BIBD catches up with global trend for mobile payment with QuickPay launch

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Minister of Communications YB Dato Seri Setia Awang Abdul Mutalib (C) being briefed by BIBD officials on Quickpay at the BIBD booth during the TechXpo 2018 opening at the ICC earlier today. Image: Ridhwan Kamarulzaman

Haadi Bakar

Bank Islam Brunei Darussalam (BIBD) is swapping point-of-sale machines for QR Code display stands at retail counters with the launch of its new QuickPay peer-to-peer mobile payment service.

QuickPay is just one of the few upgrades BIBD recently rolled out onto its mobile banking platform NEXGEN to further simplify payment transactions using latest mobile technologies.

The bank hopes the new, simpler and cost-effective banking solution would see more adoption in Brunei’s retail sector in keeping up with the global trend for mobile payments – a market currently dominated by China’s AliPay and WeChat Pay.

QuickPay replaces BIBD’s E-Tunai service, which required the bank to install tablets on retail counters to enable mobile transactions. QuickPay takes out the tablet, and switches it with QR Codes that can be printed and displayed on the counter.

Customers can make quick transactions simply by scanning the QR code using the BIBD Mobile app on their smartphones.

Following a three-step method – scan, pay and confirm – both the merchant and the consumer will be instantly notified of the transactions via email and Short Messaging Services (SMS).

“This eliminates the need for customers to withdraw cash from our ATMs… It’s also much simpler than using a debit card,” Hjh Siti Nurul Akmar Hj Jaafar, BIBD’s Head of Retail Banking, said in a press conference yesterday.

She said with the launch of QuickPay, BIBD is forging ahead with its drive to bring cashless payments to Brunei.

“QuickPay is simpler, more secure and also cost-effective. It’s perfect for even small businesses that could not afford expensive point-of-sale systems,” Hjh Nurul added.

BIBD Chief Operating Officer Dr Gyorgi Ladics said that BIBD is hoping to see large-scale acceptance of its new QuickPay system and that it would exceed the adoption rate of its existing terminal merchants.

BIBD has around 1,500 merchants, and over 50 active e-Tunai subscribers.

Dr Ladics said that QuickPay will be immediately rolled out to its current e-Tunai merchants and eventually create a snowball effect in the country’s overall retail sector.

“There’s no reason why retailers shouldn’t have a QR code these days,” he added.

Dr Ladics said the key to QuickPay’s success isn’t just on bringing simplicity on the consumers side but also provides convenience on the merchants’ side in terms of setting up and using the new service at their business premises.

“We’re taking out a lot of the technical barriers we had with E-Tunai. It’s far easier to give merchants a unique QR code than installing a tablet, training the merchant how to use the equipment, and troubleshooting those devices.”

The BIBD NEXGEN team at the BIBD booth at TechXpo 2018. Image: Ridhwan Kamarulzaman

Alongside QuickPay, BIBD also announced a mobile app for its BizNet platform designed to help Micro Small and Medium Enterprises manage their accounts at the convenience of their mobile phones.

BizNet is an upgrade to BIBD’s previous digital Corporate Internet Banking platform providing day-to-day accounts and payment operations support with real-time account access as well as various enhanced features such as single security token access for Parent and Subsidiary accounts, payment approval, fund transfers, bill payments, foreign currency rates and Branch/ATM locator.

Both QuickPay and BizNet apps were officially launched today by the Minister of Communications Yang Berhormat Dato Seri Setia Abdul Mutalib Pehin Orang Kaya Seri Setia Dato Paduka Haji Mohd Yusof at the first day of the TechXpo at the International Convention Centre.

The Bruneian