Affin Bank and Merchantrade have announced the debut of a multi-currency prepaid card with an e-wallet
In conjunction with Merchantrade Asia Sdn Bhd, Affin Bank Bhd introduced its new e-wallet, the Affin Merchantrade Prepaid Card, today.
The card, which has a wallet value of RM20,000, allows clients to transact or remit funds abroad in 20 foreign currencies at competitive exchange rates with no hidden forex or cross-currency costs, according to Affin.
The card, which is linked to the Merchantrade Money e-wallet, has been customised to handle typical currency conversion and remittance concerns, according to Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali.
“This enables clients to get the most out of their money, particularly for those who frequently shop in multiple currencies.”
“This latest collaboration with Merchantrade represents the bank’s proactive efforts to become digitally flexible and cater to our valued customers’ increasing financial demands,” he said.
Customers would be able to use the card in conjunction with Merchantrade’s Money e-wallet app to get a variety of benefits, including a ‘in-app’ eKYC account opening process, the ability to buy and store up to 21 currencies, including 20 foreign currencies, and the ability to pay for goods and services at more than 120,000 Visa merchant locations in Malaysia and more than 70 million Visa merchant locations worldwide.
Users can also withdraw money at Merchantrade branches, participating agent locations, and the more than 11,000 Visa Plus ATMs in Malaysia, as well as the more than 2.5 million worldwide.
Users have access to a variety of top-up channels, including FPX, Jompay, and card-to-card transfers, as well as international money transfer options.
Merchantrade Asia’s founder and managing director Ramasamy K Veeran expressed his delight at the opportunity to work with Affin Bank on such a significant initiative.
“As a full-service payment provider, our Merchantrade Money e-wallet solution allows us to provide partners with value-added services through a single platform, and offer customers greater convenience and value in their transactions both locally and internationally,” he said.
Nazri Othman, Affin Bank’s executive director of community banking, said the bank is confident that the new product will give consumers peace of mind while doing global transactions without fear of incurring excessive fees.
“They also don’t have to go through the effort of looking for the best conversion rates, giving them more value for their money,” he added.
Ng Kong Boon, Visa Malaysia’s national manager, said the new product will meet a wide range of financial demands while speeding up the transition to a cashless society.
“With such a compelling value proposition, the Affin Merchantrade Prepaid Card can actually assist consumers in connecting to the global marketplace, whether in person or online.”
“We believe that the speed, convenience, security, and control associated with digital payments will provide Malaysians with a competitive advantage in the fast-paced world of business,” he said.