MoneyCollect announces expansion and product updates

Wednesday 17 May 2023 14:33 CET | News

Hong Kong-based online payments platform MoneyCollect has expanded globally and announced multiple updates to its payment offering for businesses.


The company’s developments include a Southeast Asia e-wallet payments solution launch, Faster Payment System (FPS)- and Octopus-based payments, Apple Pay and Google Pay launch, subscription service and customer portal for global merchants launch, together with online payment services expansion to 37 countries.

MoneyCollect and the Southeast Asia e-wallet payments solution

The e-wallet payments solution launch in Southeast Asia includes Indonesia, Thailand, the Philippines, Malaysia, and Korea, and looks to improve the customer transaction flow together with the commodity purchase conversion rate, while also promoting good business for consumers and businesses alike.

Some of the most popular Southeast Asian e-wallets are GCAsh, DANA (Indonesia), and KakaoPay, also incorporated into KakaoTalk (South Korea), Alipay and WeChat Pay (China), and TrueMoney, Touch’n Go, e-wallets which are widely used locally.  As MoneyCollect is an all-in-one online payment solution built for business growth, merchants are enabled to integrate these e-wallet payments via the company’s payment solution.

FPS and Octopus solutions

MoneyCollect launched payment systems based on the FPS and Octopus mobile payment platforms to provide businesses and consumers alike with fast, secure, and convenient payment options.

FPS operates 24/7, offering a platform for connecting to banks and stored value facility operators to let Hong Kong citizens carry out instant fund transfers across such institutions anytime and anywhere. The platform supports Hong Kong dollar and RMB transfers leveraging mobile phone numbers, email addresses, or QR codes, enabling retail transfers and payments in an easy and fast manner. MoneyCollect offers expedited access to FPS, with merchants required to complete a simple application process to begin using it on their website or app.

MoneyCollect has expanded globally and announced multiple updates to its payment offering for businesses.

The Octopus mobile payment system suits small and everyday transactions, leveraging a contactless smart card or mobile app to make payments, and is widely accepted by businesses no matter the size, including street vendors and convenience stores. MoneyCollect provides expedited access to Octopus, and the application process is as simple as FPS, with the press release detailing that first, the merchant management background applies to open Octopus, and once approved, the solution can be accessed via the transaction interface.

Apple Pay and Google Pay

By making the Apple Pay and Google Pay digital wallets available on its platform, MoneyCollect looked to provide its merchants’ customers with an increasingly fast, safe, and convenient payment option for online purchases. The mobile payments systems let users make contactless payments with their smartphones and provide a simplified checkout experience while ensuring secure transactions through advanced encryption technology.

MoneyCollect provides both checkout integration and self-integration options for Apple Pay and Google Pay. With the checkout integration, merchants can enable the solutions with no additional development and use them on MoneyCollect’s hosted payment pages, whereas the self-integration option targets merchants with advanced tech skills that look to integrate the services into their website design to offer their customers and increasingly cohesive payment experience.

Subscription service and customer portal

MoneyCollect’s subscription service was launched to help global merchants manage recurring payments efficiently, and provides hosted subscription plans, offering a ‘solid framework’ for handling such payments. Additionally, merchants can leverage MoneyCollect's merchant dashboard or its extensive API to create and manage subscription plans. Businesses can devise flexible subscription plans, and set up billing modes, as well as free trial periods, providing a customisation degree to suit varied business requirements. Other included features are an intelligent payment processing system, alongside accommodation for invoice-based payments.

The customer portal complements the subscription service, enabling customers to manage payment methods and subscription plans and to view their comprehensive billing history, with the feature aiming to increase transparency and control and result in an improved user experience.

Online payment services expansion

Prior to these developments, MoneyCollect expanded its services worldwide to address the increased demand for reliable, efficient, and secure online payment options. Due to its collaborations with local banks and PSPs, the company expanded to 37 countries throughout Europe and the APAC region, with the company providing payment options like credit cards, locally preferred alternative payment methods, and crypto payments. Its offering covers brands like Visa, Mastercard, American Express, JCB, Diners Club, Discover and UnionPay, and the more than 40 alternative payment methods and digital wallets provided look to address the needs of businesses and their customer alike.

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Keywords: product launch, expansion, payments , B2B payments, fintech, ecommerce, Google Pay, Apple Pay, recurring payments, instant payments, cross-border payments, merchants, e-wallet, payment methods, banking, financial services, PSP, online payments
Categories: Payments & Commerce
Companies: MoneyCollect
Countries: World
This article is part of category

Payments & Commerce


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