Maybank’s QRPay mobile payment solution sounds great but…

In the free-for-all slugfest to find the best mobile cashless solution in the world, Maybank has entered the ring with their very own QR-based cashless solution. It’s called Maybank QRPay — not the most original of names but you get the idea.

We’ve seen other QR-based mobile payment systems in Malaysia already and they operate with a similar principle. You key in the amount, scan a QR code and pay. However, each one that we’ve seen has their own set of pros and cos, so what makes Maybank’s any different? What makes it better?

Well, for a consumer, the biggest benefit of using Maybank QRPay is supposed to be convenience. It operates right out of the Maybank2u application so you don’t have to download a separate app to make transactions with. Secondly, it makes a direct deduction from your selected savings or current account so you don’t need to top up a separate wallet ala vcash.

Maybank QRPay also supports flexible payments from a minimum of RM0.01 to a maximum of RM1,000 daily. You can also set your own daily transaction limit based on your spending pattern. Any payments that you want to make that’s above RM250 will require authentication via Maybank’s TouchID, FaceID, VoiceID or a password.

However, here’s a really silly thing we discovered when trying to use it: You can’t use QRPay when you’re logged into your Maybank app. For example, I have Face ID (Apple’s not Maybank’s) authentication setup on my iPhone X so the moment I launch the app, it’ll scan my face and grant me access to basic functions in my account. You can also do this with other phones that have fingerprint scanners built in — easy logins.

But as I searched through the application, I couldn’t find QRPay anywhere. Then we figured out that the QRPay option was a tab on its own at the login screen which means you can only access it when you’re not logged in. So, if you’re on an iPhone X and you have the app set up to login using Face ID, you’ll have to cover your face, wait for Face ID to fail, then press cancel.

Granted, the app is still in beta and not everyone has an iPhone X, but it seems a little peculiar that Maybank would have it placed where it is. Maybe they’re trying to make it easier for those who don’t have smartphones with fingerprint scanners. But considering how ubiquitous fingerprint scanners are right now, I don’t know if its the right move for both security and convenience.

On the merchant side of things, one of the biggest benefits is that payments customers make are immediately debited in to the merchant’s selected bank account — which does not have to be a Maybank account — in real time. Merchants can also view up to 90 days of transaction history and receive notifications for transactions as they take place.

Maybank says that it’s really easy to register too and interested merchants can apply via the Maybank QRPay merchant application.

For now, Maybank QRPay is being tested in 33 food stalls at the Laman Menara Maybank food court. The service will later roll out to the public in January 2018.