About
The all-new Maybank2u Pay is Maybank’s first attempt at offering an open API for digital payments to e-commerce merchants, incorporating a fully digital on-boarding process that allows application, document submission, SDK download, etc. to be fully done online.
Innovation presentation
Being the first bank in Malaysia to introduce Internet Banking in 2000, Maybank aims to be at the fore front in delivering next-generation customer experiences for its Internet Banking products and services. With the growth of e-Commerce in Malaysia, Maybank launched the revamped new Maybank2u Pay in March 2017, aimed at simplifying the Maybank2u Pay application process and reducing the effort for e-Commerce merchants to implement Maybank2u Pay.
Maybank2u Pay was originally launched in 2013 as the bank’s proprietary Debit Payment Engine (DPE) that allows e-Commerce merchants to offer their shoppers the option of paying quickly & securely from their Maybank2u account. Traditionally, e-Commerce merchants applied for Maybank2u Pay by submitting application forms at their preferred Maybank branch.
Moving forward, we decided to improve the customer experience for our merchants by introducing the new Maybank2u Pay with digital onboarding to make it simpler for our business customers to sign-up for and integrate Maybank2u Pay to their e-Commerce websites and making Maybank the first bank in Malaysia to offer open Application Program Interfaces (APIs) for digital payments.
Uniqueness of the project
This is a disruptive innovation as Maybank is proud to be the first bank in Malaysia to offer an open API for digital payments to e-commerce merchants. Not only that, we are also the first to implement a fully digital on-boarding process that allows application, document submission, SDK download, etc. to be fully done online.
Maybank2u Pay enables businesses to apply online to obtain payment capabilities for their e-commerce sites, and receive approval in as little as 24 hours. This is a vast improvement in terms of customer experience compared to the 7 weeks it used to take a few years ago!
Among the benefits of Maybank2u Pay are a low transaction fee, simple set-up and no requirement for documents as the application is made online. Merchants will be able to integrate the Maybank2u Pay payment gateway in a few simple steps into their company’s website so that they can receive payments online from their customers.
