28th February 2020 - 2 min read
Merchantrade’s multicurrency e-wallet, Merchantrade Money, will soon have double the wallet size after the payment solutions company announced that it has successfully obtained approval from Bank Negara Malaysia (BNM) to increase its wallet size from RM10,000 to RM20,000.
According to the founder and managing director of Merchantrade, Ramasamy K Veeran, the increase is another major achievement as the company strives towards promoting a cashless society.
“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,” said Veeran.
Launched in January 2018, Merchantrade Money is a Visa-enabled multi-currency e-wallet that comes with a prepaid card. It lets you conveniently buy and sell up to 20 foreign currencies at a locked-in rate through the e-wallet. You can also use the service to conduct card-to-card money transfers, as well as withdraw cash from Visa-enabled ATMs around the world at a locked-in interest rate.
Merchantrade has also recently received the nod from BNM to introduce the Electronic Know Your Customer (eKYC) technology to its money-changing services. This makes for a convenient and seamless experience when signing up for a Merchantrade Money account as you will no longer need to visit a Merchantrade counter to set things up.
(Source: FintechNews Malaysia)
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