PETALING JAYA: E-payment solutions provider Revenue Group Bhd has been appointed as the front-end and back-end payment processing partner for the Instalment Payment Plan (IPP) that Taobao Malaysia has just launched for its app.
IPP is an interest-free credit card instalment payment plan for credit cards offered by participating banks to convert customers’ purchases into smaller payment amount over a fixed period. This option improves consumers’ cash flow especially for big ticket items as the purchases are now broken down into manageable amounts over the specified term.
Currently, Revenue has secured three major banks in Malaysia as the first few participating banks of IPP partners for Taobao, led by CIMB Bank Bhd and CIMB Islamic Bank Bhd. At the same time, the group is in discussion with other banks to expand the IPP facility for Taobao.
Revenue managing director and group CEO Datuk Eddie Ng Chee Siong said it is the payment processing facilitator for Taobao app, in addition to Taobao desktop.
“This certainly brings our relationship with Taobao to the next level. In addition, it is also testament to our technical capabilities, payment security and track record. This latest achievement is another example of how we continue to bring innovation and improvements to our customers’ businesses through our partnerships and alliances. We continue to explore areas of collaboration with CIMB. We believe this will be beneficial for both parties as we look at exploring other business opportunities such as Card Not Present and many other payment gateway solutions.
“We believe the introduction of IPP will significantly increase the sales volume as consumers are now able to purchase bigger ticket items with manageable payments. The group will benefit from the higher sales volume given our role as the facilitator,” Ng added.
CIMB head of consumer banking Malaysia Daniel Cheong (pix) said it partnered with Revenue as one of the first Malaysian banks to enable Taobao app’s users to pay via IPP using CIMB credit cards. This service provides consumers with an alternative and flexible payment option on Taobao, one of the world’s largest e-commerce platforms, in line with today’s mobile-first lifestyles.
“We look forward to exploring further opportunities for collaboration with Revenue in providing seamless digital solutions that will enable consumers to transact with greater convenience and peace of mind.”