Complies with Bank Negara regulations and PCI DSS global security standard
In pilot, merchants which used the solution saw 15% increase in successful transactions
ONLINE payment solutions provider MOLPay has unveiled its Secure 1-Click Payment, saying that customers would now be able to complete mobile transactions in a single click.
In compliance with Bank Negara Malaysia (the central bank) regulations, there will be a follow-up with One Time Password (OTP) authentication if a credit card is 3D- enabled, MOLPay said in a statement.
Return customers will be identified through their user profile with a token, a secret key to store and retrieve customer’s credit card information from a secured vault. Therefore, no entry of credit card information is needed to authenticate the transaction the company claimed.
“User experience is very important, especially when it comes to mobile payments. We are excited to be able to offer our merchants a simple yet secure payment experience,” said Eng Sheng Guan, MOLPay chief executive officer.
MOLPay’s statistics with merchants during a pilot run of this services show that merchants which use Secure 1-Click Payment can see a 15% increase in successful transaction rates and a reduction in abandoned cart rate up of an estimated 25%, the company claimed.
MOLPay said it has been aiming its research and developments efforts at improving user experience, especially on mobile, and had introduced a newly enhanced payment page with responsive web design (RWD) technology which is optimised for both desktop and mobile screen resolutions.
The Secure 1-Click Payment solution adheres to the Payment Card Industry: Data Security Standard (PCI DSS).
MOLPay is a payment gateway in South-East Asia that provides global credit card processing and localised alternative payments. It is also a Payment Service Provider at multiple banks in the region and a non-bank acquirer for the Malaysia Financial Process Exchange (FPX), which connects most online banking systems in the country.
MOLPay is part of the MOL Global Group, one of the largest Internet companies in the region with offices in Malaysia, Singapore, Thailand, Indonesia, Turkey, Philippines, Vietnam, Taiwan, and Australia/ New Zealand.
Newly launched MOLPay-FPX Plan aimed at micro-enterprises
Exabytes, MOLPay tie-up to boost e-commerce
For more technology news and the latest updates, follow @dnewsasia on Twitter or Like us on Facebook.