Easy Payment Scheme

1. What is Easy Payment Scheme ?

Easy Payment Scheme is the new feature offered by MOLPay to its merchants whereby allowing the merchants’ customers to convert their online transaction to an instalment with the Credit Card Company or financial institution. 

2. Which bank's card holder can participate?

The card holder can participate in the easy payment scheme if they are using credit card (Visa and MasterCard) issued by one of the following Credit Card Companies or financial institutions:

  1. AEON Credit
  2. Affin Bank
  3. Bank Simpanan Nasional
  4. CIMB Bank / Direct Access (N/A)
  5. Citibank
  6. Hong Leong Bank (N/A)
  7. HSBC Bank
  8. Maybank
  9. MBF Card
  10. Public Bank
  11. RHB Bank (N/A)
  12. Standard Chartered Bank

*Note: The above list is subject to changes from time to time in accordance respective bank policy without prior notice. 

3.What are the minimum requirements for car holder to participate?

The card holder must transact minimum of Malaysian Ringgit (MYR) 500.00 via participating banks’ credit card (Visa and Mastercard only) in a single receipt. The minimum transaction amount eligible for easy payment scheme also subjects to the tenure of instalment taken by the card holder. 

4. .Is it 0% interest for the card holder? 

No, it is not a 0% interest instalment payment plan. 

5. How much interest charged to card holder under this easy payment scheme? 

The interest charged is ranging from 2% to 10%, subject to the tenure of instalment taken and it also varying from bank to bank. 

6. How much interest charged to merchants under this easy payment scheme? 

There is no additional interest or transaction fee charged to the merchant besides the normal transaction fee (i.e. 3.0% or 3.8%) charged by MOLPay. 

7. What are tenures offered under easy payment scheme? 

The standard tenures offered by banks are 6 months, 12 months or any tenure defined by bank and it varies from bank to bank.

8. How easy payment scheme works?

  • Step 1: Buyers make payment by credit card via MOLPay at MOLPay merchants’ online store.
  • Step 2: The credit card payment will be processed online usual.
  • Step 3: Once the card payment is authorized successfully, MOLPay merchants and buyers will be informed the payment status is successful.
  • Step 4: The buyer will be notified by MOLPay the steps of converting a transaction to an instalment for buyer’s bank including interest charged and tenure offered, either via pop up window (please refer an example from Appendix A) or email.
  • Step 5: Buyers just follow the instruction as stated in the popup window or email to convert their transaction into instalment.
  • Step 6: If bank approved buyers’ request, buyers just pay back to their back on instalment basis as they applied with the bank.

Note: Step 4 only is activated when buyer is found to make Malaysian Ringgit (MYR) 500.00 and above via credit card (of participating bank) successfully.