kiplePay E-Wallet Gets BNM Approval For Three New Features

Jacie Tan

22nd July 2021 - 2 min read

Kiplepay Sdn Bhd (KPSB), which is a subsidiary of Green Packet Bhd, has received the go-ahead from Bank Negara Malaysia (BNM) to roll out three new features for its kiplePay e-wallet. The new features are an increased e-wallet limit of RM10,000, the approval to issue a scheme prepaid card, and the electronic know-your-customer (e-KYC) feature.

As an e-money issuer, the central bank’s approved e-KYC feature is a crucial aspect for kiplePay to enforce when offering its e-money products to the market, the e-wallet provider said in a statement. “The approved e-KYC feature will be able to digitally identify a customer by performing due diligence and risk assessment by analysing the information gathered. It will also be able to perform continuous monitoring of customer behaviour as the e-wallet is used,” said kiplePay.

kiplePay can also now issue virtual and physical prepaid cards linked to the e-wallet, enabling users to make payments to any merchant both offline and online that accepts digital payments.

Moreover, users can enjoy a higher e-wallet limit of up to RM10,000 using the kiplePay mobile application or kiplePay prepaid card. By allowing users to perform higher-value transactions, the increased e-wallet limit will pave the way for new services such as remittance, opening of a salary account, and recruiting large merchants.

“There has been a rise in the use of contactless payments and adoption of e-wallets during the movement control order,” said KPSB acting CEO Ricky Lew. “This shows that e-wallets are not only convenient but also integral to contributing to the flattening of the pandemic curve and particularly helping small and medium enterprises (SMEs) continue their business during this time.

“Therefore, we are pleased to receive approval from Bank Negara for the new features offered by KPSB. We feel the e-KYC is a perfect solution to provide non-face-to-face onboarding of customers to facilitate payment services, ensuring security and data integrity for users and merchants alike. KPSB aims to be an e-money issuer who is able to provide a smooth and seamless digital onboarding experience to customers in a safe and effective manner,” concluded Lew.

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