Published: Thursday June 21, 2012 MYT 2:46:00 PM
ManagePay Systems in JV to extend e-payments to SMEs
By Ng Bei Shan
KUALA LUMPUR: ManagePay Systems Bhd will roll out low-cost payment terminal solutions to local small and medium-scale enterprises (SMEs) and micro enterprises.
It had on Thursday teamed up with Visa and Malayan Banking Bhd to boost electronic payments to these sectors under the country's drive towards a cashless society. Currently, e-payments are mainly available in the cities.
Under the initiative, SMEs and micro enterprises would be able to handle e-payments using ManagePay Systems' terminal solutions.
Maybank's head of community financial services, Lim Hong Tat said the initiative would boost the level of cashless payments in the country.
"Maybank, which is the market leaders in the cards payment business, has itself seen transactions growing by an average of 20% over the last three years," he said.
Lim added Maybank, as a merchant acquirer, had a 30% market share and the expansion of ePayments to the SMEs would boost its market share and enable it to maintain its 20% growth for the year.