A variety of options are available for digital payments in Brunei Darussalam, Autoriti Monetari Brunei Darussalam (AMBD) stated in a release yesterday.
Among them are self-service terminals for example, Automated Teller Machines (ATMs) and Cash Deposit Machines (CDMs). Amid this COVID-19 outbreak, the public is advised to exercise physical distancing as much as possible. The public can check with their bank’s websites and apps for the location of their ATMs and CDMs in Brunei.
The other is online banking such as electronic and mobile banking. Never miss out on any bill payments. The public can avoid crowds and skip long queues by utilising their bank’s online or mobile banking services. Convenience in managing finances is at your fingertips.
Contactless payments for example, mobile payments (through QR codes), debit card and credit cards are another option. Make full use of mobile phone or contactless payments which do not require any touching or exchange of cash. Through this payment method, the public can do transactions seamlessly and track their finances to avoid unnecessary overspending.
Payment gateway such as e-Commerce sites is also included under this. Find ease in purchasing necessities through online means. It is worth looking for websites that support payment gateways to securely make the transactions. However, remember to always check and verify the legitimacy of a website with authorities or reading trusted e-Commerce review websites before making any transactions.
Another option is e-Payments. There are several FinTech companies participating in AMBD’s regulatory sandbox offering digital financial products or services to the public. The public can refer to the list of approved FinTech sandbox participants on the AMBD official website and see which products or services might fit their needs.
The spread of COVID-19 and the associated stay-at-home and social distancing orders have acted as a catalyst in the growth of digital payments, including payments conducted over the Internet and mobile channels. E-Commerce and mobile commerce have grown at a faster pace as customers have resorted to online shopping a lot more and many retailers are embracing online shopping platforms to capitalise on this trend. With digital payments having the advantage of requiring little to no contact, or physical interaction, it is a useful means of paying for goods and services while practicing social distancing, the release added.