The success of digital payments at local 7-Eleven stores via MOLPay, Southeast Asia’s leading online payment gateway, has proven that such transactions may soon be a lot more commonplace. There are currently over 2,000 7-Eleven stores across Malaysia, making it a more convenient payment solution for all segments of users. It is not limited to students only but also open to all bank account holders, credit and debit card users, as well as those who only make payments with cash.
“UKM realised their students required convenience and flexibility when making payments for their tuition fees and miscellaneous expenses,” said Eng Sheng Guan, Chief Executive Officer of MOLPay. “MOLPay’s partnership with 7-Eleven Malaysia since 2014 has made cash payment more accessible to students at any 7-Eleven outlet across the country. We offer a practical method for UKM to securely receive funds and bolster payment collection.”
Digital Payments Brought Offline
In 2014, MOLPay and 7-Eleven Malaysia announced MOLPay Cash, a new payment option for e-commerce merchants that allows customers without bank accounts or credit cards to make cash payments for online transactions. Online stores that offer the MOLPay Cash logo at the checkout would provide a transaction ID, which could be screencapped or printed by customers and then paid at 7-Eleven stores within 48 hours to complete the transaction.
On the same year that it was launched, UKM was among the pioneering Malaysian universities to embrace digital payments in the country through MOLPay. Upon connecting UKM ePayment service to MOLPay, the university reportedly saw a steady boost of online payment collection by 60% each year. The university credited the improvement in funds to increased awareness of the service availability among the general public and students.
Mokhsin Tumin, Finance Manager of UKM said, “Thanks to the partnership between UKM and MOLPay, our payment system is now updated in real-time which helps to ease payment updates upon receiving notice of payment. Students are also more assured that digital payment updates are immediate, so they won’t have to worry about any potential disruptions or delays to their education.”
Eng added, “MOLPay offers an easy and convenient alternative payment option to Malaysian consumers who still prefer to pay with cash. At the same time, online retailers and service providers are able to reach a wider range of customers who might not have access to credit cards and online banking.”
“This new payment option helps to simplify and create convenience for its students and we look to implement this new payment system through our partnership with other educational institutions.”