Go cashless at 7-Elevens
CONSUMERS can now use their smartphones for payments at 7-Eleven with the roll out of MOL AccessPortal Sdn Bhd’s (MOL) mobile wallet app, One2Pay.
MOL Global Inc group CEO Preecha Praipattarakul said the chain of convenience stores was the first merchant to accept One2Pay which marked a milestone towards the company’s efforts toward making Malaysia a cashless society.
For now the e-wallet is accepted at 7-Eleven stores in the Klang Valley, with the service expected to be made available at 2,218 stores across the country by Jan 17.
The app, which is regulated by Bank Negara Malaysia, could be used by anyone with a valid Malaysian mobile number.
Top ups are purchasable at 7-Eleven or via online banking, while users could also cash out the e-wallets by transferring the money into their bank accounts. Wallets are capped at RM1,500.
The company has a number of security features in place – if the app detects an unusual spending pattern, it will require the user to key in a passcode. Also, if an account is used to make many purchases in a small time frame or across many locations, it will trigger an alert.
Praipattarakul said One2Pay was more convenient than credit or debit cards as merchants only needed to scan the unique QR code to accept payments, rather than using a terminal. This meant even small retailers and food trucks could accept e-wallet payments.
He said MOL, a wholly-owned subsidiary of MOL Global Inc, had the largest user and merchant base locally with around 4,000 registered merchants and 20,000 users, even before the launch.
“We know many e-wallet players are trying to enter the region, but we will leverage on our familiarity with the locals to stay ahead. Plus the market is still fairly open,” he said, during a press conference after the launch at the Ansa Hotel in Kuala Lumpur.
Praipattarakul targeted to have a seven-figure user base by year end, and expand to over 6,000 merchants including Berjaya Corporation Bhd’s F&B brands like Starbucks, Wendy’s and Kenny Roger Roasters.
The launch was witnessed by Berjaya executive chairman Tan Sri Vincent Tan, who is also a majority shareholder of MOL Global, and Mara Corporation chairman Datuk Dr Yusof Yacob.
MOL is also joint-venturing with Mara to deploy One2Pay as a payment system among its members.