Virtualflex, a subsidiary of Johor Corporation, has selected ManagePay Systems (MPay) to deploy 3,000 credit card terminals at its outlets for a period of five years.
Subject to both firms’ responsibilities and commitments, Virtualflex has also agreed to acquire MPay Corporate MasterCard Prepaid Cards that are used to pay bills and carry out domestic remittance services.
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ManagePay’s MPay MasterCard prepaid card, which was launched in August 2016, can be used at all domestic and retail locations where MasterCard is accepted.
“A formal agreement shall be executed between the parties for an initial five-year term with an extended five-year option,” ManagePay said in a filing with Bursa Malaysia.
ManagePay said that it will absorb the cost to deploy terminals including the support and maintenance of the terminals, in lieu of earnings from the payment processing and Tag-On revenue.
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