Newly launched MOLPay-FPX Plan aimed at micro-enterprises

  • Micro-enterprises can accept seamless and secure online payment via FPX platform
  • Strategic partnership formed with major e-commerce solutions providers

Newly launched MOLPay-FPX Plan aimed at micro-enterprisesMOLPay, the first non-bank acquirer for Financial Process Exchange (FPX) in the country, has introduced a new online payment solution called MOLPay-FPX Plan.
It is specifically designed to help local micro-enterprises accept seamless and secure online payment via the FPX platform for their online business transactions, while providing low-entry costs, the company said in a statement.
“There are many online merchants, especially those selling low profit margin products, who are still reluctant to engage online payment services to accept payments from their customers, due to the common transaction fee being deemed high,” said Eng Sheng Guan (pic), chief executive officer of MOLPay.
“They prefer their customers to pay cash-on-delivery, via cash or check deposits or Interbank transfers,” he added.
With MOLPay-FPX Plan, micro-enterprises with online stores or e-commerce websites can accept the FPX platform that allows shoppers to transfer their bank account funds to their respective FPX participating banks for any products or services purchased via the Internet.
“With our MOLPay-FPX Plan, which comes with no monthly fee and low transaction fees, online merchants can now start to adopt a hassle-free online payment method and benefit from the consolidated transaction reporting, instead of manually checking on statements, as well as instant payment notifications,” said Eng.
Currently, the FPX participating banks are Bank Islam, CIMB Bank, Hong Leong Bank, Maybank, Public Bank and RHB Bank.
In addition to offering security features that are compliant with Payment Card Industry’s Data Security Standard (PCI DSS), MOLPay-FPX Plan also provides key features such as real-time reporting and instant payment notification.
To encourage and help more micro-enterprises to start online businesses in the country, MOLPay has formed a strategic partnership with major e-commerce solutions or e-commerce system providers such as, MyBizCart, SiteGiant, SyokWeb and webShaper to ensure that they can set up their online stores with payment functions quickly and easily.
The newly launched plan is in addition to MOLPay’s existing online payment solutions – Premium Plan and Lite Plan – which are also designed for merchants to accept comprehensive list of online payment options including international credit card, debit card, Internet banking and e-wallet on a large scale, with higher entry costs.
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