PruBSN signs on to CIMB's Plug and Pay service

KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN), which signed on to CIMB Bank's Plug and Pay service yesterday, has, to-date, invested RM1 million in its PruBSN mobility platform, with over 48,000 submissions since its launch.
PruBSN mobility is a tablet-based mobile solution that allows customers to purchase takaful plans instantaneously using credit or debit cards.
Plug n Pay by CIMB is a chip-based mobile point-of-sale (mPOS) solution that offers businesses of any size and segment an affordable yet secure way to manage electronic payments using their smartphones and tablets.
PruBSN CEO Azim K. Mithani said some 45% of submissions are still on paper now, with the rest done via the platform and the company aims to increase submissions via the platform.
"Already more than 50% are on the platform ... some of our channels are already 100% on this platform so we are looking at the rest now," he said.
Azim said the company has increased its efficiency and productivity with the platform.
Last year, PruBSN achieved new business production of RM340.1 million with a 33.1% share of the market.
Azim said prospects for the takaful market are positive this year on the back of increased awareness among customers as well as the growth of products and offerings in the market.
Meanwhile, CIMB Bank Bhd CEO of group consumer banking Renzo Viegas said they do not expect a significant impact on its consumer banking business with the implementation of the Goods and Services Tax.
"We're all ready, our systems are live. We don't think there will be any significant impact," he told reporters at the PruBSN mobility Plug n Pay launch yesterday.
CIMB head of cards, retail assets and deposits Vipin Agrawal said the bank saw a strong first quarter (Q1) this year due to pre-GST spending by consumers.
"We've seen a strong Q1 but I believe there may be some softening as people become cautious in Q2. Then let's see how it goes, maybe it will come back. There's some cautiousness on behalf of the consumer as GST comes in. So Q2 may be softer but in second half we expect it to be back to normal," he said.