MOL has introduced the One2Pay digital wallet; the latest addition to the growing number of electronic payment solutions in Malaysia. Formerly known as MOLwallet, One2Pay still retains its previous features while introducing some new options for users.
One2Pay works on the same format as other QR code based payment systems. Customers scan a code as the cashier, allowing them to pay for goods using funds stored in their account. That said, the payment option only works in 7-Eleven for now; but MOL is working to expand the number of participating merchants.
Notably, 7-Eleven is also the only offline place that customers will be able to add funds to their One2Pay wallets; or cash out in the event that they need some extra physical money. Alternatively, users can also use One2Pay to buy additional MOLPoints.
The reason for One2Pay being released as a digital wallet now is due to MOL receiving an e-money license from Bank Negara. We’re likely to see more of these licenses handed out in the near future, with the government working to create a unified framework for QR code payments.