CIMB Tap n Pay Transforms Smartphones Into Mobile POS Terminals

It’s no surprise that Malaysia is seeing widespread adoption of digital payments.

The volume of cashless transactions in Malaysia would have doubled in 2020 compared to the previous year, according to the International Data Corporation (IDC). Fueled by the pandemic, high contact physical payments that require cash have become less favorable and the country is moving towards cashless options such as contactless payments and e-wallets.

Regardless of the scale of your business, you probably already know that digitalization is critical. However, investing in new equipment and a new point of sale (POS) system comes at a price that can range from hundreds to thousands of ringgit, especially if you don’t have the initial hardware to get started.

With that in mind, CIMB Tap n Pay allows merchants to accept cashless payments using what’s already on hand or in your pocket. NFC compatible Android smartphone.

For an affordable monthly subscription (with special rates if you’re already using other CIMB products), merchants can have a convenient and portable POS terminal, without additional hardware.

Some facts about CIMB Tap n Pay:

  • Accepts contactless payments via debit and credit card transactions supported by MyDebit, Visa and Mastercard
  • Accepts QR payments via DuitNow QR, CIMB QR Pay, Touch ‘n Go and AliPay e-wallets
  • Merchants must register or use an existing CIMB checking account
  • E-receipt sent by SMS / email
  • Maximum transaction amount: RM250 (transactions greater than RM250 with PIN capacity in development)
  • No minimum transaction amount

Combine mobility, safety and accessibility

Since CIMB Tap n Pay turns your mobile phone into a point-of-sale terminal, that means you can simply pick it up and take it with you wherever your customers are.

It is designed for meet the needs of micro-enterprises like F & B such as restaurants, cafes, food courts, food trucks or retail stores such as hair / beauty salons, bookstores, pharmacies, education / learning centers, etc. If you don’t have a permanent store, there is nothing to set up or pack, saving you time and energy. The app can also be used by on-the-go sellers like insurance agents and delivery services.

When it comes to payment, data security is paramount. Cardholder and customer PIN information is kept secure thanks to end-to-end secure encryption. This innovative platform fulfills a certification similar to traditional Electronic Data Capture (EDC) terminals.

But another important thing comes to my mind: what about access to funds for efficient cash flow?

According to the CIMB team and the website, the settlement amount will be in the user’s authorized bank account the next business day and can be used immediately. The maximum limit you can transfer also depends on your sales volume.

Setting up the CIMB Tap n Pay app on your phone is very easy. Once your request is approved, you will receive your username and Tap n Pay PIN by email. Use them to sign in to the Tap n Pay app, which you can download from the Google Play Store.

After that, you are ready to offer your customers a simple but contactless payment method without having to spend more on additional hardware.

When it comes to small businesses, making it easier for your customers to pay you digitally could be one of the biggest deciding factors that lead to closing or losing a sale. So having an affordable and straightforward entry point would make this adoption process much easier for you.

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CIMB is currently running a RM20,000 cash back campaign which is open to all of their new Tap n Pay users who sign up for the service by February 28, 2021.

If your business makes at least 8 successful transactions through CIMB Tap n Pay by April 30, 2021, you can get a RM188 cash back. There is no minimum value for successful trades. You can see the full cash back campaign terms and conditions here.

  • Download the CIMB Tap n Pay app from the Google Play Store here.
  • Contact CIMB here.
  • View FAQs here, or learn more about the product here. You can also consult the complete list of compatible devices.

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Jothi Venkat

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