KUALA LUMPUR, Malaysia � Maybank has launched a pilot version of its cashless mobile payment option using QR codes, namely Maybank QRPay, making it the first bank to introduce such a service in the country.

In a statement today, Maybank said the Maybank QRPay, which allows customers to instantly pay for products and services just by scanning a QR code on their mobile devices, aims to promote greater use of cashless transactions in the country as it can be easily installed or used by any individual or business wanting to adopt cashless payment modes.

Head of Group Community Financial Services, Lim Hong Tat said the new service is expected to revolutionise the way payments are conducted between customers and merchants, especially for small ticket items.

We will be offering a convenient and extremely quick process for merchants to sign up via a mobile platform, following which they can enjoy receiving payments from customers who will transact via the Maybank2u app, he added.

Lim said the pilot phase would see all 33 stalls at the food court in Laman Menara Maybank adopting the Maybank QRPay option for customers before being made available to the public in January 2018.

He said Maybank was confident that the QRPay service had the potential to complement the debit or credit card as a cost-effective alternative to cash due to the lower infrastructure cost and increasing use of mobile phones in Malaysia.

Our new service is versatile in that it will allow any merchant to accept QRPay transactions from Maybank customers. This is regardless of whether the account is with Maybank, he said, adding, merchants now can have instant access to their funds which can then be used to pay suppliers.-