Maybank aims for 20pc growth in SME merchant card billing

Kuala Lumpur: Maybank, is aiming for a 20 per cent growth in small and medium enterprises (SME) merchant card billing transactions this year, from RM10 billion in 2014, boosted by the launch of a smartphone mobile point-of-sale (mPOS) service.Executive vice president and head of the cards, group community financial services/funding, deposit and bancassurance, B Ravintharan, said the new facility is targeted at attracting some 4,000 new SME merchants in the first year of introduction.

"The service makes card payment more convenient, easy and acceptable anywhere," he told reporters after the launch of the service here Monday.

Also present was Maxis Bhd's head of enterprise, marketing and mobility, Shanti Jusnita Johari.

Ravintharan said in partnering with Maxis, the new service provides a portable card payment through smart devices and only require merchants to install mPOS applications, and insert an mPOS device into their smart device's audio jack to activate the function.

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He said the service charged a transaction fee from as low as 1.8 per cent and accepted cards issued by Visa, Mastercard and American Express.

Ravintharan said the mPOS service would enable SMEs to leverage on the benefit of wireless payment mobility for business growth.

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He said SMEs constituted about 50 per cent of Maybank's 45,000 card merchants nationwide.

"This new payment technology is part of on-going efforts to enhance Maybank's value proposition to customers, and support the e-payments target in the Financial Sector Blueprint of 25 POS per 1,000 population by 2020, especially among SMEs," he added. – Bernama

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