MOLPay CASH expects growth spike during Ramadan
Southeast Asia’s leading payment gateway MOLPay Sdn Bhd expects a 160% rise in growth for its new convenient cash payment service MOLPay CASH during the Hari Raya season. The number of transactions per day has jumped to more than 10,000 since its partnership with regional e-commerce player Lazada Group and convenience store chain 7-Eleven Malaysia Sdn Bhd in May this year. “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. Citing a study by performance marketing technology company Criteo, Eng said the three weeks leading up to Ramadan, and more specifically, the third week of Ramadan represent the biggest opportunity for online retailers. During this period, the study states there was an average of 67 per cent uplift in online re