Molpay is an online bank transfer payment method that allows shoppers to easily make payments at the point of checkout without credit or debit cards. Molpay is owned by Wee Keong Oon. Aside from Malaysia where the payment option began and is primarily based, the payment option covers a fraction of Southeast Asia and China. It functions in Thailand, Vietnam and plans to extend into Indonesia soon.
The platform works seamlessly with the local currencies in the regions where it operates allowing users to do mobile top-ups, and pay bills without their cards by only connecting their bank accounts to the platform.
The multi-currency payment gateway is available to e-commerce stores that are already in the Southeast Asian market or interested in dominating these market segments. Here are some of the benefits of using Molpay.
Benefits of Using Molpay
Molpay offers many benefits that e-commerce websites can harness to their benefit. The payment option is focused on a market becoming an important emerging market in the world, allowing online businesses to penetrate and conquer early. The GDP growth of the Southeast Asian countries which it covers is 4% – 5%, annually.
Diverse payment options
Molpay’s multi-currency support for online banking ensures that customers’ preferences are duly catered to in different regions. This helps Molpay-integrated platforms have a one-point solution for a major part of the Asian market.
Molpay operates an intuitive interface that makes it accessible to anyone within its regions. Customers can complete transactions by merely tying their bank accounts and doing the barest minimum
Molpay provides last-mile payment services to 40,000 + payment points and over 100 banks all through Southeast Asia.
Molpay stands out for its security techniques which feature fraud detection and 265-bit advanced SSL encryption. The platform is kept protected daily by Hacker Safe and Sitelock. It also allows secure 1-click payments and operates under a 3D secure environment facilitated by Visa and MasterCard. The 3D secure environment aims to create a similar level of trust to make purchases in physical stores.
Molpay allows smooth adaptation into platforms via comprehensive guides found on multiple websites. It can also allow personalized payment pages, giving customers a familiar checkout experience. The presence of seamless integration provides buyers with a smoother and faster checkout experience as they no longer need to be redirected to the Molpay website. Whether coding will be involved or not depends on your integration method.
Subscription and recurring payments
Molpay supports business models with a recurrent billing service orientation. This automates the process of making payments for the buyers, and for the sellers, it reduces administrative efforts.
How to Connect
While different e-commerce platforms have their Molpay integration guides, below is a general way of going about it. Note, that there are many integration methods, mainly APIs, plugins, or direct integration.
- Go to their portal
- Decide integration method
- Test and go live