Maybank Singapore has partnered with Liquid Group to launch the QR Payment Terminal solution that supports the adoption of QR payment via PayNow.
The partnership comes amidst the current backdrop of social distancing measures and temporary branch closures, as contactless digital payments experience significant growth.
Cynthia Liaw, Head of Virtual Banking and Payments at Maybank Singapore, said, “Maybank is the only bank offering dynamic PayNow QR payment solution on a point-of-sale terminal. All PayNow sales proceeds can be instantly credited into a merchant’s Maybank account.
“This is especially crucial during the current COVID-19 period to minimise the need to go to a banking branch to deposit large amounts of cash. Merchants can also sign up to accept QR payments from other local and overseas mobile payment apps.
“In addition, to encourage our customers to adopt online payments, the fees for all outgoing FAST and PayNow transfers will continue to be waived until 31 July and 31 December respectively.”
The all-in-one Terminal supports the mobile banking apps of all 9 PayNow participating banks in Singapore. Moreover, the Terminal is able to accept non-bank mobile payment apps, such as UnionPay QR, WeChat and GrabPay, among others.
Jeremy Tan, Founder and Chief Executive Officer of Liquid Group, added: “We are very pleased to partner Maybank to expedite the acceptance of QR payments in general and of PayNow specifically. In this current environment, we need to go not only cashless, but contactless as well.
“In addition to providing online and in-app payments, we are also doing all we can to minimise the exchange of coins, cash and cards at retail points and aggressively enable the use of contactless payment to protect the frontline workers.”