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Relationship takes POSA and gift card malls into Southeast Asia
ATLANTA, Feb. 26, 2014 /PRNewswire/ -- InComm, a leading prepaid product and transaction services company, has entered into an exclusive arrangement with Money Online (MOL), one of Asia's leading online payment service providers, to launch point-of-sale-activated (POSA) gift card mall solutions in Southeast Asia. MOL is majority owned by Tan Sri Dato' Seri Vincent Tan, founder and majority shareholder of Berjaya Corporation, one of Malaysia's largest conglomerates, which also owns the local rights to various retail brands such as Starbucks and 7-Eleven.
InComm and MOL are targeting a mid-2014 launch with the first POSA cards to be available in Malaysia, Singapore and Thailand.
"InComm is delighted to have partnered with MOL in what is a significant potential POSA market," said Frank Monaco, senior vice president and general manager international at InComm. "We are committed to working with MOL to provide consumers a simple and secure shopping experience."
InComm's POSA technology allows retailers to activate prepaid cards at the point-of-sale, eliminating the risk and cumbersome control procedures required for maintaining an inventory of value-bearing cards. The technology also allows prepaid cards to be displayed for sale with a reduced risk of theft and shrinkage. Using this POSA technology, card issuers also have the valuable opportunity to leverage card design in marketing the cards.
"MOL is excited to partner with InComm, one of the leading marketers, distributors and technology innovators of stored-value gift and prepaid solutions globally," said Ganesh Kumar Bangah, MOL Global's Group CEO. "The launch of POSA cards in these territories will certainly provide value-add and benefits to MOL's existing and future partners in the region."
InComm is a leading provider of cutting-edge prepaid products, services and transaction technologies to retailers, brands and consumers. InComm supports more than 450,000 points of distribution and helps retailers build prepaid card destinations, connects brands with new markets and gives consumers a simple, secure shopping experience. InComm stays ahead of emerging trends by analyzing market needs and leveraging its global, innovative commerce platform, go-to-market expertise and extensive partner relationships. With 123 global patents, InComm is headquartered in Atlanta and has offices in North and South America, Europe, Russia and the Asia-Pacific region. For more information, visit www.incomm.com or follow us on Twitter at www.twitter.com/incomm.
About Money Online (MOL)
Money Online (MOL) is one of Asia's leading payment service providers. MOL is an MSC Malaysia Status Company that operates and develops payment system. MOL handles over 60 million transactions per year, with an annual payment volume of more than US$500 million. MOL was recognized as one of Asia Pacific's fastest growing technology companies in the Deloitte Technology Fast 500 Asia Pacific Awards 2010. MOL is headquartered in Malaysia and has offices in eleven countries. For more information, please visit us at www.mol.com.
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