In Aug 2018, Bank Islam Brunei Darussalam (BIBD) launched its service QuickPay. The BIBD QuickPay is one of the updates by BIBD to simplify the transactions for its users.
With the launch of QuickPay, BIBD plans to go ahead with with its aim of cashless payments in Brunei.
“QuickPay is simpler, more secure, and also cost-effective. It’s perfect for even small businesses that could not afford expensive point-of-sale-systems.”— Hjh Nurul, Head of Retail Banking, BIBD
QuickPay will replace BIBD’s E-Tunai. In E-Tunai service, the bank had to install tablets on retail counters to allow the mobile payments. With QuickPay, QR Codes will be printed and displayed on the counter. This QR Code will be used to accept QR Code based payments.
How does BIBD QuickPay work
Customers can make transactions by scanning a QR Code with BIBD mobile app. This is how it the method works for both merchants and customers:
1.Vendor sings-up with the QuickPay
2. The QuickPay staff gives him a QR Code
3. The Vendor displays this QR Code online. Or prints it to put it on display at the counter
4. Buyer opens the BIBD mobile app on the smartphone and scans the QR Code
5. Finally, buyer confirms the payment
That’s it. This three step process, Scan-Pay-Confirm, will make the transaction simple and fast.
“This eliminates the need for customers to withdraw cash from our ATMs. It’s also much simpler than using a debit card.” Hjh Nurul, Head of Retail Banking, BIBD
QuickPay also carries a merchant commission of 1.5-2% off each transaction. It does not even carry any registration fee.
The bank hopes to see more adoption of QiuckPay in Brunei’s retail sector to keep up with the trend of mobile payments.
BIBD is confident that QuickPay will be the breakthrough cashless payment service of Brunei. They expect it to especially enable micro, small, and medium enterprises to go digital.
Also see how Middle East is using QR Codes for various use cases.
That’s all you need to know about QuickPay.