CIMB cracks the terminal QR code for mobile wallets

Source: CIMB

CIMB Bank Berhad (“CIMB Bank”) has introduced Quick Response (QR) Payment Acceptance at CIMB terminals, a first- in-the market QR payment acceptance to accept Six major mobile wallets on one terminal.

The six mobile wallet partners to be accepted on CIMB terminal are Alipay, Touch & Go Digital, Boost, KiplePay, Mcash, and Vcash. These six mobile wallets have a combined estimated customer base of about 4.5 million in Malaysia and 520 million registered mainland Chinese users.

With the trend of mobile payments, this alternative payment acceptance provides the convenience to merchants and customers who do not want to worry about acceptance of many different mobile wallet QR codes.

QR Payment Acceptance at CIMB merchants, positions CIMB at the forefront of merchant payment acceptance, enabling wider options to merchants and enhancing customer experience. Merchants also benefit from reducing clutter at cashier counter and the security of a cashless, e-payments system.

Samir Gupta, CEO, Group Consumer Banking, CIMB Group, said, “CIMB has always placed customers and Merchants at the heart of its digital innovation. QR Payment Acceptance at CIMB terminals not only fulfills our customers and merchants’ needs by accepting six major mobile wallets, but also helps develop the cashless payment ecosystem in Malaysia, in support of Bank Negara’s vision to promote a cashless society. This is also testament to our promise to continuously deliver innovative solutions to our customers, not just in Malaysia but also across ASEAN.”

CIMB worked with GHL Systems Bhd, a leading payments company in Malaysia and ASEAN, to introduce the CIMB's multi-QR terminal acceptance points for both merchants and customers' convenience. CEO of GHL Group, Danny Leong said, "We are delighted to enable CIMB merchants to process multiple QR codes via GHL's unique single payment facility/gateway. Our multi-channel model is not just convenient but also cost-saving to CIMB's merchants as multiple QR settlements are streamlined into a single payments provider."

According to Bank Negara, in 2017, e-payments per capita stood at RM 111 per year in Malaysia. By 2020 and this figure is expected to go up to RM 200 per capita per year, which signifies a huge growth potential in this space.

The six mobile wallets can already be accepted via QR payment at certain outlets of House of Leather, NSK and Super Seven. More merchants are expected to come on board in the coming months eg. Tesco, Boost Juice, Maslee, Sunshine, Pakaian Hari Hari.
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