Bank Muamalat targets 15,000 merchants to offer QR payments by 2020

The payment method is an extension of the bank’s work in increasing the mobility of paying for both zakat and wakaf


BANK Muamalat Malaysia Bhd aims to have 15,000 merchants utilising its quick response (QR) code payment mode by next year.

The bank currently has 2,700 merchants on board for the QR payment method, its strategic business and e-banking division senior VP and head Datuk Mearia Hamzah said.

“By the end of this year, we aim for 3,700 merchants, which means 1,000 more onboard,” she said at the launch of Bank Muamalat’s e-Wakaf payment via QR code in Kuala Lumpur (KL) yesterday.

The payment method is an extension of the bank’s work in increasing the mobility of paying for both zakat and wakaf.

“In the future, we hope to expand the QR payment service for zakat as well, and name it e-Zakat,” she said.

To date, the bank has introduced the e-Wakaf service via QR code payment in Selangor, Negri Sembilan, Kelantan and Kedah.

Previously, customers would make payments for wakaf via Internet banking, automated teller machines (ATM’s) or bank counters.

Bank Muamalat CEO Datuk Mohd Redza Shah Abdul Wahid (picture) said the initiative is a follow-up to the bank’s Wakaf Muamalat drive, which collected RM27 million as of August.

“From that amount, as much as RM19 million has been allocated to 82 projects nationwide,” he said.

The bank launched e-Derma, a QR payment service available on its i-Muamalat app, in mid-2018.

“Initially, as many as 30 mosques and suraus registered for this payment method. This number increased to 570 as of Sept 30.

“Aside from places of worship, it has attracted other institutions such as Tahfiz centres, education and medical foundations,” Mohd Redza said.

Five months after the launch of e-Derma, the bank expanded the service to retailers and micro-businesses nationwide.

To date, over 11,000 transactions have been made via the service with a total value of RM200,000, Mohd Redza Shah said.

“This shows that the rakyat are ready to move into an era of cashless payments,” he added.

The bank’s CTO Abdul Razak Mohamed Ismail said this also further proves the bank’s commitment to participate and grow in the digital space.

“The message is that we wish to further develop our growth in the digital technology space in the next two years,” he said.