Payments Network Malaysia Sdn Bhd (“PayNet”), the national payments network and shared central infrastructure for Malaysia’s financial markets, has appointed Fass Payment Solutions Sdn Bhd (“Fasspay”), a subsidiary of Asia’s leading fintech player Soft Space, to be a third-party acquirer (TPA) for MyDebit, the nation’s domestic debit card scheme.
The collaboration allows Fasspay to acquire small merchants and offer them its suite of cost-effective payment solutions. Interested merchants in signing up with Fasspay do not need to be physically present as the entire onboarding and approval process, including all “know-your-customer” (KYC) compliance requirements, are done remotely through a simple, guided step-by-step online procedure.
For starters, Fasspay will introduce “Fasstap”, a Tap on Phone payment solution coupled with Fasspay’s loyalty platform. Merchants using Fasstap can use their own mobile devices as a contactless POS terminal to begin accepting payments with MyDebit ATM card by downloading the Fasstap application.
Fasstap has two unique selling propositions to deliver superior customer satisfaction, particularly for underserved cost-sensitive smaller merchants.
Firstly, the contactless payment method can be integrated directly into the merchant’s business applications without the need to launch multiple applications to perform transactions. This addresses a common and often costly system integration issue faced by merchants.
Secondly, Fasstap comes with a customer loyalty platform called “Superks” that rewards customers based on usage. This feature is available to all Fasstap merchants together with sales analytics that assist merchants to design effective sales promotion campaigns and loyalty programs.
“Fasstap is a robust cloud-based solution that eliminates the need for expensive and dedicated payment hardware making it viable even for small merchants,” said Chris Leong, Chief Executive Officer of Fasspay.
“The solution also gives access to businesses to tap into our value-added loyalty platform and other developer-based services. Tap on Phone payments are reliable and secure, so merchants can be confident in knowing that their solutions face little to no risk. With our collaboration with PayNet, we believe Fasstap will create an innovation cycle to further spur contactless usage in Malaysia,” he added.
To ensure Fasstap establishes its footprint in the targeted underserved segment across Malaysia, Fasspay has forged an alliance with Elokal, an e-commerce solution platform, to digitally enable 2,000 SMEs with Fasstap in rural areas. Their initiative will kick start a campaign at Desamall@KPLB in Kuala Lipis, Pahang on the 10th April 2021 as a stepping stone to encourage these targeted merchants to accept contactless MyDebit payments with their NFC Android smartphone.
Elokal Chief Executive Officer, En. Ahmad Shah Wahid said “this will enable our local sellers especially the rural entrepreneurs to collect payments from anywhere by using their smartphones, thus mitigating non-collection of payments”.
Apart from smaller merchants, Fasstap is also suitable to be used for:
• Mobility-type businesses including courier and delivery companies, multi-level marketing (MLM) executives and payment collection agents;
• Cutting down in-store queues, thus encourages physical distancing without the added hardware; and
• “Cash-on-delivery” payment collections.
The collaboration between PayNet and Soft Space, which began with a pilot launch in October 2018, has enabled merchants, particularly smaller merchants to go cashless and accept MyDebit payments without incurring the monthly expenses for a separate card payment terminal. Merchants that sign up with Fasspay would be able to use their Android mobile devices to accept MyDebit payments with the “Tap on Phone” solution called “Fasstap” by leveraging on near-field communication (“NFC”) capabilities.
"PayNet has partnered with Soft Space and now Fasspay to introduce the Tap on Phone solution to merchants for the acceptance of MyDebit in promoting a more cost-effective payment option. The Covid-19 pandemic has raised concern about safety and hygiene, and we are pleased that with the Fasstap solution, merchants can meet their customers’ preference for contactless payments. PayNet strives to offer payment eco-systems that are resilient, competitive and accessible to all. This is in line with our mission to be a trusted enabler of inclusive and collaborative financial ecosystems, which supports the nation’s vision to transform into a digitally-driven, high income nation and a regional leader in the digital economy," said Peter Schiesser, Group Chief Executive Officer of PayNet.