From left: JT Express assistant CEO Vincent Low, executive director and  country head of transaction banking Lucas Chew, Soft Space chief strategy officer and Fasspay CEO Chris Leong, and UOB Malaysia managing director and country head of wholesale banking Andy Cheah

Kuala Lumpur, 26th March 2024 – Fass Payment Solution (Fasspay) and UOB Malaysia today announced a strategic collaboration aimed at providing J&T Express riders with the convenience of using their smartphones as point-of-sale (POS) terminals to accept contactless during last-mile deliveries.

The partnership introduces the first tap-on-phone payment acceptance system for a logistics industry player in Malaysia through Fasstap™, a cutting-edge solution that transforms enabled device into terminals. Currently, J&T Express processes close to seven million cash-on-delivery (COD) transactions valued at approximately RM200 million monthly. This digital payment system presents a timely and more convenient alternative to the traditional cash-based model and streamlines the payment process for increased efficiency.

Under the partnership, UOB Malaysia acts as the settlement bank to facilitate the flow of funds between parties through Fasspay’s in-house developed app, Fasstap™. J&T Express riders can now accept payments directly on their smartphones with a simple tap from customers’ debit cards, streamlining the payment process and enhancing the overall delivery experience. Payments are instantly credited to J&T Express’ UOB account, with riders receiving immediate credit notifications upon successful transactions.

Mr Andy Cheah, Managing Director and Country Head of Wholesale Banking, UOB Malaysia, said, “We are excited to partner Fasspay to introduce a market-first, for J&T Express. This partnership not only provides convenience to J&T customers but also addresses the key pain points in the logistics industry, which underscores UOB’s commitment to driving digital innovation and facilitating business growth within ASEAN and beyond.”

Mr. Chris Leong, Chief Strategy Officer of Soft Space and Chief Executive Officer of Fasspay, commented, “Recent studies show that seven out of ten Malaysian consumers are now actively using contactless cards. We want to further empower this trend by increasing the number of contactless payment points, especially in previously cost-ineffective areas. Our goal is to eliminate the costs and risks associated with cash handling, which could lead to significant savings for the last mile cash on parcel delivery segment, and also enable J&T Express to efficiently secure the funds immediately after payment is made.

Mr Vincent Low, Assistant Chief Executive Officer of J&T Express, said, “As a result of this collaboration between us, UOB Malaysia and Fasspay, we have the honour to be the first courier company to launch the cashless payment solution in Malaysia. This initiative will not only enhance operational efficiency but also promote environmental sustainability.” He added. “The cashless payment solution offers our customers greater flexibility and convenience, aligning with the fast-paced lifestyle of today. With just a few taps on their smartphones, customers can now make payments seamlessly, saving valuable time and effort.”

Both Fasspay and J&T Express are long-standing cash management clients of UOB Malaysia. Apart from providing a contactless payment solution, the Bank is also working with Fasspay to empower J&T Express riders nationwide with the convenience and flexibility of receiving payments via DuitNow QR on their Fasstap™-enabled devices in the future.

Mr Lucas Chew, Country Head of Transaction Banking, UOB Malaysia, said, “UOB is proud to have supported J&T Express and Fasspay’s cash management needs throughout the years and as testament to our ongoing dedication to seeking mutually beneficial partnerships, we brought together these companies in this meaningful collaboration. By collaborating to enhance consumers’ convenience through more flexible payment acceptance methods, we look forward to exploring other avenues in deepening our relationships with clients.”