PUC and Revenue Monster to facilitate WeChat Pay
KUALA LUMPUR: ACE marketlisted company, PUC Bhd (PUC) yesterday announced that its wholly owned subsidiary, Founder Pay Sdn Bhd (FPSB) has signed a Memorandum of Understanding (MoU) with Revenue Monster Sdn Bhd (Revenue Monster), a payment solutions provider and the first appointed merchant acquirer of WeChat Pay in Malaysia, to facilitate WeChat Pay transactions.
Upon the recent arrival of WeChat Pay in Malaysia, FPSB will partner with Revenue Monster by leasing Android-based payment terminals to the latter in order to facilitate its merchant acquiring business.
The partnership will enable Malaysian merchants, retailers and business owners the ability to accept QR code payments at their point of sale (also known as a two-dimensional barcode or quick response code), starting with WeChat Pay and soon other wallets in phase two.
Group managing director and chief executive officer of PUC, Cheong Chia Chou highlighted that this is an opportunity for PUC in view of the growing business potentials coupled with the increasing acceptance of e-wallets among consumers in Malaysia.
“PUC will enter into a revenue sharing partnership with Revenue Monster through the leasing of payment terminals, which PUC will be able to receive a portion of the transaction fee from every eWallet payment performed using these terminals.
“On top on that, PUC and Revenue Monster will be able to encourage the adoption of digital lifestyles among local consumers through the usage of e-wallets in their daily life.
“This can be used for items such as online shopping, marketing promotions, deals and voucher purchases and redemptions leveraging on the terminals' network.”
E-wallets can be used as an alternative to cash, credit and debit cards as it is convenient and secure at the point of transaction¹ and the high mobile penetration in Malaysia can further drive the adoption of e-wallets.
Ken Lim, chief executive officer of Revenue Monster also shared, “Mobile payment is revolutionary to the payment industry as it will change the way purchases are made and processed in Malaysia.
“E-wallets promises convenience for both online and offline payments, and consumers can complete a purchase in mere seconds with a scan of their device, minimising the frustration of long checkout queues.
“For merchants, this provides the potential to reduce costs such as lowering fraud loss or payment processing fees — the latter of which is often cited by merchants as the biggest expense after labour.”
Additionally, Revenue Monster offers progressive and comprehensive products and solutions, such as a remote terminal management system for centralised business operations, customisable food-ordering management services, together with an integrated management portal that allows merchants to manage its own Facebook Messenger and WeChat social media page to publish promotions and manage customer loyalty programmes.
In the long run, the partnership with Revenue Monster will also unlock future business potentials as the terminals can be configured to accept other ewallets in Malaysia with Revenue Monster's intellectual property, a unified QR code system that can be accepted by and is interoperable between various types of e-wallets.
PUC will enter into a revenue sharing partnership with Revenue Monster through the leasing of payment terminals, which PUC will be able to receive a portion of the transaction fee from every eWallet payment performed using these terminals. Cheong Chia Chou, PUC Group managing director and chief executive officer