Back in 2004, we saw that many people were still queuing up at counters to pay bills. It was a real hassle to queue and pay. We thought there should be a better and more convenient way. So, we decided to start a new business using bill payment kiosks that accept any kind of payments using cash, cheques or cards. We call it Bill Payment Business Process Outsourcing (or Brown Label Kiosks as the industry people calls it). We undertook the CAPEX and operating risks from the billers and invested in the kiosks hardware, the network infrastructure and the operations. The biller just needs to redirect traffic from the counters to the payment kiosks and pays for use of the kiosks.
Needless to say, we were met with many naysayers that say this model will not work, especially with credit card and internet payments gaining prominence. True to our entrepreneurial instincts, we went ahead, knowing that there is a niche. Today, this line of business has been a success and we are helping our clients collect RM17 billion annually or more than 20 million transactions per year. As for our clients, without risking their money in expensive equipments, they have enjoyed good savings by shutting down expensive payment counters. They could now spend more personalized time on helping their customers over the counter. They also see real improvements in their customer service. Their customers, on the other hand, can now just drop by the kiosks to pay at their own convenience.
Moving forward, we are faced with questions from Fintech evangelists. Well, we are actually great fans of Fintech and for now, just say that we shall evolve and embrace. This line of business shall remain relevant. How? That’s for us to know.