Towards cashless economy: BIBD NEXGEN showcased at 23rd Consumer Fair

IN A bid to further drive Brunei’s aspiration of becoming a highly developed and cashless economy, as well as support the growth of micro, small and medium enterprises (MSMEs) in Brunei, Bank Islam Brunei Darussalam (BIBD) is showcasing its hi-tech digital payment solutions and capabilities via the BIBD NEXGEN at the ongoing 23rd Consumer Fair.

The bank’s continuous initiatives in promoting cashless payments at consumer events is part of its efforts to support de-cashing of the economy with seamless transactions, already made possible through its suite of BIBD NEXGEN solutions which include the QuickPay and BIBD vCard as well as other contactless payment methods.

This was stated by BIBD in a press release.

Such efforts and initiatives are implemented in support of the ‘Digital Payment Roadmap for Brunei Darussalam’ launched late last year by Autoriti Monetari Brunei Darussalam (AMBD), the country’s financial industry regulator and central bank.

The five-year roadmap sets out key strategies towards the creation of a Digital Payment Nation which include greater adoption of digital payment solutions to promote market interoperability and encourage fair market competition, as well as enhancing public awareness and education geared towards building digital trust and market confidence towards the acceptance of digital payments.

Minister of Home Affairs Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong being briefed on the BIBD NEXGEN by Deputy Manager of Digital Services Unit, Digital and Merchant Management, Retail Banking Group Zainol Amin Jaafar at the 23rd Consumer Fair. – BIBD

“We are not just providing this facility to local MSMEs, but also to participating vendors and businesses from overseas to help them offer easy and fast convenient payment methods to visitors,” said BIBD Head of Retail Banking Group Hajah Nurul Akmar binti Haji Jaafar of the bank’s drive in promoting cashless payments at the 23rd Consumer Fair.

Visitors are invited and encouraged to use and experience all the cashless payment methods powered by BIBD NEXGEN.

Hajah Nurul Akmar added, “For customers and visitors, we just want them to enjoy and try out our digital and cashless payment platforms and solutions, as it will provide them with a convenient mode of payment.

“Cashless payments also give more security as shoppers can carry less cash and this eliminates a lot of risks associated with carrying cash.”

Some of the digital and cashless payment solutions available at the Consumer Fair include BIBD QuickPay, contactless cards, Progresif Pay and its latest cashless payment initiative the BIBD Wave.

BIBD Wave is Brunei’s first near-field communication (NFC) payment service via the BIBD NEXGEN mobile app for NFC-enabled Android devices. This mode of payment enables users to pay at card terminals by simply tapping their phones.

The BIBD NEXGEN platform showcases the bank’s intent to transform traditional banking to the fintech age, while at the same time promoting strategic partnerships among different industries and going beyond Brunei’s shores with regional and international partnerships.

During the 23rd Consumer Fair, most merchants will be provided with terminals that will accept contactless as well as the QuickPay option.

Members of the public are welcome to visit the BIBD booth at the 23rd Consumer Fair at the International Convention Centre (ICC) in Berakas between June 26-30 to better understand the BIBD campaigns, products and services.