In brief: Soft Space to pilot smartphone acceptance of debit card payments in Malaysia
Soft Space, in collaboration with MyDebit, Malaysia’s national debit scheme operated by Payments Network Malaysia (PayNet), will pilot Fasstap, a fintech solution that could potentially allow small businesses and sole proprietors to accept card payments at minimal cost.
Businesses can use any supported Android-based smartphone with near-field communication (NFC) technology to accept and process MyDebit payments. Through the introduction of Fasstap and its pilot with MyDebit, Soft Space is aiming to reduce the costs of accepting card payments for merchants, who will be able to use their smartphones to collect debit card payments without the need for physical point-of-sale terminals. MyDebit’s transaction fees for businesses average at 0.56 percent compared to 1.33 percent for credit cards.
Website: