Online is the new world and in this fast-paced world, there is no time for buffering.
With Financial Technologies revolutionizing and digitizing the payment systems, changes in the ways consumer use to pay or buy goods and services is observed. Although the move to online payments in Malaysia was gradual, the rising internet and smartphone penetration fueled the shift to online banking for everything and anything.
Since the country’s initiative to move to a digital and paperless society, the volume of all electronic payment methods have been rising exponentially every year.
With bank transfers being the most preferred mode of payment in Malaysia, markets or business are now open to empower their accounts digitally.
e-Mandate is relatively a new method of collecting recurring payments in Malaysia introduced by PayNet, providing a fundamental infrastructure for businesses to collect recurring payments automatically without any human intervention. It is a simple, safe and the most convenient methods for consumers to pay bills or make recurring payments for insurance premium, utility bills, loan installment payment and others directly from their bank account on regular intervals.
Previous to the online mandate, direct debit was done offline, were the customers first required to fill, sign and submit a physical form to authorize the mandate. This process was,
How e-Mandate system is transforming old direct debit systems?
Unlike the previous Direct debit methods, which used to be manual and heavily paper-based, e-Mandate is an online direct debit payment solution that can be processed with in a day, thus reducing the processing time and rejections rates. Issuance and confirmation of mandate is done online and recurring payments are automated and collected via online internet banking or FPX.
Benefits of e-Mandate – An online direct debit solution for recurring payments
RinggitPay is offering e-Mandate services to business in Malaysia to enable seamless management of recurring payments. With real-time authorization confirmation and processing, e-Mandates have been revolutionizing and promoting businesses to adapt recurring or subscription payment models.