AmBank, KIPMall offer cashless payment feature for SME via mTAP

PETALING JAYA: AmBank has partnered with KIP Group to offer additional cashless payment feature via mTAP that transforms most smartphones into payment acceptance terminals that will enable merchants to accept credit and debit card payments from customers without needing to invest in an expensive card terminal.

The mTAP onboarding for tenants in KIPMall Kota Warisan (pix) aims to provide more security and convenience to shoppers when they go cashless.

The collaboration is part of AmBank’s digital transformation journey and is in line with the government’s vision to embrace digitilisation for Malaysia to become a digital hub under the 12th Malaysia Plan.

“There is a growing demand among SME for fast, contactless and effortless payment methods. Digital payments are further accelerated by the pandemic with people opting for cashless transactions. We are happy to work with KIPMall to provide the convenience of mTAP for their shoppers and tenants. Through mTAP we are able to further add value to our merchant partners via additional services such as PayG which would enable merchants to obtain loans quickly through their merchant account (with us),” said AmBank managing director of retail banking Aaron Loo.

KIP Group of Companies CEO Valerie Ong said cashless transactions have been revolutionised especially in the retail space. This initiative has been expedited due to the pandemic and also demonetisation.

“Business owners at KIPMall Kota Warisan and shoppers are slowly adapting to the shift of digital payment. They benefit from the convenience and security associated with these payment modes which is in line with global progression. We believe our partnership with AmBank will lead KIPMalls to the forefront of cashless transactions.”

By using mTAP, merchants will be able to enjoy several benefits including easy daily settlements by AmBank to merchant’s bank account as well as access to merchant portal to view and reconcile card transaction history. The mTAP function is currently available only on Android mobile phones with the NFC function enabled. The low cost investments allow micro SME to digitise their payments solution while providing seamless mobility and flexibility.

Since its inception in November 2020, over 1,100 merchants have signed up for mTAP nationwide. Cashless payment acceptance via mTAP is in compliant and endorsed by card schemes such as PayNet (MyDebit), Visa (PayWave) and Mastercard (PayPass).