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Maybank introduces micro tag for cashless transactions
Maybank cardholders can now make payments without having to carry cash or having the hassle of entering a pin number.
Malayan Banking Bhd (Maybank) is introducing the Maybank Visa payWave Micro Tag, a new way for payments below RM250 riding on the Visa payWave technology but through the use of a micro tag which can be attached to the cardholder’s personal belonging.
A first for Malaysia, the Micro Tag is a small electronic sticker that can be placed separately to a cardholders mobile phone, wallet, car key or any other handheld item. The sticker is linked to a Visa payWave credit card which allows for contactless payments by just waving the item with the Micro Tag in front of a Visa payWave terminal essentially allowing for cashless transaction.
Maybank group head of cards and wealth, B Ravintharan said: “The Maybank Visa payWave Micro Tag is an innovative way of payment with wave functionality, but incorporating a new addition to its contactless feature to enable customers to enjoy even more convenience and quicker transactions at the check-out counter.”
“This new product is targeted to our existing Visa payWave credit card customers who have a high number of wave transactions, as well as the savvy and always on-the-go Gen Y and the millennials who enjoy the convenience of Visa payWave for small ticket items.”
Ravintharan added that this new payment facility was part of on-going efforts to enhance Maybank’s value proposition to customers and to support the Government’s efforts to encourage cashless payments in the country.
Among the merchants that have been installed with Visa payWave terminals currently includes Krispy Kreme, Radio Shack, Aeon, Aeon Big, TGV Cinema, KLIA express, Sogo and Coffee Bean.
Maybank is targeting to grow the number of payWave acceptance terminals by another 3,000 in 2015 from the 3,000 terminals that it already currently has.
