The Monetary Authority of Macao (AMCM) is collaborating with financial institutions to launch an integrated online payment platform, dubbed “Simply Pay,” to boost local businesses, according to the official announcement released yesterday.
The initial stage of the scheme will be centered on merging the city’s e-payment platforms into one. The AMCM launched a seminar yesterday to walk local merchants through the benefits of the scheme and expound on the execution.
The scheme will require local retailers to upgrade the software of their existing payment terminals. This single, upgraded device will allow them to accept all QR-code payments from customers, such as Mpay, Alipay, LusoPay, in addition to several others.
The increased convenience of transactions brought about by the scheme is expected to “help merchants expand their client bases, stimulate spending and boost revenue,” the AMCM emphasized.
Any merchants that have their terminals upgraded will be given by a “Simply Pay” logo, which they can attach at their storefront to inform customers.
As of now, local financial institutions are reaching out to merchants to work out the agreements regarding the software upgrade, AMCM said yesterday.
At the end of November last year, Lau Hang Kun, a member of the Board of Directors of the AMCM, first disclosed a plan to roll out an integrated payment platform in response to the city’s rapidly surging mobile payment transactions.
The tally of mobile payment transactions exceeded MOP4.7 billion in the first 10 months last year — which was already 3.8 times the annual total in 2019 and 52.5 times that of 2018. HT
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