CIMB Group Holdings launched a new app that turns Android phones with NFC into payment acceptance terminals. It’s called the CIMB Tap n Pay, and it’s deemed to be an alternative to conventional point-of-sale (POS) terminals.
The app only requires a mobile internet connection to work. All a customer needs to do to make a payment is tapping their card on the phone running the app. This will work with any MyDebit card that supports contactless or wave-based payments.
The app is launched in collaboration with Payments Network Malaysia (PayNet). Currently, the app can process transactions below RM250. The company aims to accept all contactless transactions above RM250 in 2020, as well as accepting credit card and QR code-based transactions.
This app will make cashless payment options a little more widespread. This will be especially true for places where you least expect them, like hawkers and street vendors. CIMB says it’s targeting 20000 merchant downloads of its Tap n Pay app next year.