MOLPay Cash: The Next Big Thing
Kuala Lumpur (7 March 2017) — MOLPay Sdn Bhd, Southeast Asia’s leading payment solutions provider raises the ante in e-commerce market segment by introducing MOLPay Cash, the first and only Online-to-Offline (O2O) innovative payment, pioneering in Southern Asia.
MOLPay Cash is a way of payment for customers that prefer to explore online shopping, but has no online banking accounts or cards. This is also perfect for online frequents that prefer offline cash payment. MOLPay Cash works as an alternative way of paying your shopping cart without keying in your banking details into a webpage.
As 60 per cent of Malaysian consumers prefer cash payment method instead of through credit cards, this payment channel will be one of the main attractions for online e-commerce businesses. The introduction of MOLPay Cash is also timely since Malaysians are very concerned about their cyber-safety and more hesitant to reveal their payment card details online even if their personal info are protected.
One of the main reasons why MOLPay Cash users are doubling each month is because there is no fuss in using this payment channel. The users can skip the tedious steps for creating an online account as well as keying in personal data and banking details on an online portal. It is as easy as buying online, checking out, paying for purchased items at the nearest 7-Eleven store and waiting for the parcel’s arrival.
The collaboration between these two companies will give a 40% boost in sales for the local e-commerce businesses from huge corporation to SMEs through MOLPay Cash alone, as it serves the remaining 60 percent of the unbanked market. It is also seen as a way for online merchants to expand their reach to more Malaysian consumers, thereby allowing more revenue and greater value for their new and existing customers.
“MOLPay Cash is the Online-to-Offline (O2O) gateway for these e-commerce as well as m-commerce businesses, from established companies to small SMEs, to engage and seize the 60% of the market that prefer cash payment over online banking or cards. In order to get to them, these online businesses are in need for a new, better and a more innovative means of payment,” said Mr. Eng Sheng Guan, Chief Executive Officer of MOLPay Sdn Bhd.
“MOLPay Cash is set to provide greater value to our Malaysian e-commerce businesses as it will spur local SMEs which are still exploring other innovative payment channels to engage the rest of the underserved market. The convenience of MOLPay Cash will allow these businesses to reach out to customers and grow their customer base as they can pay by cash to the nearest 7-Eleven for their online purchases,” added Mr. Eng.
“So far, we are witnessing an astounding 80% hike in monthly transactions for MOLPay Cash across the nation and we are expecting growth of more than 150%. This number can be achieved through proper integration, awareness and education of the existence of such channel where many online businesses have neglected”, Mr. Eng concluded.
How does it work?
Just like any other monetary transaction, a few simple steps are involved to complete a payment for an online purchase with a maximum of RM1,500 transaction per day for safety reasons.
The person making an online purchase from selected online portals can proceed to checkout and select MOLPay Cash as their payment method that will then send a request to MOLPay.
A transaction ID and verification code will then be generated and the said buyer is required to take their transaction ID and verification code to the nearest 7-Eleven outlet and make the payment. Once the payment has been done, a receipt will be issued and the merchant will then be updated on your payment status. The only thing left to do is to wait for your parcel to arrive at your doorstep.
MOLPay offers a 48-hours period of payment to buyers to clear their transaction at any 7-Eleven outlets nationwide before voiding the order made.
Monetary transaction has the upper hand in the sense of its operating time. Most, if not all credit or debit card transactions will be momentarily suspended from 12am until 4:30am to allow their banking system to update.
But that will not be a problem with MOLPay Cash. There 2,122 7-Eleven outlets nationwide, which means at least 150 outlets per state, operates 24-hours a day, everyday of the year.
For more information about MOLPay Cash and other MOLPay Sdn Bhd services, please visit www.molpay.com/v3/7eleven.