Photoshop: Multiply to PNG

Logo.psd

Here is one thing you can do.

Copy the image you want to multiply. (CtrlA and CtrlC)

Make a new 'Black' color layer and click 'add mask'.

alt-click the Mask icon, so that you can enter to mask edit mode.

Paste your 'multiply' images in the mask (b/w) , and then invert it.

You will have a black layer with your multiply material masked.

You can adjust opacity of that layer to find best looking image. (30~40%?)

If you save it as transparent PNG file, you are done.

It is not perfectly same with 'multiplied image' , it will be somewhat dimmed, not that vivid enough, but it is quite useful when you need normal images or textures to apply on top of something.