Maybank Unveils mPOS
You may have heard of EFTPOS, or smart terminals, or even PDQ terminals. If these don’t ring a bell, just know that these are credit card terminals where you swipe your credit cards or debit cards to make a payment for a transaction in stores. But have you heard of mPOS? I bet you haven’t!
mPOS is a new portable payment system that is introduced by Maybank. Unlike the conventional credit card reader devices that are usually bounded to cashier counters as they are wired and connected to a telephone cable, Maybank’s mPOS is designed to be used on smartphones as well as tablets.
The Maybank mPOS was introduced on the 26th January 2015, partnered with Maxis to be included as a part of its business solution. For existing customers of MaxisONE, it is available for monthly subscription from as low as RM10 as an add-on. Those who wish to use Maybank mPOS as a stand-alone solution may also be able to do so with a monthly fee of RM25, or RM40 if they choose to have it with Sony Xperia E1.
As this system has a low-cost entry point, it is aimed towards SMEs and small retailers. However, it is publicly meant for any merchants that requires a mobile card payment solution. This system supports both Android and iOS. If merchants have the Maybank mPOS app inside their devices, they can just plug the Maybank mPOS card reader into the audio ports of their devices (3.5mm TRRS audio ports). This will initialize the app and it will be ready to accept transaction payments.
Even though it is partnered with Maxis, those who wish to use this system have to apply for a merchant account with Maybank first. This can be done at Maxis itself, thus saving the troubles of going to Maybank and Maxis simultaneously. For more information of this system, head on to maxis.com.my/mpos.
Soft Space, a Malaysian company, is the company that is responsible for this system. The launch of mPOS has marked another success for them as they have been the second Malaysian bank in using Soft Space’s solution. The first Malaysian bank that used Soft Space’s solution is CIMB Bank. Maybank is also recognized as the 13th bank to use the solution in South East Asia region.
What do you think of this system? Do you think this system will make it easier for merchants? Let us know what you think in the comments!