(L-R) Muhamad Adlan Hussan, Senior Director, Financial Institutions, PayNet, Jagjit Kaur, Head of Transaction Banking, AmBank, Jamzidi Khalid, Managing Director, Wholesale Banking, AmBank Group, Kong Ewe Keat, CEO of Alp Capital Sdn Bhd, Ooi Boon Sheng, CEO of Web Bytes Sdn Bhd at the Exchange of Documents Ceremony for the launch of the POS Integrated Cross Border DuitNow QR.
Point-of-Sale Integration and Cross-border Payment Features to Help Retailers with Better Efficiencies and Cost Savings for International Transactions
- AmBank and Alp Capital have launched a Point-of-Sale (POS) integrated DuitNow QR, that accepts payments in ringgit and selected cross-border currencies.
- With the cross-border payment feature, retailers in Malaysia can have their collections done seamlessly for transactions by locals and inbound tourists from Indonesia, Thailand and Singapore.
- The POS integrated dynamic DuitNow QR will enable retailers to further streamline their sales operations as well as save processing cost and time for each transaction.
Tuesday, 6 June 2023 - Alp Capital Sdn Bhd (Alp Capital), a supply chain financing company, today announced that in collaboration with AmBank, it has launched a dynamic DuitNow QR payment channel that is integrated with cloud-based point-of-sale (POS) system, Xilnex. The integrated DuitNow QR accepts payments in ringgit and selected cross-border currencies.
With the cross-border DuitNow QR, which enables convenient instant payments by just using mobile phones, tourists from Indonesia, Thailand and Singapore can use their e-wallet and banking app to make payments by scanning the DuitNow QR at any participating merchant in Malaysia. Vice versa, Malaysians abroad can do the same by scanning the participating merchant’s code in these respective countries.
Kong Ewe Keat, CEO of Alp Capital Sdn Bhd said, “We are delighted to be able to collaborate with AmBank to introduce this new payment feature as regional payments interoperability would not only bring about efficient and seamless cross-border collections for them but would help reduce the cost of such transactions that had predominantly involved forex charges. In addition, with a dynamic DuitNow QR payment channel that is integrated directly with the Xilnex POS system, retailers can save processing time and cost by reducing their reliance on manual reconciliations”.
The new POS integrated DuitNow QR feature is provided to all of Xilnex’s existing and new customers with no setup fee, apart from the normal transaction-based merchant discount rate (MDR). By automating the generation of a DuitNow QR that specifies the exact amount of each sale transaction, it not only expedites payment but also reduces the risk of fraud and inaccuracy that comes with having retail customers manually key in a figure for payment. Retail staff no longer need to manually verify that the correct amount is paid by each customer, resulting in higher security. In addition, time spent to reconcile POS transactions with payments received separately through e-wallets can be greatly reduced due to the integration of the POS system with the DuitNow QR.
“The past two years have been particularly challenging for retailers and we hope through our collaboration with Web Bytes and Alp Capital, we can continue to support the recovery of retail businesses in Malaysia by providing them with e-collection solutions powered by advanced technology that can help them better manage these challenges and optimise their business. By enabling the cross-border DuitNow QR acceptance by retailers here, it will further increase the volume of international transactions by foreign tourists, giving the consumers more secure options for cashless payments and for retailers, more efficient and seamless collections. This collaboration is aligned with our aspiration to be at the forefront of banking technology and improving our customers banking experience powered by digital innovation”, said Group Chief Executive Officer of AmBank Group, Dato’ Sulaiman Mohd Tahir.
Alp Capital and AmBank will hold a joint marketing campaign in June 2023 that will run until 31 December 2023, with cash prizes to be rewarded to the top 3 DuitNow merchants with the highest transaction value and top 3 DuitNow merchants with the highest number of transactions. Each merchant must have a minimum transaction value of RM10,000 throughout the campaign period to qualify.
