iPay88, a leading Malaysian online payment company, has launched M-Pay, a mobile application that will make online shopping a friendlier experience for smartphone owners. M-pay will allow consumers to pay for goods and services using their smartphones and extend the reach of e-merchants.
“We are hoping to be a market enabler,” Chan Kok Long, iPay88’s Executive Director told KiniBiz. “Buying on your mobile phone will now be as secure as doing it online.”
iPay88 is the leading gateway payment enabler in Malaysia and has been in operation since 2000. The company has signed up over 5,000 Malaysian companies now using its payment system which can accept payments using debit and credit cards, e-wallets, and even PayPal. Merchants pay a fee to the company for the intermediary service.
iPay88 also has merchants from Philippines and Indonesia using their payment system. Chan told KiniBiz that they will rollout M-Pay in the Philippines at the end of February and in Indonesia by first quarter.
“Since the use of mobile phones is continuously on the rise, it is a natural step for companies to broaden their purchasing options to the m-commerce ecosystem as well,” Chan said. He predicted that M-pay will speed up convergence in payment systems between buying online and using a smartphone. M-pay is a secure payment option and the software kit is compliant with international regulatory standards, Chan said.
Malaysia’s mobile commerce (m-commerce) industry is expected to generate RM3.4 billion (US$1.1 billion) in three years’ time, according to a study released by PayPal last June. The study said that 2011 was a milestone year for mobile commerce in Malaysia. Malaysians spent 467 million ringgit in 2011, up more than threefold from 101 million ringgit in 2010.
The top three mobile spending categories, according to the PayPal commissioned study were movie tickets, fashion and accessories, and books.
iPay88’s M-Pay service complements the broad range of existing iPay88 web-based payment options, providing billing solutions for small and large-scaled enterprises, collecting donations on behalf of Non-Government Organisations, even enabling students to pay fees online.