The appointment of MOLPay by MyClear is expected to enable e-commerce transactions and further increase Malaysia’s e-commerce merchant base by allowing online merchants to integrate their website with FPX via MOLPay. As a result, online merchants will be able to accept payments from the online banking services integrated into the FPX platform.
In addition, MOLPay will establish and maintain all online data processing capabilities including merchant approvals and maintenance to support payment transaction processing. As a third party acquirer, MOLPay will also implement a risk management system to detect, manage and report fraudulent transactions and unwarranted chargebacks.
According to a study conducted by Goldman Sachs, the worldwide e-commerce sales will reach USD 963 billion by 2013, growing at an annual rate of 19.4 percent. In most markets, more than half of internet users are visiting the retail portals and in Malaysia about 46 percent of the online populations are visiting retail websites which are mainly owned by local and international brands and merchants.
FPX is an internet-based multi-bank payment platform which enables online payments for e-commerce transactions. Direct Debit is an interbank collection service for regular and recurring payments enabling automated collection directly from a customer’s bank account at multiple banks with a single authorisation.
MOLPay which was formerly known as NBePay was founded in 2005 and has been acquired by the MOL Global Group in August 2011. MOLPay currently has more than 2,500 online merchants and is compliant with global security standards.
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