New Payment Flexibility

Chua Lay Hoon, the COO of IJM Toll Division, stated that the new system would align with the government’s ongoing efforts to improve highway user experience. With SPT, highway users can now pay tolls using not just existing methods like Touch ‘n Go, SmartTag, and RFID, but also debit and credit cards, as well as prepaid cards.

How to Spot the SPT Lanes

To facilitate a smooth transition, lanes that are equipped with the new SPT system are clearly marked. Distinctive signs at toll booths will guide motorists towards these lanes.

Important Reminder for Motorists

While this seems like a step forward, users should note that they need to ensure sufficient balance in their credit cards before making toll payments. In case of a transaction hiccup, the system allows for quick switchover to alternative bank cards or the ever-reliable Touch ‘n Go card.

Conclusion

IJM Toll Division believes that the SPT system will not only make toll payments more convenient for highway users but also streamline the toll collection process. While this is a pilot phase, its success could mark a significant advancement in the Malaysian toll collection system.

So, next time you’re on the Besraya or NPE highways, don’t forget to look out for these new SPT lanes and give them a try.

Happy driving!

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Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) jointly launched a cross-border QR code payment system that allows customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. This payment linkage will support both in-person payments through the scanning of physical QR codes displayed by merchants and online cross-border e-commerce transactions.

The DuitNow-NETS QR code payment linkage marks a significant step forward in the collaboration between Malaysia and Singapore to enhance cross-border payments connectivity. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, this payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments. It aligns with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, demonstrating both countries’ commitment to improving the cost, speed, access, and transparency of cross-border payments.

The initiative is a result of strong collaboration between various industry players from both countries, including Payments Network Malaysia Sdn. Bhd. (PayNet), Network for Electronic Transfers (Singapore) Pte. Ltd (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances, allowing users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient’s mobile phone number via DuitNow and PayNow. The service is expected to go live by the end of 2023.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage is a significant step forward in realizing the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. It will benefit millions of commuters and businesses in both countries and boost retail businesses’ growth. He also highlighted their commitment to accelerate their digitalization agenda for increased regional economic and financial integration.

Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, emphasized that this QR code linkage between Singapore and Malaysia is a crucial milestone in ASEAN’s journey towards seamless regional payments connectivity, boosting cross-border commerce and enabling small businesses to tap into a wider pool of consumers.

Source: https://www.bnm.gov.my/-/qrcode-connectivity-my-sg

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SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.
SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.

With the integration of DuitNow QR, Setel users can now scan and pay at any retailer. Additionally, within a year, Setel users will be able to send and receive money through DuitNow, and create their own DuitNow QR to make money transfers to their e-wallet more convenient.

Mazlin Erawati Ab Manan, Chief Executive Officer of Setel, emphasized that the company is committed to meeting the demands of its customers by making the Setel app more convenient and inclusive for a wider range of customers. The integration with DuitNow QR is a clear demonstration of this commitment, as it expands the use of the Setel app to retail purchases and other needs.

Setel users will be rewarded with Mesra points for every payment made through DuitNow between March 30, 2023, and May 31, 2023. These points can be redeemed for fuel and other exciting rewards. Overall, the integration of DuitNow QR is a significant step for Setel in its mission to redefine mobility and provide a seamless payment experience for its users.

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The focus of the CCOB in Phase 1, from 2024 to 2025, will be on non-bank credit providers and service providers that are currently unregulated. This includes businesses that offer Buy Now Pay Later (BNPL) services. Non-bank credit providers that are already regulated by a Regulatory and Supervisory Authority (RSA) will not be required to seek authorisation from the CCOB in this phase.

In assessing an application for authorisation, the CCOB will examine four criteria: organisational structure, shareholding composition, financial resources, and qualification and competencies of key personnel. The proposed regulations also require credit providers and credit service providers to have sufficient financial resources commensurate with the nature, complexity, and scale of their business. The proposed minimum financial requirement for BNPL firms is RM2 million of shareholder funds.

Industry players are expected to submit their data digitally via a one-stop portal that will take into consideration the different consumer credit business requirements. This will be an integrated complaints system driven by an Application Programming Interface (API) that will be freely accessible to industry players to ease regulatory costs and reporting obligations. The API-powered platform will also publish information on regulated industry players, allowing the general public to validate their credibility.

The CCOB is also seeking to ensure that advertisements and promotional material on credit or credit services are clear and not deceptive. Credit providers will have to conduct an affordability assessment on consumers before entering into an agreement with them or increasing the amount of credit provided. They will need to obtain information such as their financial means, outstanding debt obligations, and repayment history from reliable sources such as registered credit reporting institutions.

Interested parties and members of the public are invited to provide feedback and comments on the consultation paper to CCOB Task Force by 15 May 2023. To do so, you can visit the CCOB website to use the feedback form feature or email CCAConsultation@bnm.gov.my. This is an opportunity for the public to have a say in shaping the regulatory framework for credit businesses in Malaysia, which will help ensure responsible lending practices and protect consumers.

Source: https://ccob.my/wp-content/uploads/2023/04/Consultation-Paper-Pt-2_FINAL_ENG-1.pdf

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• The global digital payments market was valued at $4.1 trillion in 2019, and it was projected to reach $7.6 trillion by 2024.
• According to the World Bank, the number of people with bank accounts who made or received digital payments increased from 52% in 2014 to 69% in 2017.
• During the first months of the pandemic, the use of digital payment methods increased by around 20% globally.
• In the United States, digital payments increased by 40% from March to April 2020, according to a report by ACI Worldwide.

Here are some reasons why COVID-19 has accelerated the growth of digital payments:

• Social distancing measures and lock downs have made it more difficult for consumers to shop in physical stores, leading to an increase in online shopping.
• Cash transactions are seen as less hygienic during a pandemic, leading consumers to prefer contactless payment methods such as digital wallets and mobile payments.
• Businesses have had to adapt to the new reality of the pandemic, with many shifting their focus to e-commerce and digital sales channels.
• Governments have encouraged the use of digital payments to help reduce the spread of the virus, with some offering incentives and subsidies to businesses that adopt digital payment methods.

The growth of digital payments has significant implications for businesses and consumers alike. For businesses, it offers a range of opportunities to streamline operations, reduce costs, and improve customer experiences. By accepting digital payments, businesses can offer customers more convenient and secure ways to pay, which can help to increase customer loyalty and drive sales. For consumers, digital payments offer a range of benefits, including convenience, security, and flexibility.

In conclusion, COVID-19 has accelerated the growth of digital payments, transforming the way we pay for goods and services. Businesses that fail to adopt digital payment methods risk falling behind their competitors and missing out on valuable opportunities to improve customer experiences and streamline operations. Consumers, meanwhile, should take advantage of the convenience and security of digital payments, while remaining vigilant against potential fraud.

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• In the United States, 69% of men and 58% of women made online purchases in 2020.
• Women tend to spend more time researching products and reading reviews before making a purchase, while men tend to make quicker purchasing decisions.
• In Malaysia, women make up 52% of online shoppers, while men spend more per transaction than women (RM232 compared to RM189 for women).
• Malaysians prefer to use mobile devices for online shopping, with 64% of online shoppers making purchases on their smartphones.
• The most popular product categories for online shopping in Malaysia are fashion, beauty, and electronics.

Overall, these findings suggest that while both genders are active online shoppers, their behaviors can differ. Women may be more thorough in their research and purchasing decisions, while men may spend more per transaction and make quicker decisions. Businesses can use this information to better understand their customer base and tailor their marketing strategies accordingly.

The post Online Shopping Behaviors: Male vs Female appeared first on Edxapay.

The Enablers

In Malaysia, several e-wallet brands are leading the way in digital payments. Boost, GrabPay, and Touch ‘n Go eWallet are some of the most popular e-wallets in the country, and are widely used for a variety of transactions, including payments for transportation, food delivery, online shopping, and bill payments.

In addition to e-wallets, many banks in Malaysia offer digital payment services that allow customers to make payments and transfer funds using their mobile devices. For example, Maybank2u, CIMB Clicks, and RHB Now are all popular digital banking services that provide customers with a convenient and secure way to manage their finances.

Other service providers in Malaysia are also contributing to the growth of digital payments in the country. For example, iPay88, senangPay, ToyyibPay or edxaPay is a payments processing company that provides payment gateway services to businesses, enabling them to accept payments from a range of digital channels, including credit and debit cards, e-wallets, and online banking.

QR Code, The Future of Payment

The “e-Conomy SEA 2022” report highlights the importance of payment infrastructure in driving the growth of digital payments in Southeast Asia. The report notes that the widespread adoption of QR codes, the development of real-time payment systems, and the expansion of card payment networks have all played a significant role in facilitating the growth of digital payments in the region.

The report also predicts that the value of digital payments in Southeast Asia will continue to grow at a compound annual growth rate (CAGR) about 27% from 2020 to 2025, reaching a value of $1.17 trillion by 2025. This growth is expected to be driven by several factors, including the increasing adoption of digital payments by consumers and merchants, the expansion of digital wallets and payment infrastructure, and the growth of e-commerce and other digital services.

Final Words

In conclusion, the “e-Conomy SEA 2022” report highlights the growing importance of digital payments in Southeast Asia’s digital economy. With the increasing adoption of mobile devices and the proliferation of payment infrastructure, e-wallets, banks, and other service providers are well-positioned to continue driving the growth of digital payments in the region.

Source: https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pd

The post The Growth of Digital Payments in Southeast Asia: Insights from ‘e-Conomy SEA 2022 Report appeared first on Edxapay.

Mari kita kupas serba sedikit cara-cara lain untuk menerima bayaran daripada pelanggan selain tunai.

1. Cek

Pemilik syarikat atau individu yang mempunyai akaun semasa biasanya menggunakan cek untuk membuat proses pembayaran. Tarikh yang ditulis diatas cek hendaklah diperiksa terlebih dahulu kerana anda akan mengalami gangguan aliran tunai jika tarikh yang tertera diatas cek adalah tarikh masa depan. Cek hanya boleh ditunaikan mengikut tarikh yang tertera pada cek tersebut.                                                                 

• Deposit Tunai di CDM

Selain daripada itu, deposit tunai (CDM) juga menjadi pilihan pelanggan untuk membuat pembayaran kerana ada sesetengah daripada meraka tidak mempunyai online banking.

• Online Transfer

Online transfer juga merupakan kaedah yang digunakan oleh kebanyakan pelanggan pada masa kini. Pelanggan perlu melalui proses log masuk menggunakan browser atau apps untuk membuat transaksi pembayaran. Selepas itu, pelanggan akan kongsikan bukti pembayaran kepada peniaga secara manual.

• Kad Debit/Kredit

Pada masa kini Kad Kredit/debit juga menjadi salah satu cara pembayaran yang semakin popular di kalangan pelanggan. Selain daripada proses pembayaran menjadi lebih pantas, pelanggan juga akan mendapat manfaat seperti mata ganjaran, diskaun dan pulangan tunai (cashback). Anda hanya perlu swipe atau masukkan nombor PIN kad anda dan selesai! Lebih canggih, hanya “wave” sahaja.

• QR Pay

Melalui QRPay, pembeli boleh membuat pembayaran melalui telefon hanya dengan mengimbas kod khas yang disediakan oleh penjual. Pelanggan hanya perlu ada sambungan internet dan fungsi kamera atau applikasi QR code scanner.

• E-Wallet

E-Wallet atau e-Dompet bertujuan untuk menggantikan dompet fizikal supaya kita tidak perlu lagi membawa wang tunai atau beg tangan ke mana-mana. Pelanggan juga hanya perlu membuka aplikasi dalam telefon mudah alih mereka untuk membuat pembayaran. Semua kini mudah hanya di hujung jari anda!

• Payment Gateway

Akhir sekali, gerbang pembayaran atau payment gateway kini semakin mendapat tempat bukan sahaja dikalangan peniaga online yang mempunyai website (E-Commerce) malah peniaga yang mempunyai kedai sendiri.

Payment gateway seperti edxaPay memberi pelbagai cara untuk pelanggan membayar dengan mudah sama ada melalui kad debit/kredit, perbankan internet, pembayaran tunai dan juga e-wallet. EdxaPay juga memboleh kan peniaga mengutip bayaran daripada pelanggan melalui pelbagai platform media sosial termasuk Facebook, Instagram, WhatsApp dan lain-lain.

Begitulah serba sedikit ringkasan tentang cara terima bayaran selain daripada duit tunai.

Dengan cara terima pembayaran selain tunai juga dapat membantu peniaga untuk kelangsungan bisnes mereka. Semoga dengan perkongsian ini dapat memberi serba sedikit peluang yang luas kepada peniaga untuk keluar dari zon selesa.                                          

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Secara amnya, Gerbang Pembayaran memberi penyelesaian untuk menjadikan proses pembayaran lebih mudah dan efisien.

Antara kelebihan gerbang pembayaran termasuk:

Proses transaksi pembelian lebih mudah dan cepat

Gerbang pembayaran memudahkan pelanggan anda untuk membeli produk yang mereka inginkan dengan mudah dan cepat. Proses transaksi akan dilaksanakan secara automatik serta memberi pelbagai kaedah pilihan untuk pembayaran secara atas talian sama ada melalui kaedah kad debit/kredit, pindahan bank atau e-walet. Tanpa mengaplikasikan gerbang pembayaran ini, semua butiran transaksi dan semakan mesti dilakukan secara manual oleh peniaga.

Urusan urusniaga yang lebih selamat

Gerbang bayaran memberi keselamatan terhadap data pelanggan anda kerana ia dilindungi oleh lapisan penyulitan dan memastikan bahawa pembayaran adalah sah sebelum mencapai ke institusi perbankan/kewangan. Proses ini mengesahkan bahawa data peribadi pelanggan, seperti butiran dan alamat kad kredit, disimpan dengan selamat dan dilindungi daripada penipuan. Tiada keraguan untuk pelanggan melakukan urusan jual beli dengan anda.

Menerima Pembayaran secara 24 jam di mana jua berada

Gerbang pembayaran memboleh pelanggan anda melalukan pembayaran dari atas talian secara 24 Jam, 7 hari seminggu tidak kira di mana mereka berada. Berbanding jika anda menggunakan proses pembayaran secara manual, pelanggan perlu menunggu peniaga untuk kongsikan butiran secara manual sebelum meneruskan proses pembayaran.

Kesimpulannya, dengan adanya gerbang pembayaran, ia sedikit sebanyak akan dapat memudahkan urusan pelangan  anda, serta tingkatkan penjualan perniagaan anda.

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