KUALA LUMPUR: Merchantrade Asia Sdn Bhd, the largest digital and hard currency exchange provider in the country is set to take online shopping to the next level by collaborating with Revenue Group Bhd.
Revenue Group, which provides a host of payment solutions, is known for its revPAY platform which facilitates purchases for Taobao customers in Malaysia.
Merchantrade said the two companies have inked an agreement which will allow shoppers to shop on Taobao and make payments using their Merchantrade Money on the revPAY platform.
“With the additional payment options made available to consumers via the e-wallet application of Merchantrade Money, consumers will have the flexibility to make payment according to their preference and choice,” it said in a statement.
Merchantrade Money holders can enjoy an instant refund on their purchases if the items they have ordered from Taobao are out of stock, the company said.
It said the refund will be credited back to their Merchantrade Money account once Taobao initiates the refund process.
The typical waiting period for refunds from online bank transactions varies from seven to 14 days.
Merchantrade Asia chief payments officer Vince Au Yoong said the company viewed the tie-up as one of its most important collaborations this year.
“The world is moving rapidly to becoming a cashless society and we were thinking of how we can make the shopping experience using Merchantrade Money easier and better than it already is, and I think we've found it.
“When you have sales, especially on such an immensely popular site like Taobao, where thousands of purchases are taking place every second, there will be times when the item is sold out even after you've paid for it,” he said.
To celebrate this partnership, on 11.11 Single’s Day, the company said Merchantrade Money cardholders will also enjoy 20 per cent cash rebates of up to maximum RM100 on their total purchases.
The 24-hour event begins on the midnight of November 11th 12:01am till November 12th 12:00am and sees Chinese online shopping sites like the Alibaba-owned Taobao slashing prices and offering huge discounts on all sorts of goods.
Last year, Single’s Day saw shoppers spent some US$17.8 billion (then RM74.76 billion).