- MC Payment’s subsidiary offers e-invoicing, Quickpay and web payment platform services for selected universities and private learning centres in Malaysia
- Following COVID-19 lockdowns and social distancing measures, demand for epayment services from domestic and overseas students has surged
- In February and March 2021, MC Payment launched e-payment services for Universiti Tun Hussein Onn Malaysia and Yelaoshr respectively, with plans to progressively onboard more Educational Services merchants
SINGAPORE, April 28, 2021 – MC Payment Limited (SGX: TVV) (“MC Payment” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that it has rolled out electronic payment services for Malaysia’s Educational Services industry. Its whollyowned subsidiary, MC Payment (M) Sdn Bhd, now offers e-invoicing, Quickpay (QR Payment) and web payment platform services for selected universities and private learning centres in
Malaysia is developing into a powerhouse in Southeast Asia for public and private schools, as well as institutions of higher learning, both for domestic and international students. Based on data from the Malaysia Ministry of Education, as at September 2019, Malaysia had 20 public universities and 47 private universities, as well as 34 university colleges and 10 foreign university branch campuses. There are as many as 287 international schools in the country, and international students numbered more than 130,000 as of December 2019.
In the past, only a limited number of educational institutions offered e-payment services for school fees through their websites or third-party payment providers. However, following COVID-19 lockdowns and social distancing measures, demand for e-payment services from domestic and overseas students has surged.
MC Payment is well-positioned to capture the growing demand for e-payment services for educational institutions, thanks to its maintenance-free, seamless e-invoicing and Quickpay platforms, which do not require costly integration fees. The Group has also tied up with bank partners to offer competitive merchant discount rates to these institutions of higher learning.
In February 2021, MC Payment launched its e-payment services for Universiti Tun Hussein Onn Malaysia (UTHM), one of Malaysia’s largest public universities. Through the Group’s einvoicing and web payment platforms, UTHM now collects school and other miscellaneous fees from Visa, Mastercard, UnionPay, FPX and eWallet payment modes. In March 2021, the Group also inked a merchant service agreement with Yelaoshr, one of Malaysia’s largest private learning centres with 60 branches nationwide. Each Yelaoshr branch outlet uses MC Payment’s proprietary Quickpay platform for e-invoicing, collection of tuition fees via QR codes, as well as sale of promotional registrations via web payment.
With digital payments in ASEAN expected to triple to US$1.5 trillion (S$2 trillion) by 20301, MC Payment believes it is well-placed to capitalise on this significant and growing market opportunity, given its established infrastructure and expanding geographical footprint. Asia also leads the growth in non-cash transactions globally, registering a five-year CAGR of 24% to US$244 billion in 2019, driven by its soaring Internet economy2.
Currently, MC Payment has presence in four countries – Singapore, Malaysia, Indonesia and Thailand – with ambitions to become a regional player. MC Payment’s Executive Director and Chief Operating Officer, Mr Kim Moon Soo, who is also
heading the Group’s Malaysian operations, said: “We are very pleased to extend our payment services to the Educational Services industry in Malaysia. We are confident that all stakeholders, including students, parents and institutional operators, will enjoy the benefits of convenience and ease provided by our payment platforms. Our foray into the Educational Services industry will open up new revenue growth opportunities, and we look forward to scaling up and extending such services to other countries as well. ”
1This information was extracted from a media release entitled “Digital payments in Asean to triple to US$1.5t by 2030: report” published by The Business Times on 16 October 2020, which can be accessed at: https://www.businesstimes.com.sg/asean-business/digital-payments-in-asean-to-triple-to-us15t-by-2030-report, data accessed on 26 April 2021.
2Data obtained from Capgemini’s World Payments 2020 report, which can be accessed at https://worldpaymentsreport.com/
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