Mozcom, Dragonpay Offer Offline Payments for Online Purchases
Aug. 12, 2010
Mozcom, an online payment solution provider based in the Philippines, has partnered with Dragonpay Corporation to offer online payments to its e-commerce merchants via bank payments. By utilizing the Philippine bank network and non-traditional outlets like convenience stores, remittance centers and pawnshops, Dragonpay provides a greater reach to the local potential market given that the Philippines has a very low penetration of credit cards. Buyers can make an online purchase, and carry out the payment by going to a physical location like a bank or a convenience store. “Over-the-counter bank payment remains one of the most preferred options of online buyers despite the advent of different online payment solutions,” said Dick Chiang, Mozcom president and CTO. “Even for people with credit cards, a lot of them would still rather pay over-the-counter to a bank teller or cashier because of fear of their card details being stolen online. For a long time, PayEasy has been processing off-line funding manually because of this. With Dragonpay’s automated system, we can easily scale the processing of such transactions and provide faster turnaround for our customers.” Dragonpay initially supports online bank payment through Unionbank, Chinabank, RCBC and EastWest Bank; and offline bank payment through Banco de Oro (BDO). In the next six months, most of the major local banks will be part of the system. There will be an expected total of more than 4,000 bank branches available by early 2011 that can accept payments for Dragonpay and PayEasy-accredited merchants.