Business

Friday October 16, 2009

MOL eyes RM500mil revenue


KUALA LUMPUR: Payment provider MOL AccessPortal Bhd aims to record over RM500mil in revenue within two years from RM350mil currently, driven by its latest partnership with Friendster Inc.

Chief executive officer Ganesh Kumar Bangah said the partnership would see Friendster leveraging on the company’s 500,000 physical and virtual payment channels to enable micro-spending by its 115 million users globally.

“We expect to see about RM150 in revenue per user. So, with the 115 million users, I hope it will increase our revenue by another RM200mil,” he told reporters after signing the agreement with Friendster here yesterday.

MOL will power “Friendster Wallet”, a stored value system for all Friendster members which will support a variety of payment methods to repay and store credits for each user. Ganesh said the credits would be stored as currency called “Friendster Coins” which could be spent at Friendster sites on goods and services.

The new service is expected to be released in Malaysia next week and will be rolled out within weeks throughout South-East Asia and globally. — Bernama

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