MOL Adds PayNearMe's Cash Payment Network

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Partnership Enables Asian Payment Systems Giant to Easily Expand Reach to U.S.

MOL’s strategic relationship with PayNearMe enables us to extend our physical channel into the U.S. and helps our business grow.

PayNearMe and MOL AccessPortal (MOL) today announced that MOL, a leading payment service provider for games, content and services, is now offering PayNearMe to its customers to enable virtual goods purchases using cash at thousands of convenient retail locations in the U.S.

MOL handles over 60 million transactions with an annual payment volume of $200 million and provides its customers with a network of more than 540,000 physical payment collection points across more than 75 countries. Using PayNearMe, MOL will be able to rapidly extend its footprint into the U.S. by adding 6,000 7-Eleven stores to its network.

Consumers can now easily purchase MOL virtual currency using cash at 7-Eleven outlets throughout the U.S. via PayNearMe and then use the virtual currency to purchase online games, products and services.

PayNearMe provides these consumers with a method of payment that is simpler to use and often far less expensive than current payment alternatives, such as pre-paid debit cards, walk-up bill pay, or money orders sent by mail. With PayNearMe, consumers needn’t worry about losing their pre-paid cards, accumulating unused balances, or being required to select a fixed, pre-determined denomination. In addition, consumers don’t need to do anything after making their payment at a local store – their MOL virtual currency is added instantly and automatically to their MOL accounts.

“With social gaming becoming increasingly popular in the U.S., especially among consumers who prefer to pay with cash, PayNearMe provides an easy and convenient option for them to purchase credits for their games,” said Ganesh Kumar Bangah, president and chief executive officer, MOL AccessPortal. “MOL’s strategic relationship with PayNearMe enables us to extend our physical channel into the U.S. and helps our business grow.”

“Through its versatile payment platform and wide-reaching network, MOL has opened up online purchases to a whole new market across Asia,” said Danny Shader, PayNearMe’s chief executive officer, “We’re excited to help MOL expand its reach to millions of new customers who prefer to pay with cash in the U.S. PayNearMe’s tight integration with 7-Eleven makes it easy for businesses like MOL to grow their physical footprint with very little integration and expense.”

MOL was recognized twice in the last five years as one of Asia Pacific’s fastest growing technology companies in the Deloitte Technology Fast 500 Asia Pacific Award. The company also won a Merit Award for the Best of E-Commerce Applications in the MSC Asia Pacific ICT Awards and received the Member Excellence Award at the 2009 ICT Leadership Awards of the National ICT Association of Malaysia.

About MOL.
MOL AccessPortal (http://www.mol.com) is one of Asia’s leading payment service providers. MOL is a MSC Malaysia Status Company that operates and develops payment systems incorporated in 2000. MOL handles over 60 million transactions with an annual payment volume of more than US$200 million. MOL leverages on a network of more than 540,000 physical payment collection points across more than 75 countries. It is also linked online to 88 banks in 9 countries worldwide.    

About PayNearMe.
PayNearMe enables consumers to pay conveniently for a wide variety of goods and services from leading companies in e-commerce, direct response and catalog marketing, consumer finance, money transfer, and beyond at a local store, starting with 6,000 7-Eleven stores across the United States. PayNearMe was awarded Best of Show at FinovateFall 2010. For more information, visit http://www.paynearme.com.

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