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| Forex News |
Mobile multi-currency converter set to revolutionise retail money-changing industry
Visa Inc country manager for Malaysia K B Ng, Visa Inc country manager for Singapore Mandy Lamb, special guest and actress Scha Alyahya, chairmanMerchantrade Asia Sdn Bhd Mohzani Abd Wahab and Merchantrade managing director and founder Ramasamy K Veeran at the launch of the Merchantrade Money Visa Prepaid Card.
KUALA LUMPUR: Travellers will no longer need to bear with long queues at currency-exchange kiosks when they need to buy foreign currency.
The new Merchantrade Money Visa Prepaid Card launched today is as good as a mobile currency-exchange kiosk that is always available when you need it.
“This is a 24-hour money-changing facility made available to customers from anywhere in the world, even while they are travelling.
“As long as they have a local bank account, they can top-up this multi-currency e-wallet and they can use the service immediately.
“This will also reduce the hassle of travellers needing to carry around huge amounts of cash while travelling.
“They can also withdraw foreign currencies at any Visa-supported automated teller machines (ATM) around the world at the lock-in rate, subject to the respective overseas bank charges,” said Merchantrade managing director and founder Ramasamy K Veeran at the launching ceremony at the InterContinental Kuala Lumpur.
The card, which is supported by a mobile app, will ease the top-up process and tracking of currency balances and it helps travellers to manage their budget as well.
“This is especially good for travellers who are worried about foreign currency rate fluctuation.Conventionally, people need to visit the physical money changers to monitor orbuy foreign currencies to make the best conversion.
“With this facility, they no longer need to do that. At the moment, the prepaid card can be used to buy five different currencies. We have got the approval from 20 countries, but will rollout additional currencies quarterly,” he said.
The card currently allows a RM10,000 wallet size.
“We have received requests from our customers to increase the wallet size. It is in the pipeline, but for now that will be the limit,” said Ramasamy.
He said the card would not cannibalise other Visa and Visa Debit products as it served mainly as a currency converter.
Another feature consumers can enjoy would be the advantage of not having to pay additional forex exchange charges.
“Merchantrade looks at this card launch as taking the lead in revolutionising the retail money-changing industry via digital money in response to global consumer trends.
“We note that there are other mobile wallets that have launched in the past few months, but I believe with our wide network, we should do well.
“Other people don’t have the ecosystem but we already have an existing customer base,” he said.
The card is also transferable and will be handy for parents who want to monitor their children’s spending overseas.
Also present at the launch was Visa Inc group country manager for Singapore, Mandy Lamb who said that the introduction of the card would also address financial-inclusion concerns.
“This product is launched in Malaysia to serve a multi-audience community where students will also be able to benefit from this.
“This product will serve consumers who do not have electronic payment access. The card will be able to address these concerns where they can now take advantage of the cashless facilities and speedy transactions,” she said.
As part of the digital innovation, Lamb said the technology would enable travellers to have greater control and not have to carry huge amounts of cash when they travel.
“With a single mobile app that allows converting and transferring, it will see an improvement in financial services and cashless transactions,” she added.
The Merchantrade Money Visa Prepaid Card is available at all Merchantrade service branches and agent networks.
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