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July 15, 2010updated 04 Apr 2017 4:16pm

MOL partners with Facebook to become payment provider for Facebook Credits

Malaysia electronic payment specialist MOL Global has announced a strategic partnership with Facebook that will make it significantly easier and more convenient for millions of people across Asia to purchase virtual goods in online games and applications on Facebook.

By John Hill

Malaysia electronic payment specialist MOL Global has announced a strategic partnership with Facebook that will make it significantly easier and more convenient for millions of people across Asia to purchase virtual goods in online games and applications on Facebook.

Under the agreement, MOL Global’s wholly owned subsidiary MOL AccessPortal will become a payment provider for Facebook Credits. That will enable Facebook members to buy Credits using MOLPoints on Facebook and on MOL’s website, MOL.Com.

In the coming months, Facebook users will be able to obtain Facebook Credits using MOL points purchased through MOL’s network of more than 500,000 outlets, which are mainly in Malaysia, Singapore, Indonesia, Philippines, Thailand, India, Australia and New Zealand. In addition to outlets such as 7-Eleven stores and cybercafes, customers will be able to purchase Credits through MOL’s network of online banks in these countries.

Facebook and MOL will also offer co-branded gift cards at outlets in Malaysia and Singapore that can be redeemed for Facebook Credits.

The partnership makes purchasing Facebook Credits significantly more convenient in Asia, a region where consumers rely heavily on offline prepaid cards rather than credit cards to purchase digital goods and services.

“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,” said Ganesh Kumar Bangah, group chief executive officer for MOL Global. “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.”

“Working with MOL means we can offer the benefits of Facebook Credits to millions of people in Asia using a payment system that is already widely used and trusted,” said Vaughan Smith, director of business and corporate development at Facebook. “We’re investing in the long-term future of Facebook Credits and we view this agreement as a major opportunity to broaden the availability of a simple, unified currency that can be used in games and applications across Facebook.”

Facebook Credits enable users to buy and spend virtual currency in more than 150 applications on Facebook from many developers. Every month, more than 70 percent of Facebook members engage with applications on Facebook Platform.

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