KUALA LUMPUR: Green Packet Bhd, through its subsidiary Kiplepay Sdn Bhd (KPSB), has received approval from Bank Negara to roll out three new features for its e-money business, which will boost its kiplePay e-wallet as it continues to expand its cashless ecosystem offering.
The three new features are a new e-wallet limit of RM10,000 with the issuance of a Visa prepaid card, coupled with the electronic know-your-customer (e-KYC) feature.
As an e-money issuer, the central bank’s approved e-KYC feature is a crucial aspect for KPSB to enforce when offering its e-money products to the market, it said in a statement yesterday.
The approved e-KYC feature will be able to digitally identify a customer by performing due diligence and risk assessment by analysing the information gathered. It will also be able to perform continuous monitoring of customer behaviour as the e-wallet is used.
KPSB has also received its Visa principal licence to issue virtual and physical prepaid cards linked to kiplePay’s e-wallet and enable users to make payments to any merchant both online and offline that accepts payments via the Visa network.
kiplePay users will be able to make transactions with a higher e-wallet limit up to RM10,000 by using kiplePay mobile application or kiplePay Visa prepaid card.
“There has been a rise in the use of contactless payments and adoption of e-wallets during the movement control order. This shows that e-wallets are not only convenient but also integral to contributing to the flattening of the pandemic curve and particularly helping small and medium enterprises (SMEs) continue their business during this time.
“Therefore, we are pleased to receive approval from Bank Negara for the new features offered by KPSB. We feel the e-KYC is a perfect solution to provide non-face-to-face onboarding of customers to facilitate payment services, ensuring security and data integrity for users and merchants alike.
“KPSB aims to be an e-money issuer who is able to provide a smooth and seamless digital onboarding experience to customers in a safe and effective manner,” said KPSB acting chief executive officer Ricky Lew.
Lew added that the issuance of the kiplePay Visa prepaid card and new wallet limit of RM10,000 is in line with KPSB’s business expansion plan to enhance kiplePay’s e-wallet service which will allow users to perform higher value transactions.
The increased e-wallet limit will also pave the way for new services such as remittance, opening of a salary account and recruiting large merchants.
The new offerings by KPSB are in line with Green Packet’s 5.0 transformation plan, which aims to provide effective digital solutions to the market in order to help the nation drive its agenda of increasing digitalisation and becoming a cashless society.