Merchantrade Receives BNM Approval to Increase E-Wallet Limit Size to RM 20,000by Fintech News Malaysia February 26, 2020 2 comments
Merchantrade announced today that their multicurrency e-wallet has obtained regulatory approval to increased its wallet size from RM 10,000 to RM 20,000.
Their VISA enabled multicurrency e-wallet was launched in January 2018, and it is primarily used travellers to exchange foreign currency and spend said currency using the VISA card that comes with the e-wallet.
In comparison, its closest competitor BigPay operates at the wallet-size limit of RM 10,000.
Merchantrade said that the new wallet size is expected to take effect before the end of Q2 2020.
Merchantrade Founder and Managing Director Ramasamy K Veeran said the increase is yet another big step in their efforts towards digitalisation from cash to cashless.
“We’ve seen a pattern in the way our customers use our e-wallet, they tend to convert and store for their travels and this will certainly give them more convenience and flexibility,” he added.