KUALA LUMPUR: Affin Bank Bhd today launched its new e-wallet - Affin Merchantrade Prepaid Card, in collaboration with Merchantrade Asia Sdn Bhd.
In a statement today, Affin said the card, which has a wallet size of RM20,000, enables customers to transact or remit funds globally in 20 foreign currencies at competitive exchange rates with no hidden forex or cross-currency charges.
Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the card, linked to Merchantrade Money e-wallet, has been customised to address common currency exchange and remittance issues customers face.
"This allows customers to make the most of their money, especially for those who frequently transact in more than one currency.
"This latest collaboration with Merchantrade signifies the bank's progressive efforts in becoming digitally adaptive and catering to the evolving financial needs of our valued customers," he said.
The card, together with Merchantrade's Money e-wallet app would provide customers with a wide range of benefits, including convenient 'in-app' eKYC account opening process, purchase and storage of up to 21 currencies, including 20 foreign currencies, flexibility in making payments for goods and services at more than 120,000 Visa merchants in Malaysia and more than 70 million Visa merchant locations worldwide.
Additionally, users can make cash withdrawals at Merchantrade branches, participating agent locations, and more than 11,000 Visa Plus ATMs in Malaysia and more than 2.5 million worldwide.
Access to multiple top-ups channels, including FPX, Jompay and card-to-card transfers, and international money transfers services are also available for users.
Merchantrade Asia founder and managing director Ramasamy K Veeran said the company is thrilled to collaborate with Affin Bank on this transformative project.
"Our Merchantrade Money e-wallet solution allows us to provide partners with value-added services through a single platform as a full-service payment provider and offer customers greater convenience and value in their transactions both locally or overseas," he said.
Affin Bank executive director (community banking) Nazri Othman said the bank is hopeful that the new product would provide peace of mind to its customers when performing their transactions globally without worrying about incurring unnecessary charges.
"There also need not go through the hassle of finding the best exchange rates, in doing so give them greater value for their money," he said.
Visa Malaysia country manager Ng Kong Boon said the new product would cater to consumers' diverse financial needs while accelerating a cashless society.
"With such a strong value proposition, the Affin Merchantrade Prepaid Card can truly help to connect consumers to the global marketplace whether they are transacting in person or online.
"We believe the speed, convenience, security and control that are synonymous with digital payments will give Malaysians an edge in the fast-moving world of commerce," he said.