The new service, named MOLPay CASH, will roll out initially at selected 7-Eleven stores throughout the Klang Valley. Currently, a total of 735 stores offer this payment option and more stores will be joining soon. By July 2014, all 1,569 stores in Malaysia will be providing this service.
Through MOLPay CASH, merchants can offer the option of accepting cash from their customers through the nearest 7-Eleven outlet. A barcode is generated when the online sale is made, and customers use the barcode to pay at a 7-Eleven outlet. The merchant is notified of the payment in real time when payments are made through MOLPay.
MOLPay co-Founder and CEO Eng Sheng Guan noted that MOLPay CASH offers a fraud-free and convenient way to pay cash for online transactions while enabling those who do not have bank accounts or credit cards, as well as credit card holders who may want more control over their credit management to purchase goods and services online. The ubiquity of 7-Eleven stores and their 24-hour operations make payment extremely convenient as well.
The potential popularity of this payment method is very high. Nielsen’s Global Saving and Investment Strategies announced earlier this year that 60% of Malaysians prefer cash payment. The percentage is even higher in the Philippines (74%), Thailand (68%) and Vietnam (61%).
Source: MOLPay
