PETALING JAYA: Merchantrade Asia is set to give banks a run for their money as its signature prepaid card continues to grow in popularity with more Malaysians opting for cashless payments.
In the past six months alone, Merchantrade Money, a multi-currency prepaid card and digital wallet, has recorded RM100 million in top-up value.
The card which has a wallet size of RM10,000, allows customers to purchase and convert pre-loaded ringgit into 10 currencies including the US dollar, Singapore dollar, pound, Australian dollar, rupiah, euro, baht and yen.
Currency rates can also be “locked in” at the time of purchase, making them immune to fluctuations.
And because it is a Visa card, it can be used to pay for goods and services at Visa’s 44 million merchants around the world, eliminating the need to carry or convert cash into different currencies.
While this can also be done with credit and debit cards, what gives Merchantrade Money the edge is the Merchantrade Money app.
The app can be used to reload Merchantrade Money cards, transfer money from one card to another, and send money overseas, at any time of the day through the company’s award-winning e-remit service. Users can also buy and sell currency using the app.
One of its standout features is the app’s ability to allow users to view in real time their transaction history and card balance.
In terms of security, Merchantrade Money users can rest assured that their banking details and other sensitive information isn’t tied to the cards like credit or debit cards, and that their liabilities are limited to the amount of money in the card.
Losing the Merchantrade Money card isn’t a cause for concern either, as with a few touches of a button on the app, the card can be blocked.
Merchantrade, an e-money issuer, also has 85 brick-and-mortar branches around the country which act as touch points for customers who need more information and guidance on the company’s services.
With the government’s aim for Malaysia to become a cashless society by 2050, Merchantrade is banking on Merchantrade Money to act as a catalyst to speed up this process.
Backed by big names in the region including Celcom Axiata Bhd and Japan-based Sumitomo Corporation, Merchantrade aims to have RM1 billion in Merchantrade Money top-ups within the next three years.