KUALA LUMPUR: Digital financial services provider Merchantrade Asia Sdn Bhd is targeting RM5 billion in transactions for its Merchantrade Money Visa prepaid card by the end of this year, surpassing RM4.3 billion recorded in 2023.
As of June 30, the company has already recorded RM2.48 billion in transactions and is on track to achieve this year’s target.
Founder and managing director Ramasamy K Veeran said the multicurrency prepaid card, launched in January 2018, has been experiencing about 400 new applications per day, and the company aims to sustain the number for this year.
“We have seen a very positive uptake on our Merchantrade Money Visa prepaid card for the past few years, and we continue to see growing numbers of new applicants monthly.
“Based on our solid track record and customers’ confidence in our prepaid card, we are focused on bringing innovative products and services in years to come,“ he said at the launch of the Merchantrade Money Biz prepaid card today.
Merchantrade unveiled its corporate card, Merchantrade Money Biz, which is now Malaysia’s first Visa business prepaid card. The product is set to streamline expense management for companies across various industries and sizes, from corporations to small and medium-sized enterprises.
Ramasamy said Merchantrade Money Biz is set to challenge traditional corporate credit cards issued by banks by empowering employees at all levels with corporate prepaid cards while providing employers with the proper controls to manage expenses.
“We believe corporate prepaid cards will emerge as a disruptive innovation for companies seeking control over their expenses and will be a great alternative for those unable to obtain corporate credit cards as it offers no risk of overspending and is interest-free,“ he said.
To date, the prepaid card has onboarded 80 to 100 corporate customers, including FGV Holdings Bhd.
Powered by Visa, the business prepaid card enables employees to make payments globally, both online and in retail, for various company-related expenses. Additionally, it is linked to a multicurrency eWallet that allows users to convert up to 20 major foreign currencies at locked-in rates for international transactions.
“We are addressing the gap in the SME market that commercial banks have yet to tap into. Our target is SMEs, and this market segment is the opportunity for Merchantrade. We are looking at segments in offering our Merchantrade Money Biz cards, like plantation, cafe, food and beverage segment and small businesses,“ Ramasamy said, adding that the company aims to secure 5% of the domestic SME market in the next three years.
Merchantrade is confident that its Merchantrade Money Biz solution will revolutionise company operations and align with the government’s initiative to encourage businesses to digitalise and adopt automation, contributing to the development of a more cashless economy.
Ramasamy speaking at the launch of Merchantrade Money Biz corporate prepaid card.
