MOLPay’s new FPX Plan helps microenterprises to adopt e-payment

New online payment solution

MOLPay, has introduced a new online payment solution namely MOLPay-FPX Plan, which is specifically designed to help local micro- enterprises to accept seamless and secure online payment via FPX platform for their online business transactions while providing low entry costs.

Micro-enterprises with online stores or e-commerce websites can accept FPX platform that allows shoppers to transfer their bank account funds to their respective FPX participating banks for any products or services purchased via the Internet. Currently, the FPX participating banks are Bank Islam, CIMB Bank, Hong Leong Bank, Maybank, Public Bank and RHB Bank. Besides offering security features that are compliant with Payment Card Industry’s Data Security Standard (PCI DSS), MOLPay-FPX Plan also provides features such as real-time reporting and instant payment notification.

“We observed that there are many online merchants especially those selling low profit margin products who are still reluctant to engage online payment services to accept payments from their customers due to the common transaction fee charged deemed high. They rather prefer their customers to pay cash on delivery, cash / cheque deposit or Interbank transfers,” said Eng Sheng Guan, the CEO of MOLPay. “Online payment transactions will not only help the merchants to save time, but it will also provide shopping conveniences to the customers, improves customer satisfactions and encourages repeat orders,” Eng said.

Eng added that this initiative is in line with Bank Negara’s blueprint to build a cashless society in the country. To encourage and help more microenterprises to start online businesses in the country, MOLPay has formed a strategic partnership with major e-commerce solutions or e-commerce system providers such as, MyBizCart, SiteGiant, SyokWeb and webShaper to ensure that they can setup their online stores with online payment functions quickly and easily without having to worry about knowing any programming and technical skills.

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