Snippets
BMW launched DirectDebit e-Mandates registration
Focus Malaysia 13 Aug 2019 14:52
BMW Group Financial Services Malaysia has launched the DirectDebit e-Mandates registration service in collaboration with Citi Malaysia and Payments Network Malaysia Sdn Bhd (PayNet) to provide added convenience and flexible recurring payment options for their customers.

Present at the launch ceremony were Mr. Tobias Eismann, CEO and Managing Director of BMW Credit Malaysia Sdn Bhd and BMW Lease Malaysia Sdn Bhd (companies of BMW Group Financial Services); Mr. Lee Lung Nien, CEO Citi Malaysia and Mr. Peter Schiesser, Group Chief Executive Officer, Payments Network Malaysia Sdn Bhd (PayNet), the operator of DirectDebit along with the senior officers from BMW, Citi Malaysia and PayNet.

BMW Group Financial Services is the first captive Financial services provider in Malaysia to offer DirectDebit via e-Mandates to its customers. This is in line with the premium automaker’s mission to Make Mobility Easy, Flexible and Affordablefor everybody. With the collaboration, BMW customers are now able to service their monthly repayments automatically with DirectDebit without any transaction fees. DirectDebit service is free for bank customers when they make recurring payments.

Established and operated by PayNet, DirectDebit provides a convenient and efficient collection method for businesses or billing organizations that enables automated collection of recurring payments directly from customer’s bank account from 40 banks in Malaysia.

Over 3,000 billers nationwide currently use the DirectDebit service, some of which are educational loan providers, government agencies, insurance companies, investment firms, water filtration and home appliances companies, to name a few.

With DirectDebit e-Mandates, BMW will be able to drive the transformation of paper-based registration to a secure and seamless online registration with instant notification of successful mandate while allowing BMW customers' the flexibility to authorize mandates in the trusted environment of their own bank.

Registration to activate DirectDebit can easily be done from the BMW Group Loyalty+ app through 5 simple steps:



As one of the earliest member banks of the DirectDebit platform in Malaysia, Citi has played an active role in developing and promoting the direct debit payment method with industry volumes growing 31% in 2016 to MYR25 billion. Citi Malaysia was awarded Best Direct Debit Bank by PayNet at their annual Malaysian e-Payments Excellence Awards 2017.

Quote from BMW Group Financial Services Malaysia: 

In the future, the BMW Group aims to be the leading technology company for Premium Mobility and we are tremendously delighted that here in Malaysia, we are able to kick start an initiative that is leading towards such objective together with our esteemed partners PayNet and Citi.

Tobias Eismann, CEO and Managing Director of BMW Credit Malaysia Sdn Bhd and BMW Lease Malaysia Sdn Bhd (companies of BMW Group Financial Services)
 
Quote from Citi Malaysia:

Citi’s partnership with PayNet and BMW enriches the client experience in digital financial services. It is about being simpler, more cost efficient and secure. We have an accelerated growth track and have made significant progress in our digital transformation initiatives in Malaysia. As a global premier digital bank, Citi is supportive and committed to efforts aimed at making Malaysia a cashless society.”

Lee Lung Nien, CEO Citi Malaysia.

Quote from PayNet:

“We are honoured to collaborate with BMW and Citibank to offer DirectDebit as the preferred channel for collecting monthly hire purchase payments. With DirectDebit e-Mandates, customers of the BMW Group in Malaysia will enjoy cost savings, efficiency improvements and greater convenience” said Mr. Peter Schiesser, Group Chief Executive Officer, Payments Network Malaysia Sdn Bhd (PayNet).  

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