Global online social network Friendster has entered an agreement with Malaysia-based payment services provider MOL AccessPortal Berhad to power the Friendster Wallet and a payments platform, Reuters reports.

As a result of the initiative, Friendster's users will be able to make purchases with the Friendster Wallet that enables payments using prepaid and credit cards, as well as mobile phones and online payments.

The Friendster Wallet will offer alternative payment methods such as prepaid "top-up" cards, which are available at convenience stores such as 7-Eleven. After purchasing a prepaid card, users must enter the unique code from the card to put credit, called Friendster Coins, into the Friendster virtual wallet. The Friendster Wallet will support payment options including pre-paid payment cards, mobile payments from Singtel, GX Credits and Indosat iPay, online banking payments from Maybank, CIMB Bank, RHB Bank, Citibank Singapore, UOB and DBS, as well as credit card payments from American Express, Visa and Mastercard.

MOL AccessPortal Berhad will provide Friendster users with a series of payment capabilities including the virtual wallet, transaction management, pre-paid physical cards, support for multiple payment methods and fraud management.

Both the payments platform and wallet will be initially launched in Malaysia, and then throughout Southeast Asia and globally.