According to local media, the State Government is working with CIMB Bank, one of the world’s largest Islamic banks headquartered in Kuala Lumpur, to deploy the country’s first chip-based payment solution called ‘Plug and Pay’.
The Plug n Pay card reader is able to accept chip or signature-based credit and debit cards that are either branded Mastercard or Visa. Plug n Pay transforms the mobile device into a payment portal that is enabled by the Plug n Pay mobile app and with the support of data connection.
The electronic payment system aims to improve the government’s efficiency and transparency by reducing the handling of cash. Users will receive electronic receipts either via email and/or SMS text once a successful transaction is made.
This solution is protected with end-to-end encryption and the app can only be activated if the correct security credentials are provided.
Plug n Pay is both EMV Level 1 and Level 2 certified - a global standard for authenticating credit and debit card transactions using the same chip-based security measures as conventional point-of-sale terminals.
Businesses using this payment can monitor real-time transactions and the GPS location of its users, thus improving visibility.
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Autor(en)/Author(s): Kelly Ng
Quelle/Source: futureGov, 20.05.2014
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