When compared to manually operating your business, digital payment makes it perform much more effortlessly.
This transition is being driven by an increase in the use of mobile payments in Southeast Asia.
Digital payments promise a paperless transaction as well as a quick checkout.
Customers are no longer required to open their wallets quickly in order to find money to pay at a merchant’s counter.
Southeast Asia, especially is undergoing a financial change led by digital payments.
To top it off, the research predicts that by 2025, eCommerce expenditure in the area would increase by 162% to US$179.8 billion, with digital payments accounting for 91% of transactions.
Because payments are the most common point of contact with customers – such digital transactions are the focal point for SMEs in Southeast Asia looking to innovate their payment systems.
Why do SEA consumers prefer digital payments?
In 2020, nearly 70% of the 443 million people in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam were becoming digital consumers.
It shows that people in the SEA country are increasingly accepting digital payments in their daily transactions.
There are different payment methods available for digital payments. Internet banking, POS terminals, mobile wallets, and other services were included.
The benefits and drawbacks of each digital payment vary according to a business’s preferences toward their customers’ expectations.
To be more specific, the most recent digital payments, such as QR payments and eWallets, are more practical because they offer consumers faster transactions and better money management.
The digital receipt will be kept within each payment and it is easier to trace back the online transactions on a merchant’s end.
mCollect POS: Pathway to digital payments for UOB customers
The UOB mCollect POS is a digital payment collection solution exclusive for UOB bank account owners in Singapore, Malaysia, Thailand and soon Hong Kong.
It’s a mobile payment app specifically built to accept QR payments such as PayNow, DuitNow and PromptPay.
This real-time digital collection app enables small businesses to receive instant payment reporting as well as payment notifications when a fund is received by their consumers.
The UOB mCollect POS is a simple way for all businesses to go for paperless payments.
It combines the ease of use of DuitNow and PayNow QR (Malaysia and Singapore) with the flexibility of your smartphone to create a digitalized billing alternative.
Installing the app is downright simple! You can instantly:
- Minimize the risk of mishandling cash and other personal data.
- Set specific permissions for each member of your team to consolidate all branches within a single app.
- Have customers scan dynamic QR Codes from your merchant’s store at checkout or you can send QR codes to your customers via any messaging platform.
- Maintain a record of all incoming payments, including bank transfers and money transfers.
Why is UOB mCollect POS the perfect alternative for businesses of all industries?
- Low processing fees
Our UOB mCollect POS app charged a transaction cost of 0.15% on all QR payments – the lowest processing fee for digital payments on the market.
When compared to credit cards, the processing fees are ten times lower. Therefore, you will be able to save even more money on processing fees.
- No external hardware
All you need is a smartphone to communicate with your customers during payment processes.
This is the perfect alternative to offer customers who are already well-versed in sending payments via PayNow, DuitNow and PromptPay – and it’s more money back in your pocket.
- Powerful reporting
UOB mCollect POS provides excellent data insight that makes it easier for you to get important data.
You may see an overview of your overall number of scans within our dynamic QR codes.
Also included is the location, device types, date, and time of each scan to make data reporting easier.
- Accepting DuitNow, PayNow and PromptPay payments (multibranch + multiuser)
For the time being, UOB mCollect POS is only available to users in Singapore, Malaysia and Thailand. It will soon be available for users in Hong Kong.
Supported is also the option to extend the app to your team across locations.
So that field service staff, salespeople, cashiers or other individuals in your team can record payments from their own mobile device – whilst you’re alerted when funds come in on your own smartphone.