MERCHANTRADE EYES 180,000 NEW USERS
Pre-loaded ringgit can be digitally converted into various currencies
MERCHANTRADE Asia Sdn Bhd is targeting to have 180,000 cardholders for Merchantrade Money Visa, its new multi-currency prepaid card, for a total RM300 million reload value this year.
Managing director and founder Ramasamy K. Veeran said the card was able to digitally convert pre-loaded ringgit into multiple currencies, such as US dollar, Australian dollar, Singapore dollar, pound sterling and rupiah.
Merchantrade is targeting to have 20 currencies by year-end.
“Currently, we see the pick-up in service very encouraging. Based on the running trend, we expect to reach the RM300 million mark.
“We are also eyeing one million cardholders within three years,” he said after launching the Merchantrade Money Visa MultiCurrency Prepaid Card, here, yesterday.
Ramasamy said the company completed the pilot test for its new prepaid card with more than 10,000 participants and over RM10 million in reload value in the last two months.
“It surprisingly received good acceptance from customers. Currently, the prepaid card is limited to only a RM10,000 e-wallet size.”
Ramasamy said Merchantrade was keen to boost the e-wallet size for the prepaid card.
“We know demand from customers is higher than the current 10,000 users and will look into increasing the numbers.”
He said the service had the ability to convert ringgit into foreign currencies at any point, allowing customers the flexibility and convenience to utilise their currencies based on locked-in exchange rates.
“This is a 24-hour moneychanging facility made available to customers from anywhere in the world, even while they are travelling.
“Customers can also withdraw foreign currencies at any Visa-supported automated teller machines globally at the lockedin rates, subject to the respective overseas bank charges,” said Ramasamy.
Visa country manager for Malaysia K.B. Ng said the new service would transform the payment experience for Malaysian travellers and migrant workers in the country.
“We see this as an exciting financial inclusion initiative, given that many foreign workers do not have access to electronic payment facilities,” he said.