Facebook Appoints MOL as Payment Channel for India, South East Asia and Australia
In a press conference held at Kuala Lampur today, Malaysian online payment company – MOL announced a strategic tie-up with social network behemoth- Facebook. This partnership will allow Facebook credits to be purchased using MOLPoints, according to Grey Review. This will make it more convenient for millions of people across Asia to purchase virtual goods in online games and applications on Facebook.
Ganesh Kumar Bangah, CEO of MOL Global mentions that “The relationship with Facebook demonstrates MOL’s growing role as a leading payment provider for social networking sites in Asia, especially in our core countries of Malaysia, Singapore, Indonesia, Philippines, Thailand and India. Over the last few quarters, we have seen a double-digit increase in payment transactions and payment volume. This partnership continues MOL’s momentum to build the largest end-to-end content, distribution and commerce network in Asia.”
The service will be available at the end of this month and a physical MOL-Facebook card will start rolling out in Malaysia first, followed by Singapore.
Facebook Credits enables users to buy and spend virtual currency in more than 150 applications on Facebook from many leading developers, eliminating the frustration of having to enter payment details separately for each application.
MOL was in news last December, when they acquired the dying social network – Friendster for $38 million. Interestingly, before the acquisition, MOL Global and Friendster had a partnership agreement to power Friendster’s payment platform.
MOL is arguably one of the largest internet companies in SE Asia and is recognized as one of the Asia Pacific’s fastest growing technology companies by the Deloitte Technology Fast 500 Asia Pacific Awards.
[Image courtesy: hardwaremag]
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