Merchantrade obtains regulatory approval to increase wallet size

KUALA LUMPUR: Merchantrade Asia Sdn Bhd (Merchantrade Asia), an e-money issuer, has obtained regulatory approval to increase the wallet size of its award-winning Merchantrade Money e-wallet to RM20,000.

Currently, the Merchantrade Money’s wallet size is capped at RM10,000 and the new wallet size is expected to take effect before the end June 2020.

Founder and managing director Ramasamy K Veeran said the increase is yet another big step in our efforts towards digitalisation from cash to cashless.

“This is our commitment to provide digital convenience for our customers.

“We’ve seen a pattern in the way our customers use our e-wallet, they tend to convert and store for their travels and this will certainly give them more convenience and flexibility,” Ramasamy said.

He added the Malaysian money changing industry is valued at an estimated RM80 billion and the new wallet-size will help Merchantrade increase its acquisition of new customers.

Merchantrade said the new wallet size will allow users to store more in converted currencies, enabling larger purchases and payments for goods and services.

“This includes payment for their travelling and paying for accommodation expenses from their Merchantrade Money card, giving greater cashless experience and payment convenience,” it said.

Popular amongst travellers, students studying abroad and their parents, it said Merchantrade Money’s customers currently have access to 20 foreign currencies to convert directly.

“The countries are including US Dollar, Singapore Dollar, British Pound, Australian Dollar, Indonesian Rupee, Euro, Thai Baht, Yen, Saudi Riyal, China Renminbi, Hong Kong Dollar, South Korean Won, and Indian Rupee in their e-wallet,” it added.

Source: NST