Partnership to promote e-Commerce among Malaysian businesses
MALAYSIAN Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara Malaysia, has appointed MOLPay Sdn Bhd, a subsidiary of MOL Global Group as its official online merchant acquirer for MyClear’s Financial Process Exchange (FPX) and Direct Debit services.
FPX is a service that allows online consumers to make purchases via online stores using their banking accounts.
FPX will give the consumers another avenue to make the most of their online shopping experiences, whereas the Direct Debit service allows consumers to make recurring payments for insurance premiums, bill payments, and other related charges automatically and on schedule.
“The agreement between MyClear and MOLPay is one of MyClear’s efforts to elevate the migration of e-payment in the country. A high take-up of the FPX and Direct Debit services will contribute to building a payment eco-system that is highly efficient in terms of convenience, swiftness, security and cost.
A payment system that enables proficient movements of funds is imperative to the financial development and growth of the country’s economy,” said Mohd Suhail Amar Suresh, managing director of MyClear.
“In addition, the expediency that the FPX and Direct Debit services offer is not confined to consumers only as it extends to the merchants as well.
“With FPX, merchants can easily extend their online businesses especially to non-credit card holders.
“As all payments are conducted in real time, the merchants are credited online to ensure availability of immediate cash flow to further increase business opportunities.
“With Direct Debit, merchants can leverage on reduced administrative cost and time to collect recurrent payments from their customers.
“Merchants will additionally benefit from a more predictable cash flow. FPX and Direct Debit services bring about the simplicity and versatility of cheques in an e-commerce world,” he added. MOLPay, which was formerly known as NBePay, was founded in 2005 and was acquired by the MOL Global group in August 2011.
MOLPay presently has more than 2,500 online merchants and is compliant with global security standards including Payment Card Industry: Data Security Standards (PCI DSS), HackerSafe and with the Malaysian Payment Systems Act 2003.
The appointment of MOLPay by MyClear is expected to facilitate e-commerce transactions and further grow Malaysia’s e-commerce merchant base by allowing online merchants to integrate their website easily with FPX via MOLPay.
With these services, online merchants will be able to accept payments from the online banking services integrated into the FPX platform.
The integrated central transaction processing channels will enable MOLPay and its merchants to get connected to all the financial institutions in the country and permit efficient e-commerce transactions.
MOLPay will establish and maintain all online data processing facility capabilities including merchant approvals and maintenance to support real time payment transaction processing.
As a third party acquirer, MOLPay will also implement a risk management system that are capable of detecting, managing and reporting the incidences of fraudulent transactions and unwarranted chargebacks that merchants deal on a daily basis.
“This partnership marks another milestone in the growth of MOL’s payment business.
“MOL has historically been market leaders in the mobile reload and online game payments as well as social payments business.
“Our acquisition of NBePay last year was to expand our payments business into the fast growing e-commerce market. MOLPay presently provides global credit card processing.
“With this partnership, we will be able to provide online banking processing for our merchants at competitive rates.
“In the next few months, we will also enable MOLPay’s 2,500 merchants with payments through MOL’s network of cash payment channels,” said Ganesh Kumar Bangah, group chief executive officer of the MOL Global group.
The agreement was signed by managing director of MyClear Mohd Suhail Amar Suresh and Chief Executive Officer of MOLPay Eng Sheng Guan.
The signing was witnessed by MOL Global group chief executive officer Ganesh Kumar Bangah.