iPay88’s Latest Award Indicates Continual Progression for Online Banking Solutions
(Pic above: e-Payments Excellence Award’s *Top FPX Acquirer* was presented to both the co-Founders cum Executive Directors of iPay88, Lim Kok Hing (Right) and Chan Kok Long (Left)
iPay88 Holding Sdn Bhd (formerly “iPay88 Sdn Bhd”) (iPay88), an NTT Data company and a leading Malaysian-based provider of online payment solutions in ASEAN, shares its recent e-Payments Excellence Awards win for the 7th consecutive time since 2009 whereby this time the company was again named as the Award’s ‘Top *FPX Acquirer’.
*Note: FPX refers to the PayNet’s direct-to-bank Internet payment gateway, which facilitates Internet payments and e-commerce purchases using savings and current accounts.
The annual e-Payments Excellence Awards is given out by PayNet – Malaysia’s central payment network infrastructure that is owned by Bank Negara Malaysia and a consortium of eleven (11) local financial institutions.
Founder and Executive Director, Chan Kok Long shares, “Since 2006, iPay88 has been registered with Bank Negara Malaysia to provide merchant acquiring services in Malaysia. We take on this role very seriously, especially in performing the necessary credit and risk assessments to ensure that the merchants that we sign up are verified and of good business standings.”
As an online payment solution provider, he says that iPay88 adopts Bank Negara Malaysia’s vision of a ‘cashless society’ and makes conscientious effort to ensure that all of its business developments are aligned to drive the same.
Introducing FPX Credit Card Account for Online Banking
Chan says that based on iPay88 statistics, a majority of 64 per cent of online transactions are via Online Banking, with FPX being the preferred payment option.
He says, “Conventionally online banking via FPX only provides the option of selecting payment from either the consumer’s current account or savings account.
Since Q4 of 2017, iPay88 has been working with PayNet to introduce the FPX Credit Card Account to our huge database of merchants. FPX will now be able to provide the ability to collect payments from more than 25.2 million Internet Banking users in Malaysia using both current / savings or credit card accounts.
We have carried out a pilot run early this year and enabled FPX Credit Card Account as an online banking option for 250 merchants so far, with a target of 10,000 merchants this year. The FPX Credit Card Account option will add value, by increasing convenience for online purchasing via credit cards.”
About iPay88 Holding Sdn Bhd (iPay88)
Set up in 2006 and headquartered in Kuala Lumpur. iPay88, an NTT Data company, is an ASEAN leader in providing online payment services and payment solutions for merchants with multiple financial institutions as business partners in Malaysia. It has established a strong position with a dominant market share as well as established e-commerce merchants already operating in Malaysia – including a diversity of established enterprises, multinationals, service providers and financial institutions.
iPay88 has since catapulted into an online payment gateway solutions market leader locally, and has established its presence regionally in countries in Southeast Asia including Philippines, Indonesia, Thailand, Singapore, Vietnam, Cambodia and Bangladesh.
iPay88 has received numerous awards including MSC status by Malaysia Multimedia Development Corporation (MDeC) in 2007, Merit Award in the Best Financial Application category in the Asia Pacific ICT Awards (APICTA) and since 2009, the Most Outstanding Merchant of Payment Model by FPX-MEPS. For more information on iPay88 as well as its products and services, visit www.ipay88.com
About PayNet (Payments Network Malaysia Sdn Bhd)
PayNet is Malaysia’s central payment network infrastructure. Bank Negara Malaysia (BNM) is PayNet’s single largest shareholder, with eleven other Malaysian’s financial institutions as joint shareholders (these include Malayan Banking Berhad, RHB Bank Berhad, Public Bank Berhad, CIMB Bank Berhad, AmBank (M) Berhad, Hong Leong Bank Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad and Bank Kerjasama Rakyat Malaysia Berhad).
PayNet’s services include:- FPX; Real Time Electronic Transfer of Funds and Securities (RENTAS); RENTAS Depository; Interbank GIRO (IBG Debt Securities Services; Fully Automated System for Tendering (FAST); Sistem Penjelasan Imej Cek Kebangsaan (eSPICK); JomPAY; MyDebit and
The PayNet Group also operates the Malaysian Electronic Payment System (MEPS).
For more information on PayNet, visit http://www.paynet.my/about-paynet.html