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First co-branded PayPal, MOL prepaid card in Asia Pacific

AvantiKumar | July 19, 2010
MOL, PayPal launch prepaid card in Malaysia for online shopping and gaming.
KUALA LUMPUR, 19 JULY 2010 -- Payment system providers PayPal and MOL AccessPortal (MOL) have announced a strategic partnership to provide Malaysian consumers with a prepaid card for online shopping and gaming, which will be the first co-branded card in the Asia Pacific region, said the companies.

The prepaid card called the MOL PayPal The Digital Card is to be issued by EON Bank from 19 July 2010 in Malaysia.

The new card allows Malaysians to fund a PayPal account that can be used to conveniently shop on millions of websites worldwide or to easily reload MOLPoints to purchase online games, products and services, said PayPal vice president of strategy and business development, Asia Pacific, Melanie Tan.

We're continuing to build key alliances to grow our business in Asia Pacific and today we're very excited to launch our first-ever co-branded prepaid card in the region to provide Malaysians with a new way to fund their PayPal accounts, said Tan.

MOL's wide distribution network, prepaid card experience and digital lifestyle leadership makes them an ideal choice for this venture, she said.

Payment service provider MOL AccessPortal (MOL) has MSC [Multimedia Supercorridor] Malaysia status and was incorporated in 2000. MOL handles more than 60 million transactions with an annual payment volume of more than US$200 million.

PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore.

 Malaysia can take lead in driving digital trends

We believe Asian countries such as Malaysia can take the lead in driving digital trends, said MOL president and chief executive officer, Ganesh Kumar Bangah. The new prepaid card will enable many more people to embrace a digital lifestyle and use computers and the Internet to shop and have fun.

PayPal's fast checkout, security features and consumer protections combined with MOL's extensive knowledge and network in the payment industry in Asia will enable more opportunities for consumers, merchants and game publishers, said Bangah.

[The card] provides Malaysians with a faster, safer way to shop the world through PayPal, he said. Users don't need to enter their financial information every time they purchase an item online they just click on the PayPal button, enter their e-mail and password and approve the purchase. Not only is this faster, but also more secure as PayPal doesn't share user's financial information with the merchant. In addition, PayPal's Buyer Protection policy provides a full refund for eligible items if users do not receive the items they purchased.

Many Malaysians still do not have credit cards or are not comfortable using their credit cards online, so this new prepaid card will allow them to use a PayPal account to quickly and more safely shop online as well as buy MOLPoints to play exciting online games, said PayPal general manager, Southeast Asia and India, Elias Ghanem. Besides being able to conveniently top up the card at more than 15,000 physical locations around the country or via online banking, Malaysians can get a wide range of shopping benefits and gaming rewards for using The Digital Card.