AmBank Group is improving its adoption of electronic payments.
AmBank Group, one of Malaysia’s largest banking groups, has teamed up with Digi Telecommunications, the country’s leading telecommunications provider, and will be making Digi’s vcash QR code payment service accessible to its wide merchant network. This additional e-payment service is AmBank’s continued progress toward stepping up its digital strategy.
POS terminals will be enabled to accept QR code transactions.
For starters, the new electronic payments (e-payments) partnership between AmBank and Digi will see all AmBank’s merchant POS (point-of-sale) machines enabled to accept vcash QR code transactions. This will allow for any vcash user to pay for their merchandise at participating merchant stores through Digi’s vcash mobile app. Users simply need to have the app and scan the quick response code to pay.
Secondly, Digi will sign up small and mid-sized enterprise (SME) merchants under the Master Merchant program with AmBank. This will lead to more merchants accepting vcash payment and, at the same time, will grow AmBank’s merchant base, reported The Star Online.
The purpose of the vcash QR code e-payments partnership is to drive SME growth.
AmBank seeks to accelerate Malaysia’s adoption of electronic payments. The goal of the partnership between the country’s two prominent companies is to drive growth for SMEs across diverse industry verticals. The vcash solution, which is said to be both easy and adaptable, has been designed to work for any kind of business, no matter its size.
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“This strategic tie-up with Digi complements our efforts in broadening our product offerings to existing merchants as well as new merchants, while staying relevant and competitive in the digital landscape,” said Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group, as quoted by The Star Online.
“It is also part of our ongoing efforts to support Bank Negara Malaysia’s agenda to accelerate the country’s migration to electronic payments (e-payments) as we move towards becoming a cashless society,” added Dato’ Sulaiman Mohd Tahir.
One of the goals of the partnership is to enable 10,000 POS terminals to accept the Digi vcash QR code e-payment solution over the next 12 months.