The award was presented at the 2012 Frost & Sullivan Asia Pacific Best Practices Awards held on the 25th of September at the Shangri-La Hotel, Singapore.
The New Product Innovation Award is presented each year to the company that has demonstrated measured excellence in new, innovative product or product line within its industry. The recipient of this award has demonstrated excellence in key areas such as Innovative Element of the Product; Leveraging Leading Edge Technologies in Product; Value Added Features/Benefits; Increased Customer ROI; and Customer Acquisition/Penetration Potential.
With the increasing use of electronic payment methods such as credit cards and debit cards among consumers, merchants not having the ability to accept these forms of non-cash payment forms can be potentially losing out on their businesses.
"ManagePay achieved an outstanding breakthrough in developing and marketing a product which can enable greater commerce for small and medium enterprises. The MPAY ECPOS system offers a flexible and low entry barrier EMV capable system which allows merchants the ability to accept credit cards. The easy to use yet secure system, which can be run on smartphones or tablets, allows merchants to use the system on the go and start accepting credit card payments," said Richard Van, Research Analyst for Technical Insights, Frost & Sullivan.
With the continued strong growth in the smartphone usage in the region, this product is slated to be a major tool in changing the payment landscape for small scale retail commerce.
"It is hoped that with the MPAY ECPOS device, it can enable greater participation by small vendors and individuals in the mobile payment economy. As smartphones enable greater freedom and mobility for its users, enabling such an innovative device for the payment industry can bring greater economic development. This is in line with the broader push towards electronic payments and brings the digital economy to the greater masses," said Van.
"I'm so proud that our company, ManagePay, has been chosen to be the recipient of the New Product Innovation Award for our Electronic Mobile Payment Terminal Solution. We believe that such recognition from a respected organization like Frost & Sullivan is testament of our continuing commitment and ability to deliver an innovative, simple-to-use and affordable yet secure mobile payment solution and other retail and e-commerce payment gateways, especially to SMEs and Micro Enterprises in Malaysia." said Chew Chee Seng, Managing Director, ManagePay.
The Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
For more details on the 2012 Frost & Sullivan Asia Pacific Best Practices Awards log-on to apacbp-awards.com/.
About ManagePay Systems Berhad
Established in Malaysia, ManagePay Systems Berhad is a public listed company offering complete end-to-end payment solutions for merchants and financial institutions. The company is actively engaged in developing new and innovative payment solutions to enable merchants an easy to use platform for completing a transaction. The company is an established leader in providing technology knows how and support services to many other banks and large merchants that support electronic payment solutions.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact us: Start the discussion.