This article first appeared in The Edge Financial Daily on November 14, 2019

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd has partnered with Revenue Group Bhd to become the first foreign bank in Malaysia to offer all-in-one digital payment terminals.

In a joint statement yesterday, the two companies said the all-in-one digital payment terminal developed by Revenue would simplify the payment acceptance process as it enables physical retail merchants to accept both card and mobile wallet payments using a single digital payment terminal.

“The fashionable and compact payment device is powered by the Android operating platform. It comes with a high-definition colour touchscreen display and a super-fast thermal printer that is neatly hidden below to maximise screen usage for customers performing electronic transactions,” the statement read.

The digital payment terminal has a wide range of connectivity, including 3G, 4G, WiFi and Bluetooth networks, enabling physical retail merchants to process electronic transactions wirelessly and offer their customers a fast and convenient service experience. It also generates electronic transaction reports every business day to enhance operational efficiency.

OCBC’s head of consumer lifestyle finance Ryan Kong said the deployment of the all-in-one digital terminal enables OCBC’s merchant partners to accept multiple payment services such as major e-wallets, as well as multiple card schemes.

“The Android-based terminal also allows OCBC to maximise the potential of the application, with the option to expand to include features like reward points accumulation and redemption at merchant purchase points. This places us in the forefront of the development of payment technology,” he added.

Kong said OCBC currently has more than 11,000 Electronic Data Capture (EDC) terminals nationwide through a diverse range of merchants spanning a variety of industries, including food and beverage, retail, fashion, electronics, telecommunications and petrol stations.

Revenue managing director and group chief executive officer Eddie Ng Chee Siong, meanwhile, said the company’s all-in-one digital payment terminals can handle a myriad of mobile Quick Response (QR) code payment services including Alipay, Boost, Touch ’n Go, UnionPay and WeChat Pay, as well as Mastercard, MyDebit, JCB and Visa, making payment management simpler and more efficient for physical retail merchants.

“Through this digital payment terminal, physical retail merchants will be able to accept payment through multiple channels involving QR codes, near-field communications, chip cards and traditional magnetic strip cards,” he said.

This will augur well for Revenue, Ng went on to say, as the deployment of more EDC terminals will translate to higher revenue for the group from the rental or sale of terminals as well as electronic transaction processing services.

Revenue’s three business segments are the distribution, deployment, and maintenance of EDC terminals, electronic transaction processing services for credit and debit cards as well as solutions and services related to payment infrastructure.

As of October, Revenue managed more than 45,000 EDC terminals nationwide. The company’s shares rose by one sen to close at RM1.73 yesterday, which valued the company at RM404.21 million.