Towards a cashless society with Kiple


Introducing the Kiple Visa prepaid card for businesses to roll out their own e-payment platforms

PREPAID cards have evolved over the years to ensure transactional security as well as provide convenience to meet the growing needs of consumers.

While prepaid cards are associated with travel and gifting, the pandemic saw many businesses closing their physical stores and this has increased customer demand for newer digital payment options.

This demand has in turn caught the eye of fintech and tech businesses who are beginning to take note of these new opportunities.

One example is Kiplepay and Visa’s recent announcement to introduce a first-of-its-kind prepaid card.

A subsidiary under tech conglomerate Green Packet, Kiplepay is an e-money issuer powering the e-wallet brand Kiple.

Kiple also offers enterprise solutions for businesses to go cashless from white labelled e-wallet to eKYC, payment gateway and Visa card solutions.

With a variety of functions, Kiple enables businesses to manage and utilise their e-wallet efficiently and ultimately support an increasingly cashless, tech-powered society.

This can be seen with the latest partnership as the Kiple Visa prepaid card aims to enable customers to go cashless and at the same time facilitate enterprises in fast tracking their e-payment solutions.

Businesses can choose to either co-brand with kiple, or white labelled their own branded cashless solutions.

With a variety of open-loop cards and closed-loop cards already widely available, deciding if the Kiple Visa prepaid card is the right direction for customers can be tricky.

Here are four key reasons outlining the new prepaid card’s strengths and what businesses need to know.

1. Accelerating financial inclusivity for the underserved and unbanked in Malaysia

Prepaid cards are one example of how the Government can streamline its distribution of financial aid to the people.

As the card allows users to receive financial aid for food, child support, unemployment benefits, veteran benefits, pensions or social security payments, this ensures that the funds can be distributed to the right recipient without delay.

To ensure that the distribution of funds is fully protected, Kiple has invested significantly in Kiple FMS to have a strong fraud management system in place.

This ensures that all transactions with the Kiple e-wallet will be monitored, to ensure security and protection.

With the Kiple Visa prepaid card, individuals can rest assured knowing that their funds are protected and they can safely use it to carry out transactions and make cash withdrawals upon receiving their funds.

2. Supporting cashless salary disbursement for frontliners and sales agents

The Government identified the gig economy as a new source of economic growth in the Budget 2021 report, and the Employees Provident Fund’s (EPF) 2019 study estimated that almost four in 10 of the Malaysian workforce would be gig workers in the next five years.

This category includes freelancers, individuals hired on project basis, or independent workers who are paid per job including insurance and sales agents.

To cater to the growing pool of gig workers, faster payment tools and options are needed to encourage greater participation.

The Kiple Visa prepaid card not only allows businesses to sidestep the cumbersome process of creating an account for each new employee, it gives businesses the opportunity to create a customised e-wallet solution to disburse salaries into the employees’ accounts.

For the benefit of the unbanked employees, the Kiple Visa prepaid card combines the flexibility of a prepaid debit card with the digital ease of a traditional debit card – allowing gig workers to make purchases, pay bills and withdraw money all with one card.

3. Access to 70 million merchants for customer rewards

Businesses looking to find easier and more efficient ways to reward customers can look at introducing a prepaid card.

As one of the two Visa-ready certified fintech partners in Malaysia, Kiple is offering prepaid bank identification number (BIN) sponsorships which allow businesses to brand their own Visa prepaid card for customers with localised payment options.

By leveraging on the prepaid solution, businesses can roll out their own e-payment platforms in as fast as four months, which can accelerate their speed to market by five times compared to the usual 24 months’ lead time.

As the solution is built with Kiple’s Wallet as a Service (WaaS) ecosystem, businesses can also take advantage of Kiple’s Loyalty Plug & Play model and access Visa’s network of 70 million merchants in over 200 countries and territories.

4. Introducing easier and more efficient ways to explore digital marketing

Businesses who want to explore digital marketing can look towards using Kiple Visa prepaid card as another payment alternative for their marketing team.

The prepaid card allows businesses to control and track digital marketing spending through the e-wallet, allocate budgets and ensure that the marketing team stays within the assigned budget.

This will enable businesses to focus on the core digital marketing plans and business growth while ensuring that these important tasks are carried out without any hassle.

Leveraging on digital solutions for continued business growth

The Kiple Visa prepaid card is a demonstration of Kiple’s dedication towards advancing the national cashless agenda.

As a comprehensive solution that supports and integrates cards, banks and digital money transactions, as well as loyalty and membership functions all within one e-wallet, businesses have the flexibility to design their e-wallet based on their needs and goals for their customers.

As consumer trends continue to lean towards digital payments, it is evident that going digital is now a fundamental business strategy and digital transformation is essential to make businesses future-proof.

Whether businesses are looking at new ways to retain their current customer base or are interested in reaching out to new audience pools, leveraging on digital solutions such as the Kiple Visa Prepaid Card is definitely one way to help ensure a business can thrive in a post-pandemic world.

Read more about the Kiple Visa prepaid card at kiple.com/enterprises

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