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The Monetary Authority is planning to expand cashless payments in Macao

Mobile payments topped 26 billion patacas last year, 40 percent more than in 2021 and 20 times more than in pre-pandemic 2019.

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Mobile payments topped 26 billion patacas last year, 40 percent more than in 2021 and 20 times more than in pre-pandemic 2019.

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PUBLISHED

UPDATED: 22 Dec 2023, 12:29 am

The Monetary Authority of Macao (AMCM)  says it plans to make it easier for bricks-and-mortar retailers to accept cashless payments, and reconcile funds and balance accounts, the Macau Post Daily reported.

According to the authority, improvements will be made to the Simple Pay point-of-sale terminal, which was launched in 2021, combining digital payment methods like Mpay, MacauPass, Alipay, BOCPay and Tai Fung Pay.

[See more: You’ll be able to use patacas in Hengqin under a new central bank proposal]

The security and capacity of Simple Pay will be improved and a simplified version will be introduced, along with an option for a larger font. The AMCM says registration-free micro-payments will be the next step in making daily payments more convenient.

The AMCM recorded 260 million local mobile payment transactions in 2022, valued at 26 billion patacas, an increase of about 40 per cent over 2021 and a significant increase of more than 20 times over the pre-pandemic year of 2019.

 

UPDATED: 22 Dec 2023, 12:29 am

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