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MOLPay Easy Payment Scheme

1. What is MOLPay Easy Payment Scheme?
MOLPay Easy Payment Scheme is a new feature offered by MOLPay to its merchants which allows the merchants’ customers to convert their online transaction to payment by instalments with the Credit Card Company or financial institution.

 

2. Which banks are participating in this Easy Payment Scheme?
The card holder can participate in the easy payment scheme if they are using credit card (Visa and/or MasterCard) issued by one of the following Credit Card Companies or financial institutions:

  1. AEON Credit
  2. Affin Bank
  3. Bank Simpanan Nasional
  4. Citibank
  5. Hong Leong Bank
  6. HSBC Bank
  7. Maybank
  8. MBF Card
  9. Public Bank
  10. RHB Bank
  11. Standard Chartered Bank
  12. United Oversea Bank

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

 

3. What is the minimum amount required in order to be eligible for the Easy Payment Scheme?

Easy Payment Plan (EPP) , Min Amount (as defined by participating banks )

Bank

Min Amount

AEON BANK

500

BSN

500

CITIBANK

500

MAYBANK

500

UOB BANK

500

RHB BANK

500

STANDARD CHARTERED

500

OCBC BANK

1000

AM ONLINE

1000

BANK ISLAM

1000

HSBC BANK

1000

PUBLIC BANK

1000

AFFINBANK

1000

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

 

4. Is it 0% interest for the card holder?
No, it is not a 0% interest instalment payment plan.

 

5. What are the differences between MOLPay's Easy Payment Scheme and 0% interest instalment plan?
A 0% interest instalment plan will not incur any additional fee (or interest) to the card holders when they participate in the program but the merchants need to pay additional transaction fee on top of the normal transaction fee charges (i.e. total cost 7% per transaction) for such instalment. MOLPay's Easy Payment Scheme will not incur any additional cost to the merchants, meaning the merchant will still pay the normal transaction fee (i.e. 3%) but the card holder will be charged the interest by his/her bank.

 

6. How much interest is charged to the card holder under this Easy Payment Scheme?
The interest charged ranges between 2% and 10%, subject to the tenure of instalment taken. The interest also varies from bank to bank.

 

7. 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.

 

8. What are tenures offered under easy payment scheme?
The standard tenures offered by banks are 6 months, 12 months or any tenure as defined by the card holder's bank. The tenures vary from bank to bank.

 

How to activate Pay by Instalment / Easy Payment Scheme?

Steps

  1. Please read "What is Easy Payment Scheme?" first before activating.
  2. First checkout and place your order.
  3. You'll be redirected to make payment.
  4. Pay by credit card (Visa or Master Card).
  5. After payment is successful, click on "How to activate Cardholder Instalment Scheme?".
  6. A pop-up will be displayed with bank-specific instructions.

Alternatively an email instruction will be sent to you if your credit card qualifies.

 

Sample screenshot:

 

 

 
 
 
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