KUALA LUMPUR, 10 January 2013: MOLPay, the first non-bank acquirer for Financial Process Exchange (FPX) in the country has introduced a new online payment solution namely MOLPay-FPX Plan, which is specifically designed to help local micro- enterprises to accept seamless and secure online payment via FPX platform for their online business transactions while providing low entry costs.
With MOLPay-FPX Plan, micro-enterprises with online stores or e-commerce websites can accept FPX platform that allows shoppers to transfer their bank account funds to their respective FPX participating banks for any products or services purchased via the Internet. Currently, the FPX participating banks are Bank Islam, CIMB Bank, Hong Leong Bank, Maybank, Public Bank and RHB Bank.
Besides offering security features that are compliant with Payment Card Industry’s Data Security Standard (PCI DSS), MOLPay-FPX Plan also provides key features such as real-time user friendly reporting and instant payment notification.
The newly launched MOLPay-FPX Plan is in addition to MOLPay’s existing online payment solutions – Premium Plan and Lite Plan which are also designed for merchants to accept comprehensive list of online payment options including international credit card, debit card, internet banking and e-wallet on a large scale, with higher entry costs.
“We observed that there are many online merchants especially those selling low profit margin products who are still reluctant to engage online payment services to accept payments from their customers due to the common transaction fee charged deemed high. They rather prefer their customers to pay cash on delivery, cash / cheque deposit or Interbank transfers,” said Eng Sheng Guan, the Chief Executive Officer of MOLPay.
“With our MOLPay-FPX Plan which comes with no monthly fee and low transaction fee, online merchants can now start to adopt hassle- free online payment method and benefit from the consolidated transaction reporting instead of manually checking on statements, as well as instant payment notifications.”
“Online payment transactions will not only help the merchants to save time, but it will also provide shopping conveniences to the customers, improves customer satisfactions and encourages repeat orders,” Eng said.
Eng added that this initiative is in line with Bank Negara’s blueprint to build a cashless society in the country.
To encourage and help more microenterprises to start online businesses in the country, MOLPay has formed a strategic partnership with major e-commerce solutions or e-commerce system providers such as Easy.my, MyBizCart, SiteGiant, SyokWeb and webShaper to ensure that they can setup their online stores with online payment functions quickly and easily without having to worry about knowing any programming and technical skills.
For detail pricing of FPX Plan, please visit http://www.molpay.com/FPX-Plan/q?cid=115&doit=showclass.
MOLPay is the first multi-currency payment gateway in Southeast Asia that accepts cash payments for online purchases, through physical outlets such as convenience stores and bookstores. It is simple to setup on any e-commerce store and also, convenient and secure for online buyers to use. MOLPay offers a wide range of e-commerce payment solutions - from online payment acceptance and processing to fraud management to payment security. MOLPay processes more than MYR1 billion transactions a year.
Founded in 2005, MOLPay has received various recognitions such as Merit Award in the MSC Malaysia Asia Pacific ICT Awards 2008 and MEPS FPX Most Outstanding Merchant 2009. MOLPay services comply with the global data security standard - Payment Card Industry: Data Security Standard (PCI DSS) - and also, the Malaysian Payment System Act 2003.
In 2011, MOLPay became part of the MOL Global Group, one of the largest Internet companies in Southeast Asia with offices in Malaysia, Singapore, Thailand, Indonesia, Philippines, India, and Australia/New Zealand.
In May 2012, Malaysian Clearing Corporation Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara Malaysia (Central bank of Malaysia) has appointed MOLPay as its first non-bank acquirer for its Financial Process Exchange (FPX) service for online merchants. For more info, please visit us at www.molpay.com.