Merchantrade Asia Sdn Bhd, known for its money services and digital financial products, is now entering the automated teller machine (ATM) business. The company is setting up more than 1,000 cash access points across Malaysia after receiving official approval to operate as an ATM acquirer.

Expanding Cash Access Nationwide

The move is part of Merchantrade’s plan to make it easier for people to access cash, especially in rural and underserved areas where banks are limited. The new ATMs will also benefit migrant workers and small communities that rely on quick and affordable access to their money.

This expansion builds on Merchantrade’s long partnership with Visa and security provider Safeguards Corporation, combining payment technology and secure cash-handling services.

Two Models For Wider Reach

Merchantrade’s ATM rollout follows two main approaches.

The first is the Visa Sponsor BIN Model, where Merchantrade supports Safeguards’ network of more than 1,000 ATMs nationwide. This enables the machines to accept Visa cards, allowing both Malaysians and international travellers to withdraw cash using Visa credit, debit, or prepaid cards.

The second is the Brown Label ATM Model, a new concept for Malaysia. Under this model, Merchantrade uses Safeguards’ existing infrastructure and connects it to the Visa platform under the Merchantrade brand. So far, more than 12 of these ATMs have been installed at Merchantrade branches, with plans to reach over 200 machines soon. This will also increase the company’s visibility across the country.

Branded ATMs With Added Features

Merchantrade’s own branded ATMs allow both cash withdrawals and deposits through the Malaysian Electronic Payment System (MEPS). The machines accept all Visa-enabled cards, including the company’s popular Merchantrade Money prepaid Visa card.

Deposit features are often not available on non-bank ATMs. They provide convenience for traders, small businesses, and factory workers who need to bank cash daily. Merchantrade plans to place these machines in convenient locations such as grocery shops, industrial areas, and community centres.

Expanding Financial Access For All

Merchantrade founder and managing director Ramasamy K. Veeran said the new ATM network is part of the company’s goal to improve financial access for everyone in Malaysia.

“By embracing this two-pronged strategy, we are not just installing machines; we are expanding the financial landscape. This makes it easier for individuals, like foreign workers and small businesses, to access funds, deposit cash securely, and manage their finances where they live and work,” he said.

Support From Visa And Safeguards

Visa Malaysia country manager Previn Pillay said Merchantrade’s entry into the ATM business is a natural next step. “Merchantrade is already one of Visa’s largest prepaid issuers in Malaysia, and this move will help expand Visa touchpoints nationwide,” he said.

Safeguards Corporation Group CEO Darmendran Kunaretnam added that the collaboration strengthens both companies’ reach. “Merchantrade is already well known among underserved communities, especially migrant workers. Together, we can provide more access to cash and financial services where they are needed most,” he said.

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