Hong Leong Bank rolls out new POS terminal to meet e-payments demand

Hong Leong Bank (HLB) has unveiled an integrated and innovative all-in-one smart point of sales (POS) terminal for merchants, enabling them to integrate and accept all cards and e-payment transactions in a single device. The POS terminal, which resembles a smart phone, has a digital touch screen and is portable, using wifi or mobile data networks which allows for fast transaction response.Other features of the new POS terminal include a user friendly two-step payment interface and being QR code and NFC payment enabled. It also accepts all wallets such as WeChat Pay, AliPay and Boost.HLB's group MD and CEO, Domenic Fuda, said cashless payments have steadily increased year-on-year in Malaysia and the bank is seeing more consumers, especially the younger generation adopting e-payments. However, Fuda said there is still a gap in meeting consumers' demands for e-payments in the market."The current traditional payment solution is simply unsustainable for merchants who have to manage and maintain multiple payment machines for each payment solution, as well as add more machines as the number of payment providers grow," he said.In July this year, HLB assigned half of its capital expenditure (capex), amounting to RM115 million, for the financial year ending 30 June 2019 for its digital initiatives. Fuda said the “huge allocation” was in line with strong customer adoption of its digital platform. The bank also predicts strong continued growth in banking transactions, as it boosts its products and service offerings on digital platforms.It also rolled out a suite of digital business and financing solutions to offer cash management, advertising and promotion solutions, as well as property financing and working capital scheme to support SMEs for their day-to-day business operations.(Read also: Tech in check: Hong Leong Bank’s chief digital and innovation officer Shailesh Grover)