BIBD is swapping point-of-sale machines for QR Code display stands at retail counters with the launch of its new peer-to-peer mobile payment service.

QuickPay is just one of the few upgrades BIBD recently rolled out onto its mobile banking platform NEXGEN to further simplify payment transactions using latest mobile technologies.

The bank hopes the new, simpler and cost-effective banking solution would see more adoption in Brunei’s retail sector in keeping up with the global trend for mobile payments – a market currently dominated by China’s AliPay and WeChat Pay.

“QuickPay is simpler, more secure and also cost-effective.”

QuickPay replaces BIBD’s E-Tunai service, which required the bank to install tablets on retail counters to enable mobile transactions. QuickPay takes out the tablet, and switches it with QR Codes that can be printed and displayed on the counter.

Customers can make quick transactions simply by scanning the QR code using the BIBD Mobile app on their smartphones.

Following a three-step method – scan, pay and confirm – both the merchant and the consumer will be instantly notified of the transactions via email and Short Messaging Services (SMS).

 

“This eliminates the need for customers to withdraw cash from our ATMs… It’s also much simpler than using a debit card,” Hjh Siti Nurul Akmar Hj Jaafar, BIBD’s Head of Retail Banking, said in a press conference yesterday.

She said with the launch of QuickPay, BIBD is forging ahead with its drive to bring cashless payments to Brunei.

“QuickPay is simpler, more secure and also cost-effective. It’s perfect for even small businesses that could not afford expensive point-of-sale systems,” Hjh Nurul added.

BIBD Chief Operating Officer Dr Gyorgi Ladics said that BIBD is hoping to see large-scale acceptance of its new QuickPay system and that it would exceed the adoption rate of its existing terminal merchants.

BIBD has around 1,500 merchants, and over 50 active e-Tunai subscribers.

Minister of Communications YB Dato Seri Setia Awang Abdul Mutalib (C) being briefed by Law Siew Vui (L) of BIBD’s Merchant Services and BIBD’s Head of Retail Banking Hjh Nurul Akmar on the new Quickpay app at the BIBD booth during the TechXpo 2018 opening at the ICC.

Dr Ladics said that QuickPay will be immediately rolled out to its current e-Tunai merchants and eventually create a snowball effect in the country’s overall retail sector.

“There’s no reason why retailers shouldn’t have a QR code these days,” he added.

Dr Ladics said the key to QuickPay’s success isn’t just on bringing simplicity on the consumers side but also provides convenience on the merchants’ side in terms of setting up and using the new service at their business premises.

“We’re taking out a lot of the technical barriers we had with E-Tunai. It’s far easier to give merchants a unique QR code than installing a tablet, training the merchant how to use the equipment, and troubleshooting those devices.”

With QuickPay, BIBD wants to finally put an end to use of cash by consumers because, as Hjh Nurul Akmar puts it, “Cash is a cost.”

“You withdraw your money from the ATM, and then you go take your money to the shop, and the shop will then have to bank in the money. All these are costs to the consumers, the merchants and the banks.”

BIBD’s suite of digital banking solutions, from paying utility bills on the BIBD Mobile app, shopping online using virtual cards to paying wages via BizNet, aims to change the way Bruneians use money.

“We want to see consumers make payments with their phones more than using cash,” the senior banker said.

The global popularity of mobile payments, such as China’s AliPay and Apple Pay, as well as the meteoric rise of cryptocurrency and blockchain technology, are quickly making cash obsolete.

BIBD’s QuickPay sets out to be the local version of AliPay or WeChat Pay, which have long been widely used by retailers and consumers in developed cities in China making the use of cash almost non-existent there.

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