US transaction services company in SEA pact with MOL
By Digital News Asia February 28, 2014
- Duo to launch point-of-sale-activated gift card mall solutions in South-East Asia
- Targeting mid-2014 launch, first cards to be available in Malaysia, Singapore and Thailand
ATLANTA-headquartered prepaid product and transaction services company InComm has entered into an exclusive arrangement with MOL, one of Asia’s leading online payment service providers, to launch point-of-sale-activated (POSA) gift card mall solutions in South-East Asia.
InComm and MOL are targeting a mid-2014 launch with the first POSA cards to be available in Malaysia, Singapore and Thailand, the two companies said in a statement.
“InComm is delighted to have partnered with MOL in what is a significant potential POSA market,” said Frank Monaco, InComm senior vice president and international general manager international.
“We are committed to working with MOL to provide consumers a simple and secure shopping experience,” he added.
InComm said its POSA technology allows retailers to activate prepaid cards at the point-of-sale, eliminating the risk and cumbersome control procedures required for maintaining an inventory of value-bearing cards.
The technology also allows prepaid cards to be displayed for sale with a reduced risk of theft and shrinkage, it claimed. Using this POSA technology, card issuers also have the opportunity to leverage card design in marketing the cards.
“MOL is excited to partner with InComm, one of the leading marketers, distributors and technology innovators of stored-value gift and prepaid solutions globally,” said Ganesh Kumar Bangah, MOL Global’s group chief executive officer.
“The launch of POSA cards in these territories will certainly provide value-add and benefits to MOL’s existing and future partners in the region,” he added.
MOL is majority owned by Vincent Tan, founder and majority shareholder of Berjaya Corporation, one of Malaysia’s largest conglomerates which also owns the local rights to various retail brands such as Starbucks and 7-Eleven.
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