senior Director of the Commercial Division at PayNet, commended the partnership’s role in advancing Malaysia’s payments infrastructure. “By automating e-invoice generation at the point of sale, operations are streamlined, errors are minimised, costs are reduced, and customers are able to immediately access their e-invoices, enhancing the overall transaction experience. This solution also addresses SMEs’ needs as they scale up their businesses,” he said.
The introduction of this terminal also supports Bank Negara Malaysia’s fraud prevention initiatives, providing an added layer of protection for both merchants and consumers.
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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