MOL AccessPortal, an e-payment service provider, is partnering with Soft Space International, a payment platform, to establish MOLCube, a mobile payment acquiring company. The new company will focus on enabling small and medium–sized businesses to accept credit and debit card payments. It will also become a third party acquirer, promoting a cashless society by enabling more merchants to accept cashless transactions using mobile phones and tablets.

The companies hope to tap into the growing mobile payments market in Malaysia and Asia, which is expected to become one of the most important, accounting for more than 60% of the total market share and 80% of mobile payment users.

MOL AccessPortal and Soft Space also aim to provide safe and secure mobile payment transactions for businesses to accept credit cards through their mobile phones by swiping the card on the MOLCube card reader device.

The MOLCube chip card reader can be integrated onto an iPhone, iPad and iPod Touch, with an Android and Windows version to be launched in the near future.