BIBD introduces cashless payment

Yang Berhormat Dato Seri Setia Awang Abdul Mutalib, Minister of Communications visiting BIBD Pavilion and launching the new products from BIBD, BIBD BizNet and QuickPay at the TechXpo 2018 yesterday

First it was the eTunai (back in 2013) and now BIBD has upped their game by re-inventing the wheel, launching a better version, BIBD’s QuickPay. All you need is a QR Code and a BIBD app to settle a transaction. Easy peasy. The great thing about the QuickPay is that you won’t need physical terminals to carry out the transaction. The current eTunai which will be phased out, requires a presence of the tablet and there are currently 50 vendors using eTunai in Brunei Darussalam.

I believe BIBD’s move to introduce the QuickPay is to make payment more seamless especially among Small Medium Enterprises (SMEs) in Brunei Darussalam and even start-ups. The other advantage is that they don’t have to invest in the cash register of point-of-sale machines to complete the transaction.

It was mentioned from a BIBD representative that they QuickPay will have a lower cost transaction than the current ones with terminal points. The other great thing is that BIBD has also launched its BIBD MSME Account which requires a minimum opening and average monthly balance of only BND 50. Now ain’t that great news?

I’m not sure which vendors have already utilized the QuickPay mechanism but before that, you will need to update to BIBD’s app version (3.8.0) so you can use QuickPay.

The other product launched by BIBD is BIBD BizNet banking platform app provides corporate customers along with government-linked companies in Brunei Darussalam mobile access to the BIBD BizNet web-based platform.

Launched earlier this year, BIBD BizNet is an upgrade to its previous digital Corporate Internet Banking platform that provides day-to-day accounts and payments operations support with real-time account access along with a collection of other enhanced features.

These include single security token access for Parent and Subsidiary accounts, payment approval, fund transfers and bill payments along with information such as foreign currency rates and branch/ATM locator and other services.

Both BIBD BizNet and BIBD’s QuickPay were launched by Yang Berhormat Dato Seri Setia Awang Abdul Mutalib, Minister of Communications at the TechXpo 2018 at International Convention Centre yesterday.

Both products are testament for the BIBD NEXGEN initiative. I just hope one day will see NFC in form of payment where all you need to do is tap with your phone to make a transaction. I know in the UK have already carried out this technology and it’s on the rise. Let’s give it a two years or so maybe?

The Minister of Communications being briefed on BIBD’s QuickPay by BIBD representative. Image courtesy of Ridhwan Kamarulzaman of The Bruneian.

Now payment can be done as easy as 1-2-3

The press conference for BIBD’s new products the day before the launch

Pengiran Sanusi Iskandar Pengiran Haji Ismail, Senior Manager of Corporate Banking of BIBD explaining on BIBD’s new products during the press conference