PayNet appoints Fasspay as third-party acquirer for MyDebit

Monday 12 April 2021 13:52 CET | News

Payments Network Malaysia has appointed Fass Payment Solutions (Fasspay), a subsidiary of Soft Space, to be a third-party acquirer for MyDebit, the Malaysia’s domestic debit card scheme.

The collaboration with the national payments network and shared central infrastructure for Malaysia’s financial markets allows Fasspay to acquire small merchants and offer them its suite of payment solutions. The onboarding and approval process, including the KYC compliance requirements, can be performed remotely for merchants interested in signing up with Fasspay.

Fasspay will introduce ‘Fasstap,’ a Tap on Phone payment solution coupled with Fasspay’s loyalty platform. The company informed that merchants using Fasstap can use their own mobile devices as a contactless POS terminal to accept payments with MyDebit ATM cards via the Fasstap app.

Furthermore, Fasstap also comes with a customer loyalty platform called ‘Superks’ that rewards customers based on usage. This feature is available to all Fasstap merchants together with sales analytics that can assist them with designing effective sales promotion campaigns and loyalty programmes.

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Keywords: PayNet, Fasspay, online payments
Categories: Payments & Commerce
Countries: Malaysia
This article is part of category

Payments & Commerce