Bank Islam Malaysia has launched e-Mandate, a platform for the collection of recurring payments. The platform will facilitate customers registered as merchants with InfaqPay to carry out recurring payments such as utilities, insurance premium, association membership, Zakat and donation directly from their customers’ accounts on a fixed schedule.
The bank intends to onboard 40 new merchants by the end of this year and conclude 30,000 transactions through its new platform. Since its introduction late April, InfaqPay has registered at least 20 merchants, facilitating more than 3,000 transactions to-date.