Offer Next Generation Payment Solutions and Services in Malaysia via MySwitch
Kuala Lumpur, Dec 14, 2017 AEST (ABN Newswire) - Mine Financial Group (MFG), an integrator and operator of core financial switching operations, and VeriFone (
NYSE:PAY), a world leader in payment and commerce solutions, are enabling MySwitch, an independent financial switching business, to bring the Verifone Engage family of payment solutions to Malaysia.
Malaysia has one of the fastest growing payment landscapes in Southeast Asia. Recently, Bank Negara Malaysia (BNM - Malaysia's Central Bank), announced steps to enhance digital payments use and acceptance as part of its Vision 2020 financial blueprint. BNM's initiative has successfully converted all of Malaysia's ATM cards to debit cards based on a domestic scheme, effectively prioritizing rapid deployment of flexible point-of-sale (POS) technology for accepting contactless payments.
To further accelerate the adoption of cashless transactions, BNM has introduced a scheme to motivate merchant uptake by mandating reductions in acquiring fees. This incentive will make electronic payments acceptance more attractive to merchants as an alternative to cash by replacing existing devices to accept contactless payments.
As a result, the market is witnessing rapid growth in electronic payments.
At the end of 2016, there were approximately 320,000 POS devices in Malaysia. To help expedite contactless payment acceptance in the country, BNM has committed to increasing the number of contactless-enabled POS devices to 800,000 by 2020.
MySwitch has the ability to drive Mobile, E-Commerce, Remittance, FX, Value Added and ATM transactions. With Verifone's latest payment solutions and services, MySwitch can address the rapid growth in electronic payments in Malaysia.
MySwitch's new CEO Gary Chin said, "MySwitch is excited to be in partnership with Mine Financial Group and Verifone, two extremely capable organizations that will deliver a powerful independent payment network in Malaysia. The Malaysian payments landscape is changing rapidly. Businesses, consumers, banks and governments are all interested in the latest and most efficient solutions available from around the world, and we believe our combined capabilities will fit their needs."
"We are committed to supporting Malaysia's advancement towards a service-rich, cashless economy by enabling MySwitch with our Engage family which offers next-gen features, functionality, and commerce capabilities meeting the needs of both merchants and their customers," said Steve Aliferis, president of Verifone Asia Pacific.
Verifone's solutions can accept different types of payments and offer value-added applications that help merchants grow, build consumer loyalty and provide better experiences to drive repeat business. Ergonomically designed, Verifone devices offer high transaction processing speed for fast and secure consumer checkout combined with payment services to support MySwitch's vision for building the next generation retail infrastructure.
About MFG:
Mine Financial Group Pty Ltd (MFG) is an Australian based business with significant payment industry experience throughout Australia and South-East Asia.
MFG was selected to partner with MySwitch to form and implement the core processing platform by incorporating its extended knowledge of the broader payments and merchant acquiring industry. MFG's team has a long and proven history of aggregating and implementing large scale payments strategies including banks in Australia and other parts of South East Asia.
MFG's core switching solution will be the most powerful platform installed in Malaysia so far with the ability to process card present, mobile and card not present transactions.
MFG is implementing similar systems through Asia and in Australia.
About MySwitch
MySwitch is a Malaysian privately owned company which has been established to provide a bank agnostic payment switching platform with the ability to be more flexible in how technology is delivered to merchants, consumers and online operators in Malaysia.
In 2016, MySwitch engaged Mine Financial Group Pty Ltd based in Sydney Australia, to oversee the design, configuration and integration of the system. The system will provide effective technology relationships, industry best SLA's for service and highly attractive Merchant rates for Credit and Debit card transactions.
The implementation of the MySwitch payment platform is well underway and expected to commence operations in May 2018. The Company is in advanced discussions with numerous potential clients which include Banks, large retail based conglomerates, educational institutions, logistics companies, other businesses that require fast, effective and inexpensive payment processing services.
About VeriFone Systems Inc
VeriFone Systems Inc (NYSE:PAY) is transforming every day transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce. Powered by a growing footprint of more than 30 million devices in more than 150 countries, our people are trusted experts working with the world's best-known retail brands, financial institutions, and payment providers. Verifone is connecting more products to an integrated solutions platform to better meet the evolving needs of our clients and partners. Built on a 35-year history of uncompromised security, we are committed to consistently solving the most complex payment challenges.
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