Kiplepay Awarded Principal Issuing Licence and Joins Visa FinTech Fast Track Program
Kiplepay Sdn Bhd announced today that the company is now able to issue Visa prepaid cards and has also joined Visa’s FinTech Fast Track program. Visa, the world’s leader in digital payments, has been expanding its Fintech Fast Track program in Malaysia to allow FinTech companies to gain access to Visa’s network. The program is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences.
“At Visa, we are focused on engaging and building strategic partnerships with the FinTech community. We’re extremely pleased to have Kiplepay join us as a Fintech Fast Track program partner, and principal issuer. With Kiplepay coming on board, we can reach out to underserved segments in Malaysia, such as merchant and student communities, and create relevant payment solutions to enable the movement of funds seamlessly and securely. This is aligned with our objective and the government’s goal to accelerate the use of digital payments in the country,” said Ng Kong Boon, Visa Country Manager for Malaysia.
Kay Tan, CEO of Kiplepay, said that this partnership is an endorsement of the innovative work being carried out at Kiplepay in the FinTech space. It also enables Kiplepay to significantly expand its product and solution offerings. “Once we issue a Visa prepaid card, we are able to leverage on Visa’s global acceptance footprint. We’re extremely excited to enable both online and offline payments using the 16-digit payment credential to our customers.”
“Kiplepay’s vision has always been focused on powering the masses given we’re a digital financial services platform provider. We have been driving an inclusive cashless agenda across different communities, from instant disbursement of funds for government aid/benefits to powering small merchants and student communities,” added Tan.
Both Kiplepay and Visa will work together to enhance its e-wallet offerings including money withdrawals and access to 61 million merchants in over 200 countries. Through a spectrum of features such as loyalty programmes, mobile discounts, peer-to-peer transfers and a personalised e-wallet, Kiplepay customers can make online and offline payments using a single app. The partnership with Visa will also enable e-wallet users and white label customers of Kiplepay to tie their e-wallet offerings with either a physical or virtual Visa card. Kiplepay has been working with various partners previously to introduce digital payments in Malaysia. For example, the company partnered Bank Islam, the country’s largest Islamic bank, to launch kipleUNI, a cashless payment ecosystem for universities in Malaysia. kipleUNI enables cashless payment systems for some large public universities, empowering students to make digital payments through a student e-wallet for purchase of food and books. It also extends to loan disbursements and zakat payments to students with the convenience of a mobile app.
Kiplepay is one of the few FinTech partners in Malaysia to facilitate fund disbursements under specific state welfare programmes and has launched a digital platform initiative with the Coalition of Malay Small Traders to help 20,000 merchants and bazaar traders resume their businesses during the Covid-19 pandemic.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.my