Photo - Eng Sheng Guan, CEO and Co-founder, MOLPay.
MOLPay and 7-Eleven Malaysia have launched a new payment option called MOLPay CASH for e-commerce merchants, which allows consumers to pay cash at any 7-Eleven nationwide, and will help boost merchant sales by 40 percent, said the Malaysia-headquartered regional online payment solutions provider.
MOLPay's chief executive officer and co-founder Eng Sheng Guan said MOLPay CASH, is being made available initially at a few selected 7-Eleven outlets in the Klang Valley. "This allows online merchants to reach a wider customer base that they may not have been able to cater for in the past, and allows more buyers, especially those without credit cards and internet banking, to shop online."
Currently, 735 7-Eleven stores are already offering this convenient payment option and more stores will be joining soon. By July 2014, all 1,569 7-Eleven stores in Malaysia will be providing this service, said Eng.
"According to Nielsen's Global Saving and Investment Strategies announced earlier this year revealed that 60 percent of Malaysians prefer cash payment," he said, adding that the service allows "a fraud free payment method for e-commerce industry in Malaysia.
"MOLPay Cash integrates seamlessly with 7-Eleven, therefore the payment notification to merchant is automated once payment is made," Eng said. "When compare to Cash On Delivery (COD), MOLPay Cash offers a more secure and efficient way for merchants to receive cash from the buyers. According to some merchants in Malaysia, COD experience 20 percent of rejected rate when deliver to the buyer."
He said that for participating online merchant sites, a consumer can now select the MOLPay CASH option besides the current payment options such as VISA and MasterCard in MOLPay payment page.
Eng said that with the aim to increase merchant's sales by 40 per cent through this alternative payment method, MOLPay CASH uses a barcode for consumer to pay cash at the nearest 7-Eleven outlet. "MOLPay CASH is integrated with the 7-Eleven convenience store's point of sales system and will notify merchants in real-time when consumers have paid."
He said this payment option was expected to increase sales "exponentially for online merchants as it is very convenient for consumers" also the nationwide spread of 7-Eleven stores, available 24 hours a day and 7 days a week should mean more sales for merchants.
Eng cited Nielsen's Global Saving and Investment Strategies study earlier this year, which showed that 60 percent of Malaysians prefer cash payment. The percentage is even higher in the Philippines (74 percent), Thailand (68 percent) and Vietnam (61 percent).
MOLPay is a member of the Malaysia- headquartered Internet services provider MOL Global Group.