U Mobile has introduced a new mobile payment system which lets small and medium business owners to accept credit or debit card payments through their mobile phone. Called QuickPay, it consists of a mobile application and a credit/debit card reader device that’s similar to Square‘s mobile payment system.
The payment device is plugged into your smart phone’s headphone jack and it is capable of reading both credit/debit card chips or the traditional magnetic strip. To accept payment, just swipe or insert the card and use the app to complete the transaction. The process is paperless as the customer signs on the smart phone’s screen while receipts are being sent either via email or MMS.
The QuickPay card reader costs RM250 with any U Mobile plans while the app supports both iOS and Android devices. As a merchant, there’s no monthly fees but there’s a transaction charge per sale which can be as low as 2.20% which is subject to your agreed terms with the acquiring bank.
To apply, you would need to be a legal business entity in Malaysia and you can leave your details at their QuickPay registration page where someone would contact you for the next steps. You would need to prepare the necessary documents such as IC, business forms/certificates and 3 months company bank statement for the application. The whole process can take up to 14 working days and the QuickPay card reader will be delivered upon approval.
For more information, head over to U Mobile’s QuickPay page.