CIMB Bank unveils chip-based mobile point-of-sale payment solution in Malaysia

Here's a new way to pay through smartphones, tablets.

According to a release, CIMB Bank launched Plug n Pay by CIMB Bank (“Plug n Pay”), Malaysia’s first-ever 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.

“There is a growing use of credit and debit cards in Malaysia. However, the ability to accept payments from customers who prefer card payment to cash is a common business challenge.

This is especially true for those who conduct business “in the field” or those who find the infrastructure costs of fixed point-of-sale solutions too prohibitive. 

Plug n Pay can be that game changer for these businesses. 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,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group at the launch of Plug n Pay.

“Besides allowing the businesses to accept safe and secure credit and debit card payments, they can make use of our transaction banking services for easy settlement and monitoring of electronic payments. What this means for businesses in general is less handling of cash or cheques, which reduces the risk of holding cash,” added Nazir.