Maldives Islamic Bank (MIB) has launched an online payment gateway named MIB Global Pay.
MIB stated that the new payment gateway will assist local businesses in growing their digital footprint and providing innovative services such as real-time e-commerce payments.
According to MIB, the MIB Global Pay platform is powered by Mastercard Payment Gateway Services, which allows the platform to accept worldwide card schemes while also giving merchants with different integration choices.
With this new payment facility, MIB has begun accepting Mastercard, and it will also accept transactions using other international card systems.
The MIB Global Pay platform has various novel features, such as tokenization and a scheduled payment mechanism.
The payment tokenization function would give the most secure method of storing customer cards while simultaneously decreasing compliance requirements, resulting in speedier e-commerce transactions and lower compliance costs for businesses, according to the bank.
The scheduled payment option allows customers to arrange regular payments rather than having to do it manually each time.
MIB Global Pay offers three business integration options: direct payment, hosted checkout, and hosted session.
