Merchantrade Asia has entered the ATM business, rolling out more than 1,000 cash access points nationwide after receiving regulatory approval to operate as an ATM acquirer.
The initiative, developed with Visa and security firm Safeguards, aims to expand cash access for millions, including migrant workers and rural communities.
Through a Visa Sponsor BIN arrangement, Merchantrade is sponsoring over 1,000 Safeguards-operated ATMs to enable Visa debit, credit, prepaid and international cardholders to withdraw cash.
The company is also introducing Malaysia’s first brown label ATM model, which leverages Safeguards’ existing infrastructure, including MEPS functionality, and is enhanced with Merchantrade’s branding and Visa’s platform.
Merchantrade has installed more than a dozen brown label ATMs at its branches and plans to expand to over 200 units.
The machines support both withdrawals and deposits via MEPS and accept all Visa-enabled cards, including the Merchantrade Money prepaid Visa card.
The deposit feature, often unavailable at non-bank ATMs, targets traders and small businesses managing daily cash.
The machines will be placed in convenient locations such as grocery shops, factories and community spaces.
Ramasamy K. Veeran, Founder & Managing Director, Merchantrade Asia, said,
“The extensive reach and new facilities this network brings are critical for our customers. By embracing this two-pronged strategy, we are not just installing machines; we are expanding the financial landscape.
This makes it easier for individuals, like foreign workers and small businesses, to access funds, deposit cash securely, and manage their finances where they live, work and do business. This significant investment solidifies our commitment to financial services in Malaysia.”
Previn Pillay, Country Manager, Visa Malaysia, adds,
“We’re proud to build on our partnership with Merchantrade, in collaboration with Safeguards, to broaden the availability of secure, convenient cash access for Visa cardholders across Malaysia.
While digital payments are growing, ATMs often represent a first touchpoint with digital payments for many consumers — particularly in rural and underserved areas.
By making cash withdrawals more accessible, we’re supporting financial inclusion for workers, small businesses and local communities, helping ensure that everyone has reliable access to the funds they need — delivered on the strength and reliability of the Visa network.”
