Bank Rakyat Taps Neurogine n2Tap To Boost MSME Digital Transformation
By Jailani Hasan
LABUAN, July 2 (Bernama) – 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 modernise 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.
In a statement to Bernama today, Neurogine, a home‑grown innovator in financial payment solutions, said 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, finalised 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 to Owen Chen Chee Onn said that Bank Rakyat is the first in Malaysia to leverage the 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 said the collaboration underscored the bank’s commitment to supporting MSMEs in their digitalisation 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 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.
--BERNAMA