What is contact-free payment all about?

Contact free payments or digital payments have become a wide talk of the town. This has been generated by the rise of e-commerce bringing implications on individuals, businesspersons, governments, and anyone who is involved in the industry. It is important to understand what digital payments are, how they work and how they could be of benefit to the users as well as the associated problems that accrue from using such modes of transactions and commercial dealings. Generally, digital payments are payments that are conducted over the internet and mobile channels. This include any payment that is sent online or through mobile computing and internet-enabled devices. For digital payments to take place, the sender of the payment requires a bank account, an online banking method, a device from which they can make the payment, and a medium of transmission meaning that they should have signed up to a provider or an intermediary such as a bank or a service provider. This type of payment is easy and convenient for both businesses and customers. If you want to avoid physical contact to complete your payment or transaction, touchless payment can be helpful for you. You won’t be needing cash or even have to physically be there to make payment. It has been decades since contact free, touchless or contactless payment was first implemented and used. Back then, only a few merchants and retailers used this technology for their businesses. Now we can see that it has been widely utilised by almost all banks, credit card firms, merchants and retailers around the world. With contact free or digital payments, payment is possible anywhere. It provides a hassle-free and convenient way to complete any transaction no matter where you are, and also saves up time as digital payments are always faster than the conventional method of making payment.

How does contactless payment work and how to use it?

Contact free credit cards have a chip that sends out radio waves. The radio waves help to connect and process your payment by sending out a signal to communicate with your card. All you have to do is to look for the touchless or contactless payment sign at the merchant or store’s payment terminal when you want to make a purchase. The customer needs to put the card on the touchless payment symbol on the payment terminal about 4 cm away. When the machine recognizes the tap, it will signal a beep, green light or checkmark to the customer. If it receives approval, the transaction is authorised and complete.

How to make a touchless payment?

Customers can use this contact free system by connecting their credit or debit cards to these devices:  

• Smartphone
• Smartwatch
• fitness trackers
• Key fobs
• Wristbands
• Stickers

  This can be done by installing a payment app which allows customers to conveniently save credit and debit card details and make transactions just by tapping the smartphone or smartwatch. This method is quick and easy as the payment can be completed just within seconds.

Contactless payment options in Malaysia

There has been an increasing growth of contact free payment usage in Malaysia. This contactless payment feature allows both customers and sellers to save more time in processing payments. Below are some of the best options you can find:  

EZYWAY - Payment Gateway

A payment gateway is needed by e-commerce for a convenient and hassle-free contactless payment process. Established by Mobi, EZYWAY is one of the top payment gateways in Malaysia that accepts online payments for all types of businesses. It is suitable for online merchants that sell physical goods, online services and digital goods.   Benefits of EZYWAY:  

• Easy API integration: For the convenience of backend work, EZYWAY readily offers multiple API and plugins.
• Realtime web monitoring: Get real-time and up-to-date analytics record for you to keep track of your sales.
• Cost effective: EZYWAY makes payment gateway look affordable for your businesses.
• 3D secure: The security is guaranteed by having an additional security layer that meets international standards of security.
• Quick settlement: No more waiting and Mobi credit cash in your bank.

Mobi Virtual Terminal

If your business is within the hospitality industry like hotels, homestays, and vacation rentals, Mobi Virtual Terminal can be a suitable option for you to have a contact free payment method. It makes hotel payments from online travel more convenient.   How does it work?

1. Receive VCC and OTA’s (eg: Booking.com)
2. Enter VCC on Mobi Virtual Terminal

  Benefits of Mobi Virtual Terminal:

• Fastest cash-in: No more cash flow issues and it helps to save a lot of your money and time.
• Realtime web monitoring: You get to track updated and real-time analytics to ease any business decision-making process.
• Cost effective: No more worries about having to spend a fortune for a contactless payment feature.
• Secure: Your business stays safe and secure.
• No deposit, no collaterals: You only need to sign up to try out Mobi Virtual Terminal
• Web based: Everything is just online; all you need is your login details to the portal and cash-in from your OTA

EZYLINK - Payment Checkout Page

You can now have a safe and secure cashless payment with EZYLINK. With EZYLINK, you can accept online payments without having a website.   How does it work?

1. Enter the amount to be collected
2. Key in customer details to send the checkout page
3. Customer pays with card, online banking or e-wallet

  Benefits of EZYLINK:

• WhatsApp enabled: You can send checkout page via WhatsApp for a simple-to-use payment experience
• International payments: Sell to your customers around the world
• Cost effective: There will be no monthly subscription charges
• Quick onboarding: You can start accepting payments fast
• Next day settlement: You don’t need to wait for your money as the cash will be credited the next day into your bank
• Anybody can apply: Even if you don’t have a business, you can also apply for EZYLINK.

You can also get the Mobi app and get started right away. Download here: Android | Apple

EZYREC+ - Recurring Payments

You don’t have to chase your payments anymore as EZYREC+ can automate your payments. It saves more of your time and gets your payments scheduled automatically. If you own a fitness centre, do subscription-based tech company or have an education and coaching institute, then EZYREC+ can be a good option for you.   Benefits of EZYREC+:

• AutoPay: All payments will be automated for your own convenience.
• Realtime web monitoring: Have all of your business record updated real-time so you can track easily.
• Cost effective: Make your business process more affordable
• Secure: EZYREC meets the international standards of security; your business stays safe and secure.
• Next day settlement: Money will be credited the next day
• Minimum documentation: Merchants can use a business or personal account with a Business Registration

EZYMOTO - Payment Links (2D)

  EZYMOTO helps merchants to accept cashless and contactless payments without having a website. If you’re business in the hospitality industry or you offer car rental services, EZYMOTO is good to support your business.   Benefits of EZYMOTO:

• Cross border: Make your business go worldwide.
• Realtime web monitoring: Easy and updated tracking on your business analytics
• Cost effective: Save more of your money for a better business
• 2D secure: Secure payments to give what your business needs

EZYAUTH - Pre-Authorize Payments

You can have a safe and secure payment by accepting only authorised payments from your customer. No fraudulent payments will be on the radar you EZYAUTH helps to minimise the risk. If you are doing business in hotel, restaurant and entertainment centre, EZYAUTH can make all payments you receive by customers secure.   Benefits of EZYAUTH:

• AutoPay: It saves your time and this automated payment feature makes it easy for your customer
• Realtime web monitoring: Have updated analytics to boost your business and sales
• Cost effective: Your business can be efficient without having to spend more
• Secure: EZYAUTH has the international standards of security, your business stays safe.

Benefits of contact-free payment

1. Safe and secure

When you lose your credit/debit card or if it gets stolen, you can freeze your account by contacting your bank to disregard and adjust any fraudulent payments. This security guarantees the same transaction does not occur twice by mistake and that the data and numbers linked to the card can not be decrypted.  

1. Quick payment

Touchless payments can be completed just within seconds. Since pin numbers are no longer needed and the transaction requires only a tap on a reader, the merchant will be able to improve their customer service and shop experience.  

1. Better customer experience

Shops will receive the growth in turnover as a result of faster and effortless transactions when a customer is not limited by the amount of cash they have in their wallet. There is no authentication needed for most contactless transactions to print a receipt on authorisation unless requested by the customer.

Is contactless payment and card safe?

These cards are equipped with safety features such as an embedded chip that produces a dynamic code for each transaction and essential card information cannot be used for fraud. Bank Negara Malaysia has guaranteed that these safety features guarantee the cards cannot be used by fraudsters for illegal transactions. You're recommended to keep your contactless payment cards protected and not share your credit card information with others. Review the bank statement properly to make sure there is no fraudulent transaction recorded.