KUALA LUMPUR: Merchantrade Asia Sdn Bhd is targeting 180,000 cardholders for Merchantrade Money Visa, its newly introduced multi-currency prepaid card with RM300 million reload value this year.
Managing director and founder Ramasamy K Veeran said the card is capable to digitally convert pre-loaded Malaysian ringgit into multiple currencies such as American, Australian and Singapore Dollars, Sterling Pound and Indonesian Rupiah.
Merchantrade also aims to have a total of 20 currencies by end of this year.
"Currently, we see the service pick-up is very encouraging. Based on the running trend, we expect to reach the RM300 million mark.
"We also target one million cardholders within the next three years," he said at a press conference after launching the Merchantrade Money Visa Multi-Currency Prepaid Card, here, today.
Ramasamy added the money service business operator initially 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 was surprisingly received good acceptance from customers. Currently, the prepaid card is limited to only RM10,000 of e-wallet size," he said.
Ramasamy said Merchantrade looks forward to increasing the e-wallet size for the prepaid card.
"We know the demand from customers is higher than 10,000 users. We seriously look into how to increase the limit," he said, adding that the company would need to do some necessaries regulatory submissions.
"We recognise the public would like to have bigger wallet size, especially when they travelling overseas," Ramasamy said.
He said the service's ability to convert from Malaysian ringgit to foreign currencies at any point, allowing customers the flexibility and convenience to utilise their currencies based on lock-in exchange rate.
"This is a 24-hour money changing facility made available to customers from anywhere in the world, even when they are traveling.
"Customers can also withdraw foreign currencies at any Visa supported automated teller machines (ATMs) globally at the lock-in rate, subjected to the respective overseas bank charges," he said.
Merchantrade Money was designed in collaboration with global payments technology giant, Visa, whereby customers can use the prepaid card at some 44 million merchants globally.
Visa Country manager Malaysia KB 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.
Asked on whether the new service would cannibalise Visa existing services, Ng said the prepaid card service would complement the Visa debit/credit services and it would not cannibalise existing products and services.
"For those customers who are worry on currencies fluctuations rate, they will subscribe to this service.
"In fact, it will assist the consumers to hedge the currencies if they worry on currency fluctuations," he said.