Financial Crime Prevention in Online Payment Systems to be Strengthened in Macao

Enhancing Cashless Payments and Security Measures

The Monetary Authority of Macao (AMCM) is set to implement new measures aimed at making it easier for bricks-and-mortar retailers to accept cashless payments, reconcile funds, and balance accounts. According to a report by the Macau Post Daily, improvements will be made to the Simple Pay point-of-sale terminal, which was launched in 2021.

Key Enhancements to Simple Pay Terminal

• Simplified Version: A new simplified version of the Simple Pay terminal is expected to be introduced, making it easier for merchants to use and manage.
• Larger Font Option: An option for a larger font will be available, enhancing user experience and accessibility for merchants with visual impairments.
• Registration-Free Micro-Payments: Registration-free micro-payments are set to become available, allowing for more convenient daily transactions.

Growing Adoption of Cashless Payments in Macao

The AMCM reported that there were 260 million local mobile payment transactions in 2022, valued at 26 billion patacas. This represents an increase of about 40 per cent over 2021 and a staggering rise of more than 20 times compared to the pre-pandemic year of 2019.

Expert Insights on Preventing Financial Crime

Experts believe that these new measures will help prevent financial crime and promote a secure online payment system in Macao, while also enhancing the overall user experience for consumers. The AMCM’s efforts are expected to contribute significantly to the growth of cashless payments in the region.