Bank Islam Brunei Darussalam (BIBD) is looking to pioneer mobile payments between business and consumers using QR codes through their newly launched QuickPay service.
Similar to China’s WeChat Pay and Alipay, QuickPay looks to be a revolutionary mobile point-of-sale solution and alternative to traditional credit and debit card terminals and cash registers.
QuickPay carries a merchant (vendor) commission of 1.5 to 2 percent off each transaction – lower than the standard 3 percent deducted for credit and debit card purchases – and carries no registration fee.
QuickPay is an upgrade from BIBD’s previous QR code payment platform eTunai, which required businesses to have designated mobile tablets at their counters for customers to scan QR codes.
This requirement presumably limited eTunai’s widespread adoption, with less than a few hundred businesses signing on to the platform since its introduction in 2013.
However, BIBD is confident that QuickPay – which doesn’t require the business to station tablets – will be Brunei’s breakthrough cashless payment service, especially in enabling micro, small and medium enterprises (MSMEs) to go digital.
“Because QuickPay doesn’t require any equipment or infrastructure like tablets, terminals or registers, it is a very cost-effective option for micro, small and medium enterprises (MSMEs); even for gerai (small stalls) businesses and convenience stores,” said Head of BIBD’s Merchant Services Law Siew Vui during QuickPay’s launch at the TechXpo earlier today at the International Convention Centre.
“Once the vendor signs up, our staff will engage them and provide a QR code. The business can then display this code online on their website or social media or print it (on paper) to display at the counter. The buyer then scans this QR code using their BIBD mobile app (by selecting the QuickPay option) and confirms the payment.”
Law said that businesses signing onto QuickPay needed to have a corporate account with BIBD, which recently revised its opening and minimum balance from $1,000 to $50 to enable more MSMEs to keep financial records while also opening up access to financial services.
QuickPay was also launched earlier today with BIBD’s mobile application for Biznet, an internet banking platform for its corporate account holders. Through the application, business owners will be able to view transactions, including those made under QuickPay, as well as make telegraphic transfers and pay staff salaries.
Both QuickPay and BizNet are central to BIBD’s new digital banking strategy NEXGEN, through which the bank is looking to position itself as an industry pioneer by offering convenience and connectivity to its customers through the adoption of the latest technologies.
QuickPay will be available with the next update (v 3.8.0) of BIBD’s mobile application next week. Businesses interested in signing on for QuickPay can get in touch with BIBD through their nearest branch or by calling +6732238181.