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Takaful Ikhlas Agents in Malaysia to Use Mobile Payments

Mobile Commerce Insider Featured Article

April 11, 2014

Takaful Ikhlas Agents in Malaysia to Use Mobile Payments

By Frank Griffin
TMCnet Contributing Writer

In many countries around the world, businesses hold themselves to higher standards by implementing religious doctrines as to how the organization should conduct itself. This type of practice is seen in Judaism and Islam as well as some sects in Christianity. Takaful IKHLAS is an organization in Malaysia which has adopted the Takaful System. Takaful means “guaranteeing each other” or "joint guarantee" in Arabic and the system is a type of Islamic insurance, where members contribute money into a pooling system in order to guarantee each other against loss or damage.

Takaful IKHLAS has a range of services carried out by 6,000 agency personnel, brokers, financial institutions, motor franchise holders, co-operatives and Islamic bodies. In order to simplify the payment process from its customers, the company is making mobile payment available to its agents.

According to the company it is going to provide Plug n Pay by CIMB Bank (Plug n Pay) payment device, a chip-based mobile solution that allows businesses to manage electronic payment using smartphones and tablets.

To initiate the payment process all an agent has to do is insert the Plug n Pay card reader into their mobile device so the system can accept signature-based credit and debit cards to finalize the transaction with the mobile application. Once the account has been debited for the amount, the customer will receive a receipt through an e-mail or SMS.

Another benefit of using this technology is it provides improved security because personal or account details of the customer are not stored in the card reader, unlike traditional POS systems.

"We believe the Plug n Pay device will benefit our customers and ease the business transactions made by our agency workforce who are always on the go, especially when reaching out to customers who wish to subscribe to any of our financial protection products and services. Transactions can now be done anytime, anywhere and the device enables our agency workforce to close deals with the customers immediately," Takaful Ikhlas President and CEO Ab Latiff Abu Bakar said in a statement.

Edited by Stefania Viscusi

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