Malaysian JV to Offer EMV Mobile Acceptance
Oct. 9, 2012
Two Malaysian companies have partnered to form a joint venture to facilitate mobile commerce transactions in the country. MOL AccessPortal Sdn Bhd, a subsidiary of MOL Global Pte Ltd, has teamed up with Soft Space International Sdn Bhd to form MOLCube Sdn Bhd. MOLCube will offer merchants the ability to accept EMV-compliant credit and debit cards on a mobile device. MOL AccessPortal, which owns 65 percent of the JV, will lend its processing know-how to the partnership. The new company’s leadership said Soft Space, which owns the remaining 35 percent, will contribute its EMV card-reader technology.
In addition to Malaysia, Ganesh Kumar Bangah, CEO of parent company MOL Global, said he expects to expand quickly into Brazil, Turkey, Vietnam and the U.S. By the end of 2013, Ganesh said he expects 50,000 merchants to accept payments on Android, iOS and Windows mobile devices using MOLCube.
German mobile payments provider payleven made a similar announcement last week.