MOLPay, 7-Eleven team up to launch MOLPay CASH
Last updated on 21 March 2017 - 03:16pm
PETALING JAYA: MOLPay and 7-Eleven Malaysia have teamed up to launch a new payment option for e-commerce merchants – that is to allow them to accept cash from consumers at the nearest 7-Eleven outlet and get real-time notification when payments are made through MOLPay.
The new service named MOLPay CASH is a way of payment for customers that prefer to explore online shopping, but has no online banking accounts or cards and it works as an alternative way of paying people's shopping cart without keying in their banking details into a webpage.
MOLPay co-founder and CEO Eng Sheng Guan said MOLPay CASH offers a fraud free and convenient way to pay cash for online transactions while enabling merchants to reach a wider customer base.
On participating online merchant sites, consumers can choose to pay using the MOLPay CASH option besides the current payment options such as VISA and MasterCard.
"The collaboration between these two companies (7-Eleven and MOLPay) will give a 40% boost in sales for the local e-commerce businesses from huge corporation to SMEs through MOLPay Cash alone, as it serves the remaining 60% of the un-banked market.
Eng said the convenience of MOLPay Cash will allow these businesses to reach out to customers and grow their customer base as they can pay by cash to the nearest 7-Eleven for their online purchases.
“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%,” he added.
How does it work?
A few simple steps are involved to complete a payment for an online purchase with a maximum of RM1,500 transaction per day for safety reasons.
Customers making an online purchase from selected online portals can proceed to checkout and select MOLPay Cash as their payment method that will then send a request to MOLPay.
A transaction ID and verification code will then be generated and the said buyer is required to take their transaction ID and verification code to the nearest 7-Eleven outlet and make the payment. Once the payment has been done, a receipt will be issued and the merchant will then be updated on your payment status. Customer then can wait for their parcel to arrive at their doorstep.
MOLPay offers a 48-hours period of payment to buyers to clear their transaction at any 7-Eleven outlets nationwide before voiding the order made.
Monetary transaction has the upper hand in the sense of its operating time. Most, if not all credit or debit card transactions will be momentarily suspended from 12am until 4.30am to allow their banking system to update.
But that will not be a problem with MOLPay Cash. There are 2,122 7-Eleven outlets nationwide, which means at least 150 outlets per state, operates 24-hours a day, everyday of the year.