MOLPay is looking at a 160% growth for its convenient cash payment service MOLPay CASH during the Hari Raya season.
Since partnering with Lazada Group and 7-Eleven back in May, MOLPay saw number of transaction jumped to more than 10,000 per day.
Criteo noted that the third week of Ramadan represent the biggest opportunity for online retailers. The study states there was an average of 67 per cent uplift in online retail sales and 14 per cent uplift in online travel sales.
“Traditional payment is the new e-commerce innovation. A considerable large number of Malaysians still prefer paying by cash over credit cards or online banking. MOLPay CASH provides an alternative payment solution for merchants to broaden their customer base,“ said MOLPay CEO Eng Sheng Guan.
Through its online-to-offline (O2O) method, Raya shoppers can order products from online merchants and pay at 7-Eleven’s over 2,100 outlets nationwide. No bank account or credit or debit card is needed.
Apart from the Alibaba-backed Lazada, MOLPay expects to sign-on more e-commerce businesses by years-end. MOLPay CASH also serves international brand UNIQLO, travel booking platform Traveloka and online beauty shop Hermo.
“Adopting MOLPay Cash will open wider business opportunities by both established and smaller online players to seize more than half of the market that prefer fraud-free, traditional cash payments. All these online businesses need to do is enable the service and they can start to enjoy noticeable growth in sales every month,” added Eng.