back Back

Fasspay & UOB to offer contactless payment solution for J&T Express riders

By Gloria Mathias

March 27, 2024

  • digital payment
  • Fasspay
  • fintech APAC
Share

Fass Payment Solution (Fasspay) and UOB Malaysia have announced a strategic collaboration aimed at providing J&T Express riders with the convenience of using their smartphones as point-of-sale (POS) terminals to accept contactless payments during last-mile deliveries.

The partnership introduces the tap-on-phone payment acceptance system for a logistics industry player in Malaysia through Fasstap, a solution that transforms enabled devices into terminals. This digital payment system presents a timely and more convenient alternative to the traditional cash-based model and streamlines the payment process for increased efficiency.

Under the partnership, UOB Malaysia acts as the settlement bank to facilitate the flow of funds between parties through Fasspay’s in-house developed app, Fasstap. J&T Express riders can accept payments directly on their smartphones with a simple tap from customers’ debit cards, streamlining the payment process and enhancing the overall delivery experience.

Andy Cheah, Managing Director, and Country Head of Wholesale Banking, UOB Malaysia, said, “We are excited to partner Fasspay to introduce a market-first, for J&T Express. This partnership not only provides convenience to J&T customers but also addresses the key pain points in the logistics industry, which underscores UOB’s commitment to driving digital innovation and facilitating business growth within ASEAN and beyond.”

Chris Leong, Chief Strategy Officer of Soft Space and Chief Executive Officer of Fasspay, said, “Recent studies show that seven out of ten Malaysian consumers are now actively using contactless cards. We want to further empower this trend by increasing the number of contactless payment points, especially in previously cost-ineffective areas. Our goal is to eliminate the costs and risks associated with cash handling, which could lead to significant savings for the last-mile cash-on-parcel delivery segment and enable J&T Express to efficiently secure the funds immediately after payment is made.

Vincent Low, Assistant Chief Executive Officer of J&T Express, said, “As a result of this collaboration between us, UOB Malaysia and Fasspay, we have the honour to be the first courier company to launch the cashless payment solution in Malaysia. This initiative will not only enhance operational efficiency but also promote environmental sustainability.”

Previous Article

March 27, 2024

BankDhofar launches Dhofar-Pay to enhance contactless payments in Oman

Read More
Next Article

March 27, 2024

Worldpay partners with Mastercard to tackle chargebacks

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

digital payment

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023