Merchantrade Asia, a Malaysian money services company, has been officially approved by the Department of Labour Peninsular Malaysia (JTKSM) for digital wage payments.
This means workers can now receive their wages directly into their Merchantrade Money e-wallet instead of using cash or cheques.
This approval aims to simplify the payroll process for employers, especially those who find it challenging to open traditional bank accounts for migrant workers and unbanked segments.
This will benefit various industries, including plantation, manufacturing, construction, service, and domestic work.
The Merchantrade Money e-wallet, with a capacity of up to RM20,000, includes features like remittances, mobile top-ups, micro-insurance, QR payments, and peer-to-peer transfers.
In partnership with AmBank Islamic, users can access a combined limit of up to RM50,000 by integrating the e-wallet with an AmBank Islamic Hybrid Current Account-i.
With a Visa prepaid card, users can make cash withdrawals and cashless payments at retail outlets and online.
The multilingual app supports eight languages, including English, Malay, Bengali, and Indonesian, making it accessible to a diverse user base.
Merchantrade reported an outbound remittance turnover of RM8.15 billion in 2023 and has served over 5 million customers through its online and physical channels.
The company offers services such as remittances, currency exchange, e-wallets, insurance, and telecommunications.
Merchantrade’s extensive network includes 95 branches and over 490 agent locations nationwide, providing support from onboarding and training to after-sales service.
This approach ensures comprehensive support for employers and employees in both urban and rural areas.
“Digital wage payments are gaining momentum worldwide, and we are proud to be leading this evolution in Malaysia.
Expanding into digital wage solutions was a natural progression following our growth in the remittance and e-wallet space, addressing yet another critical pain point for foreign workers and other unbanked segments in Malaysia.”
said Ramasamy K. Veeran, Founder and Managing Director of Merchantrade.
Besides Merchantrade, the other five approved issuers of designated payment instruments for wage payments include Bayo Pay, FINEXUS Cards, MobilityOne, TNG Digital, and Bigpay Malaysia, effective 1 August 2024.
Featured image credit: Edited from Freepik
