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pinandpay

Tan Nyat Chuan, Director of the Payment System Policy Department at Bank Negara Malaysia said that credit card holders will be given six months, starting January 2017, to familiarize themselves with the new system before it is implemented on July 2017.

“The targeted completion of the infrastructure rollout and card replacement is expected by Dec 31, 2016,” said Tan.

With the new pin and pay system, PIN enabled cards allows users to make a purchase without a signature. Instead, it uses a six-digit PIN. This new payment method is said to be more secure and safer than the current system.

Tan said that 44.3 million cardholders would be able to enjoy the new system, and added that by January 2018, cardholders will be able to pay for low-value transactions via a ‘tap-and-go’ system.

He said this at a roadshow jointly organized by Bank Negara, the Association of Banks in Malaysia, and the Association of Islamic Banking Institutions, in Miri Sarawak.

 

Wechat Pay

Tencent’s WeChat Wallet service is now available to users in Hong Kong — just as Apple is working to release its mobile payment system in the city later this year.

Hong Kong users who are part of the pilot programme will be able to link their Hong Kong credit cards to the service and purchase items using the WeChat app including movie and flight tickets.

A source close to the company said it may take “several months” before the payment service is rolled out to all WeChat users in the city. However, local users of WeChat Wallet now lack full access to all the features enjoyed in mainland China. For example, Hong Kongers are not able to transfer money to friends within the app or make in-store payments by having the cashier scan a QR code on their smartphone in a convenience store. Also missing is the Red Packet function, which allows WeChat users in China to send an amount of money to a group chat that is either identically or randomly split among other users who open the virtual red packet.

A Tencent spokesperson declined to comment on whether these features will eventually be made available to users in Hong Kong.

WeChat has already rolled out its WeChat Wallet service in South Africa, its first international market, where users can send money to each other and pay for purchases on their mobile device at over 24.000 merchants in the country. The company also rolled out cross-border payments for WeChat users in China, which allows them to pay for purchases made overseas using WeChat Wallet.

PayPal is allegedly set to gain a role in the Apple’s mobile payments service, online media outlet recode.net reports.

 

According to the source, eBay-owned PayPal has been pitching Apple on helping Apple bring its payments initiative to fruition.

 

PayPal is essentially willing to white-label parts of its payment service to be used in an Apple mobile payments system — anything from fraud detection to back-end infrastructure, even possibly down to the processing of payments.

 

Source: The Payper

Interbank transfer (IBG) fees had been reducing from RM 2 to RM 0.10 since May 2013. This is a effort by our Malaysia Government to push the online banking service to more people. This is my first time that using the service with the RM 0.10 transaction fees.

 

CIMB Fund transfer

Even though the transaction fees already reduce from RM 2 to RM 0.10, but the bank still have another way to make money from the interbank transfer transaction fees, where they provide 2 difference choices for their client, the first selection is RM 0.10 with 1-2 days of waiting period, another selection is instant transaction with RM 2 per transfer.

 

 

CIMB Transfer Charges

Debiting Account Type
Transfer Charges
IBG Instant Transfer
All Savings & Current Accounts RM0.10 RM2.00
Schedule Transactions for all Savings & Current Accounts RM4.00

Transfer Schedule

Transfer Day Transfer Time Funds Available at Beneficiary Bank
IBG Instant Transfer
Monday – Friday Before
12:00 noon
Same day Immediate
After
12:00 noon
Next business day Immediate
Saturday, Sunday, Federal Territory Public Holiday Anytime Next business day Immediate

 

It is good that we can plan our thing early, including fund transfer, if the time is not the critic, than 2 days transfer which save you RM 1.90 is always the best choice.

Maybank2u Pay

By on June 2, 2013

maybank2u-pay-intro

Maybank2u Pay is a new payment facility that designed purposely for small and home businesses conducting transactions online. With the Maybank2u Pay, the shopper no need to enter the lengthy account numbers when transfer the money to the seller. It allow seller to easy reconciliation of sales transaction as well as it’s more systematic and convenient.

tech.david-cheong.com

Why use Maybank2u Pay?

Running an online business isn’t just about making sales. It involves sourcing for new products, constantly updating your blog, taking great photos for visual guide and many more back-end tasks. Going through receipts and proof of purchase can be time consuming and confusing, if there are a lot of transactions going on at once.

Chances are, mistakes are inevitable and sometimes, it can affect your online business. With this new payment facility, you can enjoy all the benefits below:

  • Easy reconciliation of sales transactions as there is a differentiation between normal funds transfers & Maybank2u Pay
  • Email notification on every transaction
  • View your sales transaction history for the past 60 days via Maybank2u
  • Detailed sales transactions under Maybank2u Pay History:
    • transaction date & time
    • transaction details & status
    • buyer’s name & email
    • amount transferred

tech.david-cheong.com

How does Maybank2u Pay benefit your online shoppers?

As a shopper, the overall online shopping experience determines whether a return visit is worth it, or not. Often, shoppers get turned off by lengthy payment processes, so getting Maybank2u Pay can really turn things for the better. With this new payment facility:

  • Payment method is simplified through Maybank2u and payment can be made directly to the seller’s account via a simple button.
  • There’s no need to remember the seller’s account number, so the payment process is simplified.
  • No need for proof of payment (i.e. scan / copy of payment receipt) to the seller.

tech.david-cheong.com

Here’s how to register for Maybank2u Pay

  1. Login to Maybank2u
  2. Click on Maybank2u Pay from the Maybank2u main menu
  3. Click on ‘Apply for Maybank2u Pay’ to register for Maybank2u Pay
  4. Read and accept the Terms and Conditions. Click ‘Continue’ to proceed to the Registration screen
  5. Provide business details including Business Name, Business Email, Account Number, Business Phone Number, Business Address, Business URL and Business Category. Click ‘Continue’.
  6. Click ‘Request a TAC’ and enter the TAC.
  7. Click ‘Confirm’ if all the details entered are correct or click on ‘Go Back’ to edit the details
  8. Customer will receive a confirmation that the application has been accepted and customers will be notified via email within 1 working day on the application status

tech.david-cheong.com

Things You Should Do As A Seller

E-Commerce owners using the Maybank2u Pay facility are encouraged to post a write up on Maybank2u Pay in their respective E-Commerce shop. This is to notify buyers that the E-Commerce shop is using Maybank2u Pay and at the same time, educate buyers on the do’s and don’ts when using Maybank2u Pay. E-Commerce owners can refer to the guide below for your write up on Maybank2u Pay:
How to use.

  • Click on the Maybank2u Pay icon on the blogshop and login to Maybank2u.
  • Seller’s name will be automatically displayed. Shopper is to select the type of account and enter your email address, amount and description of transaction. The shopper must read and accept the Disclaimer before proceeding to the next screen.
  • Click ‘Continue’.
  • Click ‘Request a TAC Number’. TAC number will be sent to shopper’s mobile phone. Enter the TAC Number and click ‘Confirm’ to proceed with payment or click ‘Go back’ to go to the previous screen.
  • Shopper can print screen and save the payment confirmation for record and future reference.
  • Shopper will receive an email as a confirmation of the completed transaction.
  • Sellers are advised to place the Maybank2u Pay icon on the main page of their E-Commerce website so that it is visible to the buyers.
  • Sellers are also advised to post a write up on Maybank2u Pay in their E-Commerce website to notify buyers that the E-Commerce website are using Maybank2u Pay. You can refer to the Maybank2u Pay Guide, for your write up on Maybank2u Pay

tech.david-cheong.com

Although the Maybank2u Pay is consider a new Payment Facilities in Malaysia if compare to the 3th part payment gateway such as iPay88 or MOLPay, because of the free charges + there is no any integration needed in order to start accept payment, I believe very soon it will gain the trust from the SME E-Commerce owner to apply. You may check their existing Blog Shop List at Maybank2u Website.

 

Maybank2u Pay Ad on TV

tech.david-cheong.com

WorldPay acquires YESpay

By on March 8, 2013

gI_61895_YESpay-logo

Global provider of payment and risk services WorldPay has acquired global card payments company YESpay.

 

By leveraging YESpay’s technology, WorldPay will be able to offer its UK clients a payment service, including merchant acquiring, card processing and payment terminals integrated with point of sale systems. The combined service will allow WorldPay and YESpay customers to exploit the needs of omni-channel shoppers with a single payment service operating in-store, online and on mobile. In addition, WorldPay will acquire YESpay’s businesses and assets including payment platforms and technologies, its 150 employees, based in the UK, Canada and India and over 3,000 customer relationships.

 

Financial terms of the agreement have not been disclosed.

 

YESpay provides secure internet, EMV Chip & PIN, contactless and gift card payment processing services to independent and multi-chain merchants. Through EMBOSS, the YESpay Managed Payment Service, merchants can accept integrated card payments within EPOS, kiosks, hospitality and e-commerce systems. WorldPay has 75 national and international payment methods and operates in over 40 countries worldwide.

Recently just rented out my new bought apartment and everything is confirm and going on smoothly until the step of tennancy agreement stemping procedure, as I have no experience at all on this. Because I pass the agreement to the runner to help me to do the stemping, so I need to calculate out the total cost of stemping plus the runner fees of RM 10.


The following are the description and the calculation of the fees:

Stamp duty is one of the method our government earns revenue.

When a property is transacted, stamp duty is imposed on the following manners:

1) When A Property Is Rented.

The tenancy is stamped with an amount calculated as follow:-

a) Firstly, calculate the annual rent (eg: RM600 per month x 12 months = RM7,200).
b) Then less RM2,400 from the annual rent (eg. RM7,200 – 2,400).  This is because the first RM2,400 is exempted from stamp duty which means that rent per month of RM200 need not pay stamp duty.
c) Next, calculate the stamp duty payable based on the following table:-


When the lease is for a period:-


1 year or less

more than 1 year but equal to 3 years or less than 3 years

Exceeding 3 years or more

For every RM250 or part thereof in excess of RM2,400

RM1

RM2

RM4

d) For every copy of the tenancy agreement a stamp duty of RM10 is chargeable.

2) When A Property Is Sold.

All transfers of property attract stamp duty regardless whether the acquirer gives consideration (value in money or kind example by exchange, as gifts from loves one) for the transfer or not.

The Malaysian government at times impose stamp duty exemption for certain property type for a certain period of time so as to encourage housing sale. Currently, no exemption is given.

Stamp duty for transfer of property is chargeable at the following rate:

Value Of Property Rate Of Stamp Duty %
Up to RM100,000 1
RM100,001 to RM500,000 2
RM500,001 onwards 3

3) When A Property Is Mortgaged

When a property is mortgaged, mostly likely the lender of the money will claim charge over the property, the lender does this by creating a Charge on the property.  Hence, a Charge is an instrument created by statute namely the National Land Code (NLC).  A Charge enable the Chargee (lender) a security for the loan granted to the Chargor (Borrower) over the property charged.

Stamp duty is calculated at the rate of about 0.5%.


You may also refer to here for more detail

Link 1

Link 2

Paypal fee calculator

By on March 23, 2009

paypal-logoPaypal Fee Calculator is a small and simple tools for you to calculate the amount of money that you going to charge your customer if you want to transfer the finance charges to them.


Paypal fee calculator available in 2 difference mode which are simple mode and advance mode. If you just want to find out how much your customer need to pay to you using the Paypal account without involve any currency convertion, then just enter to the simple mode.


What you need to do is enter finance charges at the bottom of the page, then enter the amount you wish to received at the top of the page. The Paypal calculator will help to you calculate how much you should ask your customer to pay to you in order to get a exactly the amount.


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iPay88 – Easy Payment Scheme

By on January 8, 2009

ipay88logo

Good news for all the business owner who like to accept the Easy Payment Scheme in Malaysia. iPay88 has just launch their 0% interest Easy Payment Scheme. This is a new and alternative way for you to sale more.




The iPay88 EPS consist of few banks as below:

  • Alliance Bank
  • EON Bank
  • HSBC Bank
  • Bank Islam

The minimum amount per transaction  is RM 500 for 6 months intallment and minimum of RM 1,000 for 12 months installment.


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iPay88 now working with Paypal

By on December 26, 2008

iPay88 (one of Malayisa online payment gateway) now working with world bigest e-wallet payment provider – Paypal. Refer to the lastest blog post in iPay88 official blog where now iPay88 merchant can offer Paypal payment option to their customer with their existing integration.

 
The additional of payment option of Paypal for iPay88 merchant will not incur any additional cost.

 
For more detail, please visit iPay88 official web site or contact their representatives at +603-92005555

 

iPay88 includes Paypal

iPay88 includes Paypal