In brief: Soft Space to pilot smartphone acceptance of debit card payments in Malaysia

Soft Space, in collaboration with MyDebit, Malaysia’s national debit scheme operated by Payments Network Malaysia, will pilot Fasstap, a fintech solution that could potentially allow small businesses and sole proprietors to accept card payments at minimal cost.

Source: Press release

Businesses can use any Android-based smartphone with near-field communication or NFC technology to accept and process MyDebit payments.

Through the new solution, Soft Space is aiming to reduce the cost for merchants, who will be able to use their smartphones to collect debit card payments without the need for physical point-of-sale terminals. MyDebit’s transaction fees for businesses average at 0.56 percent compared to 1.33 percent for credit cards.