KUALA lUMPUR: Alp Capital Sdn Bhd (Alp Capital), a supply chain financing company, announced that in collaboration with AmBank, it has launched a dynamic DuitNow QR payment channel that is integrated with cloud-based point-of-sale (POS) system, Xilnex.

The integrated DuitNow QR accepts payments in ringgit and selected cross-border currencies.

With the cross-border DuitNow QR, which enables convenient instant payments by just using mobile phones, tourists from Indonesia, Thailand and Singapore can use their e-wallet and banking app to make payments by scanning the DuitNow QR at any participating merchant in Malaysia.

Vice versa, Malaysians abroad can do the same by scanning the participating merchant’s code in these respective countries.

Kong Ewe Keat, chief executive officer of Alp Capital Sdn Bhd said, “We are delighted to be able to collaborate with AmBank to introduce this new payment feature as regional payments interoperability would not only bring about efficient and seamless cross-border collections for them but would help reduce the cost of such transactions that had predominantly involved forex charges.

“In addition, with a dynamic DuitNow QR payment channel that is integrated directly with the Xilnex POS system, retailers can save processing time and cost by reducing their reliance on manual reconciliations.”

The new POS integrated DuitNow QR feature is provided to all of Xilnex’s existing and new customers with no setup fee, apart from the normal transaction-based merchant discount rate (MDR).

By automating the generation of a DuitNow QR that specifies the exact amount of each sale transaction, it not only expedites payment but also reduces the risk of fraud and inaccuracy that comes with having retail customers manually key in a figure for payment.

Retail staff no longer need to manually verify that the correct amount is paid by each customer, resulting in higher security. In addition, time spent to reconcile POS transactions with payments received separately through ewallets can be greatly reduced due to the integration of the POS system with the DuitNow QR.

“The past two years have been particularly challenging for retailers and we hope through our collaboration with Web Bytes and Alp Capital, we can continue to support the recovery of retail businesses in Malaysia by providing them with ecollection solutions powered by advanced technology that can help them better manage these challenges and optimise their business.

“By enabling the cross-border DuitNow QR acceptance by retailers here, it will further increase the volume of international transactions by foreign tourists, giving the consumers more secure options for cashless payments and for retailers, more efficient and seamless collections.

“This collaboration is aligned with our aspiration to be at the forefront of banking technology and improving our customers banking experience powered by digital innovation,” said group chief executive officer of AmBank Group, Datuk Sulaiman Mohd Tahir.

Alp Capital and AmBank will hold a joint marketing campaign in June 2023 that will run until December 31, 2023, with cash prizes to be rewarded to the top 3 DuitNow merchants with the highest transaction value and top 3 DuitNow merchants with the highest number of transactions.

Each merchant must have a minimum transaction value of RM10,000 throughout the campaign period to qualify.