Insights from BOV and the Malta Chamber of SMEs
The payments landscape has experienced rapid changes, exerting pressures on local businesses to re-think their operational processes and strategic models. The shift towards digital payments is growing stronger along with the benefits promised by digital solutions. These were some of the topics debated during a recent webinar for SMEs hosted by Bank of Valletta and the Malta Chamber of SMEs.
“The Maltese banking sector is fundamental for local businesses to properly function,” stated Paul Abela, President of the Malta Chamber of SMEs. “The support of local banks is critical for our SMEs, which as a sector was severely hampered by COVID-19. As a Chamber, we recognise the benefits that local businesses can, now more than ever, reap from digital payments and we strongly encourage our members to embrace novel solutions that will translate in augmented cost-effectiveness, speed and efficiency.”
Settlement of business payments has over the years switched to digital channels, according to Kenneth Farrugia, Chief Business Development Officer at Bank of Valletta. Payment mechanisms traditionally revolved around cash and cheques, but these are now being rapidly replaced by digital channels such as internet banking, mobile banking and contactless payments. “Generations Z and Y customers are particularly responsive to the deployment of technology in the payments landscape, and we are witnessing an increasing number of consumers who execute contactless payments using their portable devices such as mobile phones and watches,” stated Mr Farrugia.
Bank of Valletta is one of the main drivers of digital banking solutions in Malta and its suite of payment solutions is available for businesses, regardless of their size of operation, wanting to move from the costlier cash or cheque-based payments into more efficient and faster digital payments. The suite, which comes at a reduced price structure, includes options for both B2B payments and payments to and from other parties such as employees and customers. Additional solutions include contactless EPOS terminals, internet and mobile banking and mobile to mobile payments.
Businesses targeting a digital payment strategy can get in touch with the BOV Payments specialists on paymentsbusiness@bov.com or can apply online on https://www.bov.com/content/salaries-and-batch-payments-main.
Further information can be found on https://www.bov.com/Business.