KUALA LUMPUR, Feb 26 — E-money issuer Merchantrade Asia Sdn Bhd has obtained regulatory approval to increase the size of its “Merchantrade Money e-wallet” to RM20,000 from RM10,000 to take effect before the end of the second quarter of 2020.
Founder and managing director Ramasamy K Veeran said the new wallet size would allow users to store more in converted currencies, enabling larger purchases and payments for goods and services.
He said this includes payment for their travelling and paying for accommodation expenses from their Merchantrade Money card, giving greater cashless experience and payment convenience.
“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 in a statement.
He noted that 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 Money’s customers currently have access to 20 foreign currencies to convert directly in their e-wallet.
The currencies are, among others, the US dollar, Singapore dollar, British Pound, Australian dollar, Indonesian Rupee, Euro, Thai Baht, Japanese Yen, Saudi Riyal, China Renminbi, Hong Kong dollar, South Korean Won, and Indian Rupee. — Bernama