- Payments group MobilityOne said its Malaysia unit had entered into a service contract with Alibaba business

MobilityOne's said its merchants would be able to accept Alipay transactions via online and offline channels from digital wallets.

MobilityOne would provide payment processing, authorisation and settlement services to its merchants who provided goods and services directly to Alipay users.

There was no immediate revenue contribution or earnings as a result of the agreement.

'The group will generate revenue from this agreement through a percentage of the service fee to be charged to the merchants based on the amount of each successful Alipay transaction and after deducting Alipay's share of the service fee, to be calculated on a monthly basis,' the company said.

'The board is hopeful that the agreement with Alipay will contribute positively to the group's outcome in the financial year ending 31 December 2021 and beyond as the group intends to deploy this service to the market by the end of this year. '

At 9:48am: [LON:MBO] MobilityOne Ltd share price was +6.5p at 15.5p

Story provided by