Exabytes and MOLPay – the e-money making combo
Malaysia’s leading web-hosting provider, Exabytes Network (Exabytes) has signed a strategic partnership with payment gateway MOL Pay Sdn Bhd (MOLPay) which ultimately aims to grow and cultivate the local e-commerce ecosystem. Their partnership leverages Easy.my, a virtual mall which is hosted on Exabytes and which takes advantage of various payment methods that MOLPay offers.
Currently boasting over 7000 merchants since its launch in July 2011, Exabytes CEO and founder, Chan Kee Siak expressed that he expects the new partnership to increase new merchant applications as well as boost the number of transitions from brick-and-mortar shops to online stores.
“Exabytes estimates to add an additional 2000 merchants at Easy.my, and I believe that the ease of incorporating a secure, online payment capability will encourage more traditional retailers to move full-fledge into the cashless and digital e-commerce model,” said Chan. The virtual mall has up to 120,000 products and services.
From left: Mr. Eng Sheng Guan (CEO of MOLPay), Mr. Chan Kee Siak (CEO of Exabytes Network), Mr. Oon Wee Keong (COO of MOLPay)
A monthly subscription of RM39, allows merchants to instantly have an online selling platform complete with a secure credit card payment gateway, but Easy.my also supports offline payments. All customers need to do is submit their online shopping cart which will generate a code; this code can be presented to any of MOLPay’s over 3000 physical points (ie. 7-11 outlets, cybercafés and so on) in Singapore and Malaysia. Once payment is made at any of these points, arrangements would be made for delivery of the paid merchandise.
Merchants also have the option of the free version which allows them to place up to 20 products on Easy.my. They would enjoy support of multiple payment gateways with multiple secured payment gateways integration which accepts manual bank transfers, online bank transfers and credit cards. The hope is that they will progress onto the paid version as they expand their product range in the virtual mall and get more comfortable with selling via online.
An innovation worth mentioning from MOLPay is its support for FPX or Financial Process Exchange. What that means is that customers can pay online via participating banks as long as they have savings or current account with those banks.
At the moment, a monthly rate of RM39 or RM299 per year, entitles merchants to easy set up of a company website, product placement at the Easy.my virtual store, tight integration with social network site Facebook as well as a mobile viewing format for all these online portals. In the pipeline are support for smart televisions and even smart vending machines.
MOLPay CEO, Eng Sheng Guan revealed that just a website for retailers to promote their wares isn’t enough anymore. He added, “More and more retailers are looking to have a proper and secure online transaction system to encourage direct payment immediately upon online purchase by their customers.”
Chan shared that the idea to set up a virtual mall came about because of the huge number of group buying websites which mushroomed up in Malaysia a few years ago. He opined that their popularity pointed to Malaysians getting more comfortable with doing online transactions.