Malaysia’s first chip-based mobile POS

MANILA, Philippine s- CIMB Bank has launched the Plug n Pay, Malaysia’s first-chip-based mobile point-of-sale (mPOS) solution that offers businesses of any size an affordable yet secure way to manage electronic payments using their smartphones and tablets. By simply plugging in the portable Plug n Pay card reader into their mobile devices, businesses can readily accept chip or signature-based credit and debit cards and safely conduct transactions using the Plug n Pay mobile app. Upon confirmation of purchase, electronic receipts can be immediately issued to customers via email or SMS. Funds are available the next business day and are reflected directly in businesses bank accounts, thereby eliminating the wait for cash flow for these businesses. CIMB Group chief executive Datuk Sri Nazir Razak said that Plug n Pay is a game changer. It transforms the mobile devices that are an integral part of our daily lives into tools of commerce that lets the consumers pay, and businesses receive payments in a very convenient, secure and cost effective manner. “By encouraging wider accessibility as well as affordability of mobile POS solutions for Malaysian businesses, Bank Negara Malaysia (Malaysia’s central bank) hopes to boost the number of cashless transactions per capita from 44 to 200 and reduce the usage of checks by more than half from 207 million to 100 million by 2020,” he added.