Kuala lumpur: Neurogine Sdn Bhd’s flagship product, Neurogine n2Tap, has been adopted by Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) as part of the bank’s i-MerchantRAKYAT initiative. The strategic partnership aims to modernize payment methods for micro, small, and medium-sized enterprises (MSMEs), enabling them to accept cashless and contactless payments using smartphones and accelerate their digital transformation while fostering financial inclusion.
According to BERNAMA News Agency, Neurogine, a home-grown innovator in financial payment solutions, stated that the first phase of the project was completed in 2023 with the successful integration of Neurogine n2Tap as part of the iMerchantRAKYAT app, enabling the DuitNow QR system. The second phase, finalized in late 2024, enhanced the app with Neurogine n2Tap’s Near Field Communication (NFC) feature, enabling MSMEs to accept contactless payments via smartphones from Mastercard and MyDebit cardholders.
According to Neurogine, the integration of Neurogine n2Tap transforms NFC-enabled smartphones into versatile payment terminals, eliminating traditional point-of-sale (POS) hardware and enabling MSMEs to accept payments from multiple sources, including credit cards, debit cards, and mobile wallets. This seamless and secure mobile payment solution empowers businesses to improve operational efficiency, cater to a broader customer base, and drive growth.
Neurogine chief executive officer Owen Chen Chee Onn noted that Bank Rakyat is the first in Malaysia to leverage Neurogine n2Tap, enabling the bank to strengthen its position as the preferred financial institution to serve 1.1 million micro merchants in the country and support their growth. ‘Neurogine n2Tap is the first Malaysian mobile payment technology with two mobile payment security standard certifications from Payment Card Industry Security Standards Council (PCI SSC), namely the PCI Mobile Payments on Commercial off-the-shelf (MPoC) or PCI MPoC Software and PCI MPoC Solution. The certification highlights the security and global interoperability of this Malaysian-developed innovation, and Neurogine is approved by Payments Network Malaysia (PayNet) to operate as a contactless device provider,’ he said.
Bank Rakyat chief executive officer Ahmad Shahril Mohd Shariff emphasized the collaboration underscored the bank’s commitment to supporting MSMEs in their digitalization journey. He highlighted that over RM100 million in micro-financing had been disbursed to nearly 3,988 entrepreneurs and MSMEs in 2023 and 2024. He said the i-MerchantRAKYAT app is part of Bank Rakyat’s broader strategy to support MSMEs by enabling them to effortlessly accept payments using the convenient DuitNow QR system and NFC, while seamlessly tracking sales and efficiently managing outlets and cashiers.