On 10th of May, 2012 Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), a subsidiary wholly onwed by Bank Negara Malaysia appoints MOLPay Sdn Bhd (MOLPay) as its first non-back acquirer of its Financial Process Exchange (FPX) service for online merchants. With this appointment, the Malaysian online seller able to implement online payment easily and securely by offering their online buyer to use Internet Banking service (such as Maybank2u, CIMB Clicks, etc.) to purchase their products or services online.
MOL Global Group (MOL), one of the largest internet companies in South East Asia ventures into online payment business after acquired NBePay, the first online payment service in Malaysia last year. MOL also owns MOL Access Portal and the pioneer social network, Friendster.
According to Group CEO of MOL Global during the signining ceremony, MOLPay will penetrate into other 4 countries by end of 2013, to become the leading online payment service provider in South East Asia. Besides, MOLPay also announced that they are going to launch physical payment, a payment services allowed online buyer to buy online but pay cash at participating MOL points centres such as 7-11 convenience store, POPULAR book store and cyber cafes. MOLPay believes this first physical payment service in Malaysia able to contribute to the growth of E-Commerce in Malaysia. Also, its physical payment services covers Singapore market via 7-11 convenience store, Singapore Posts and AXS kiosks.
iPay88 did very well in the past few years compared with NBePay. But, will iPay88 be defeated due to the rise of MOLPay? I noticed some iPay88 existing merchants have started to switch to use MOLPay. No doubt, MOLPay overall is better than iPay88 based my own personal research and the name of iPay88 is to "chinese" style and may not suitable for global expansion.
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