MOLPay Cash Bringing Online Payments, Offline
MOLPay introduces MOLPay Cash, the first and only Online-to-Offline (O2O) payment, pioneering in Southern Asia in collaboration with 7 -Eleven.
MOLPay Cash is for customers who wants the convenience of online shopping, without wanting to risk compromising their bank or card details. It allows users to pay in person without needing to key in any banking details into a webpage.
In a release, MOLPay notes that 60% of Malaysians prefer cash payment instead of credit cards. While there are still certain users who may not have online bank accounts or cards, the main push for this approach is cyber safety. With more and more users being conscious about their privacy and data, a number of users will be hesitant to reveal payment card details online, regardless of how secure a webpage maybe with their personal info.
Users shopping online can select MOLPay Cash as an option at checkout. This sends a request to MOLPay, which generates a transaction ID and verification code. Shoppers can use said code and make their payment in any 7-Eleven outlets across Malaysia. Once payment is confirmed, a receipt will be issued and payment status will be updated. Finally it’s just waiting for parcel arrival.
The transaction is limited to a maximum of RM1,500 transaction per day for safety reasons. There is a 48-hours period of payment for users to clear their transaction at any 7-Eleven outlets nationwide before voiding the order made.
MOLPay Cash users are increasing exponentially because of its no fuss approach. Shoppers don’t need to create any online accounts or key in personal data. 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.
It is estimated that this collaboration will boost sales for the local e-commerce scene by 40%, serving the 60% of the market not using online banking services. This is also a way for online merchants to grab more customers, bringing in revenue and value for their current and potential customers.
“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.” said Mr. Eng Sheng Guan, Chief Executive Officer of MOLPay Sdn Bhd.
“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 added.