OCBC Bank (Malaysia) Berhad (OCBC Bank) is collaborating with MOBY Group (MOBY) to enable small and micro merchants with pop up stores or kiosks to widen their payment collections beyond QR pay and cash. With this, merchants are now able to accept credit and debit card payments through their mobile phones with the SmartPay solution.

In addition, small and micro merchants who register with MOBY will be able to offer an array of payment options which range from online and offline acceptance of debit, credit cards to Buy Now Pay Later (BNPL) with both conventional and Shariah-compliant options.

The SmartPay solution helps eliminate the use of clunky credit card terminals, empowering small and micro merchants to accept contactless payments directly through their smartphones.  It works the same way as a contactless transaction on a standard Electronic Data Capture (EDC) credit card terminal by enabling seamless and efficient transactions through secure contactless transactions using Near-Field Communications (NFC) that accept credit and debit cards bearing the Visa, MasterCard and MyDebit logo. This simplifies record-keeping and supports ESG objectives with e-receipts sent via SMS or email.

According to OCBC Bank Managing Director and Head of Consumer Financial Services Ms Anne Leh, the collaboration with MOBY is a game-changer and combines the expertise of a respected and established bank with the approach of a fintech player, revolutionising the way financial services are delivered to micro businesses.

Collaborating to enable more payment collection options for micro merchants – (L-R) Mr Lee Kim Seong, Head of Consumer Lifestyle Finance, OCBC Bank (Malaysia) Berhad; Ms Anne Leh, Managing Director and Head of Consumer Financial Services, OCBC Bank (Malaysia) Berhad; Mr Rian Philip, CEO of MOBY Group and Mr Lingesh Thayala, Chief Strategy Officer of MOBY Group

“We wanted to be inclusive and reach out to the often-neglected micro businesses and are delighted to tie up with MOBY to create yet another option in the secure digital payments ecosystem. This is part of our overarching aim to deliver greater convenience and speed to our merchants.

“We see great opportunities ahead working with fintechs such as MOBY and look forward to future collaborations of this nature as we continue to make payment solutions more seamless and efficient,” she said.

MOBY’s founder and CEO, Mr Rian Philip, said the company sees its new value-added payments App as the start of a revolutionary series of products being built to not only assist small and micro merchants in payment collections but also to improve the way financial transactions are carried out by both merchants and consumers. MOBY is delighted to partner with OCBC Bank, which is part of the largest banking groups in Southeast Asia, in meeting the demands of its strategic move towards an even more enriched payment ecosystem.

"We are elated to join forces with OCBC Bank in this ground-breaking venture. Together, we are transforming how small and micro merchants transact and manage their finances. By introducing innovative products like SmartPay we are bringing unparalleled convenience, speed and efficiency to businesses and individuals alike," he said.

To celebrate the launch, MOBY and OCBC Bank are rewarding early adopters with a discount of up to 50% on the Merchant Discount Rate (MDR) for the first 100 merchants who sign up before 31 December 2023. The discount is valid for one year and includes a waiver of annual and set-up fees. Those wishing to sign up may do so at www.moby.my/smartpay