PETALING JAYA, 23August 2021 – Kiplepay Sdn Bhd (“Kiple”), a wholly owned subsidiary of Green Packet Berhad, in collaboration with leading global payment technology company Visa, today introduced a first of its kind prepaid card in a bid to accelerate Malaysia’s journey towards becoming a cashless society.
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. As an accessible and secure solution, the Kiple Visa Prepaid Card will enable customers, such as students, to go cashless more easily while also facilitating enterprises to fast-track their e-payment solutions in response to the growing demand for cashless services.
On the consumer front, the prepaid card is designed to 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. Students in particular, will now have the opportunity to 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 best suited for businesses that are 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 Chief Executive Officer Ricky Lew shared that as a digital and financial service provider, they are well placed to continue helping businesses and communities adopt cashless options.
“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 explained.
Based on the latest Visa Consumer Payment Attitudes Study, findings showed that Malaysians selected contactless payments as their preferred mode of payment for key categories such as grocery shopping and in retail stores. The study also showed that 65 per cent of Malaysian consumers are already using contactless payments in the country. This demonstrates the growing consumer appetite towards having alternative payment options and to address this need, Kiple partnered with Visa for the Visa Fintech Fast Track programme in 2020 to become a Visa Card Issuer and empower more segments such as students, merchants, and enterprises to be equipped with digital payment capabilities.
Visa Country Manager for Malaysia Ng Kong Boon 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.”
The Kiple Visa Prepaid Card demonstrates Kiple’s dedication to promote the national cashless agenda and is free for the first 5,000 students along with RM5 sign-up bonus. Interested users can visit www.kiple.com/visa to find out more or register.
 Visa Consumer Payment Attitudes Study is commissioned by Visa, conducted by CLEAR that surveys 1,092 Malaysians aged 18-55 years of age on their current and future payment preferences.