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Welcome to the future of Banking with Pan Asia’s innovative online solution mCredit. This new Mobile Payment mechanism replaces your Credit Card, Debit Card and the need to carry physical cash. mCredit is an extension to Pan Asia Bank’s SMS Banking product, where once you register, will be given a approved credit limit ( subject to credit evaluation). This limit will be accessible on your mobile phone to make payments for purchase of goods & services at any one of our registered mCredit merchants which include; - Café’s & Restaurants
- Hotels
- Beauty Salons & Spa’s
- Gymnasiums, Sports Centres & Health Centres
- Leisure Parks & Movie Cinemas
- Fuel & Gas Stations
- Super Markets, Convenience Stores & Department Stores
- Hospitals & Pharmacies
- Consumer Electronic & Appliance showrooms
- Retail Clothing Outlets
Customer Benefits - Credit & Debit Option
- Credit Option – You will obtain an approved credit limit (on registration) where you can enjoy a 2.50% interest per month (Better than a credit card)
- Debit Option - You can still operate using mobile banking and also receive interest on your savings account balance.
- Convenience – you do not have to be present at the location of your payment and can authorize the payment while being else where. (ex: If your spouse is at the local supermarket and needs to pay for purchases, you can authorize the payment request through your Mobile phone even while you are at work)
- More Secure - Since this method is PIN enabled, no fraud or scams can create losses like in the case of credit cards & debit cards. No Transaction will go through without your authorization.
- Receive a daily balance update on your mobile phone via SMS
Merchant Benefits - Receive instant credit in to the merchant’s bank account
- Immediate payment confirmation on merchant’s mobile, enable easy reconciliation
- Cost of message from Merchant to bank is only the SMS
- No POS machines needed - Any merchant who is registered with Pan Asia Bank will be provided with the mobile phone and SIM to commence their operations in mCredit
- More middle level merchants can now compete with the larger establishments. The corner shop which is now not patronized by the Credit Card holders since they do not accept Credit cards would have access to a larger customer base & can compete offering better discounts to customers
- Receive account balance update daily.
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