KUALA LUMPUR: Green Packet Bhd’s unit Kiplepay Sdn Bhd has teamed up with Visa to introduce a first of its kind prepaid card to speed up Malaysia’s journey towards becoming a cashless society.

The Kiple Visa prepaid card will enable customers, such as students, to go cashless more easily while also making it easier for enterprises to fast-track their e-payment solutions, according to a joint statement on Monday.

The Kiple Visa prepaid card will enable customers, such as students, to go cashless more easily while also making it easier for enterprises to fast-track their e-payment solutions, according to a joint statement on Monday.

The Kiple Visa prepaid card is a result of Kiple and Visa’s partnership that was announced in 2020 and builds on Kiple’s Wallet as a Service (WaaS) ecosystem.

On the consumer front, the prepaid card will provide customers instant access to over 70 million merchant locations worldwide, and can be used in retail stores, as well as online and mobile app stores.

Especially for students, they can own a card that’s linked to their KipleUNI Student ID through Kiple’s e-wallet, which allows them to unlock more perks such as cashback and merchant discounts.

On top of that, students can carry out transactions securely, make cash withdrawals as needed and even spend overseas using a single card.

For enterprises, Kiple offers a white label WaaS solution coupled with the Kiple Visa Prepaid Card, as part of its services as a Visa principal licensee.

This solution is for businesses looking to create their own e-wallet, with the added advantage of the Kiple Visa prepaid card’s access to a network of 70 million merchants in over 200 countries and territories.

Leveraging this solution, businesses can roll out their e-payment platforms within as quickly as four months; accelerating five times their speed to market from the usual 24-month lead time.

As a Visa ready certified fintech partner, Kiple is also offering businesses prepaid issuing bank identification number (BIN) sponsorships in Malaysia. This provides businesses a quick and convenient alternative to offer their own Visa card using the BIN sponsorship from Kiple to their customers without the hassle of needing to fulfil the Visa Ready criteria.

Kiplepay’s acting CEO Ricky Lew (pic, below) said that as a digital and financial service provider, they are well placed to continue helping businesses and communities adopt cashless options.

Ricky Lew, acting CEO

“We view this strategic partnership with Visa as a concerted effort to reach more Malaysians and are excited to leverage Visa’s merchant acceptance network to better enable our customers in adopting cashless options.

“Building on our drive towards delivering seamless solutions for the various segments in Malaysia, these world-class partnerships are a testament to our vision to empower consumers to be a part of the cashless agenda that is also in tandem with the government’s aspirations,” Lew said.

Ng Kong Boon, country manager

Visa country manager for Malaysia Ng Kong Boon (pic, above) said: “Visa is focused on building strategic partnerships with the FinTech community to create relevant payment solutions that enable the seamless and secure movement of funds.

“We started our partnership with Kiple through Visa’s Fintech Fast Track Programme, and we look forward to growing this collaboration further by launching the Kiple Visa prepaid card and creating solutions that are relevant to the needs of our community.”

Source: The Star