by NURUL SUHAIDI / pic by MUHD AMIN NAHARUL
AFFIN Bank Bhd has launched its enhanced e-wallet, in collaboration with Merchantrade Asia Sdn Bhd, allowing a wallet size of up to RM20,000 for foreign currency transactions.
The Affin Merchantrade Visa Prepaid Card along with Merchantrade’s Money E-Wallet app will provide customers to pay their purchases, buy and store foreign currencies, and do cross-border funds transfer via its seamless e-wallet mobile application.
Among others, customers can purchase and store up to 20 currencies, which the promoters say can be acquired at competitive exchange rates with no hidden foreign exchange or cross-currency charges.
Through the application, users will be able to access to the storage of up to 20 currencies, convert different currencies to make payments when they travel abroad without hidden cross-currency charges.
Affin Bank president/group CEO Datuk Wan Razly Abdullah Wan Ali said the card will serve the needs of Malaysians who travel abroad frequently for business, travel or leisure, as well as a convenient payment solution for education purposes.
“Parents can remit money to their children studying abroad, pay living expenses, tuition fees and more through the card,” he said.
The money in the card is controlled through the app with secure biometric access, utilising the Visa system and terminal.
“In terms of security, we know that Visa has a strong and secure payment network as well as merchants’ location across the countries,” he said.
The card and e-wallet system is available to Affin Bank account holders.
Merchantrade MD/founder Ramasamy K Veeran said the e-wallet customers make use of its platform to buy and sell currencies to the upper limit of RM20,000.
“We are transparent in terms of the rates, you can compare with others in the market. You can lock in the rate. If you are going to travel three months later, you can lock in the rates today,” he said.
He said customers are assured of receiving the best conversion rate as it weighs between currency volatility and market conditions through its frequent currency updates obtained through the money changer app.
Affin Merchantrade Visa Prepaid Card was launched in October 2021, along with the e-wallet system that aims to facilitate convenient digital payment systems for global fund transactions and remittances.
To date, 3,000 customers have utilised the prepaid card.
“Upon the reopening border, despite current economic situations, we are optimistic and expect more take up, between 5,000 to 6,000 users for the remaining year,” Wan Razly Abdullah said.