Business

Published: Tuesday November 25, 2008 MYT 8:10:00 PM

Co-op, SLV in virtual payment system


KUALA LUMPUR : Koperasi Persatuan Pengguna Islam Bhd has teamed up with SLV Solutions Sdn Bhd to launch a virtual payment system called UPay.

KOPPIM chief executive officer Mohd Noor Ibrahim said UPay was a transaction facilitator services to accommodate trust and security for online e-commerce payment transactions.

“UPay is the entity than ensures that merchants and buyers have a trusted entity to securely perform an online transaction,” he said at the preview of the product on Tuesday.

The product will be officially launched on 13 Dec.

He said that KOPPIM will charge a service fee to facilitate the transaction and charges would depend on the UPay issuer.

Mohd Noor said the product was developed locally for the world market and was an instrument of payment through the internet. He said to use UPay services, users would buy UPay in the transacted currency. “Upon agreeable transaction, Upay ownership is transferred to the seller/merchant. Upay will charge the service fee for this process,” he said.

He said SLV Solutions, which is an Internet solutions company was its first customer and had 3 million members.

Meanwhile SLV solutions director Ivan Lee said the company planned to launch the product in China and Taiwan as well. “It is a new era of the payment system. We are confident that within a year, UPay will become a brand to be reckoned with,” he said.

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