KUALA LUMPUR: 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 officially 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 amounts 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," the company said in a statement today.
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 company is discussing with other banks how to expand the IPP facility for Taobao.
Managing director and group chief executive officer Datuk Eddie Ng Chee Siong said the appointment is a testament to the company's technical capabilities, payment security and track record.
"This latest achievement is another example of how we continue bringing innovation and improvements to our customers' businesses through strategic partnerships and alliances.
"We are excited about our partnership with CIMB as we continue to explore areas of collaboration with them.
"We believe this will benefit both parties as we explore other business opportunities such as Card Not Present (CNP) and many other payment gateway solutions," he said.
Ng added that the company believed the introduction of IPP would significantly increase the sales volume as consumers could now purchase bigger ticket items with manageable payments.
"This is great news for us as the group will benefit from the higher sales volume given our role as the facilitator," he added.
CIMB head of consumer banking Malaysia Daniel Cheong said the 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.
"As we place customers at the heart of everything we do, we look forward to exploring further opportunities for collaboration with Revenue in providing value-added and seamless digital solutions that will enable consumers to transact with greater convenience and peace of mind," said Cheong.