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Revenue Group expects strong revenue growth from PBB partnership

The Star Online logo The Star Online 8/11/2018
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KUALA LUMPUR: Cashless payment solutions provider Revenue Group Bhd expects to see double-digit revenue growth for the second quarter ending Dec 31, 2018 (Q2 FY19) from its partnership with Public Bank Bhd (PBB).

Revenue Group launched its partnership with PBB today by deploying its all-in-one digital payment platform terminals with the bank's merchant outlets nationwide.

Revenue Managing Director and Group Chief Executive Officer Eddie Ng Chee Siong said as PBB was one of the top three merchant acquirers in the country, the partnership would make substantial contributions to the group's revenue in FY19.

“We will depend on the bank to continue pushing for the deployment of our all-in-one terminals. As at end-September this year, the bank had more than 60,000 electronic data capture (EDC) terminals nationwide,” he told reporters after the launching ceremony here today.

Following the collaboration with PBB, Ng said the group would be partnering another two banks on the deployment of the terminals by end-2018.

He also expects the new terminals to gradually replace traditional terminals in Malaysia within two years.

“Technically, the security devices of traditional terminals will expire in two years and the banks will have to replace them with new ones,” Ng said.

The first all-in-one digital payment terminal in Malaysia, developed by Revenue Group, will simplify the payment acceptance process, as it allows physical retail merchants to accept both card payments and mobile wallet payments in a single digital payment terminal.

The payment terminals can also handle mobile Quick Response (QR) code payment services, including Alipay, Boost, Touch ‘n Go, UnionPay and WeChat Pay, as well as MasterCard, MyDebit, JCB and Visa, making payment management simpler and more efficient for physical retail merchants.  

Meanwhile, PBB Managing Director and Chief Executive Officer Tan Sri Tay Ah Lek said the digital payment terminal was another ongoing initiative in the bank's digital journey.  

“The new digital payment terminals will enable our bank to provide added benefits to new and existing merchants.

“This is also in line with Bank Negara Malaysia's vision to promote a cashless society among consumers,” he added. - Bernama

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