Enrich, Malaysia Airlines’ frequent flyer
programme, has partnered with Merchantrade Asia to launch a
prepaid card and app that includes Visa payment features.
The multi-currency e-wallet, officially known as
EnrichMoney Visa Prepaid Card and App, is designed to provide a
more secure and convenient way for Enrich members to make cashless
transactions locally and when travelling overseas, while also
rewarding them in return.
“This shows our progression in transitioning
Enrich from a conventional frequent flyer programme to providing
holistic travel and lifestyle solutions. They can now buy and sell
up to 20 foreign currencies in-app anytime, anywhere and enjoy the
hassle-free travel experience that comes with our prepaid card,
while also reaping in rewards along the way,” said Philip See,
Chief Executive Officer of Loyalty and Travel Solutions and Group
Chief Sustainability Officer of Malaysia Aviation Group (MAG).
Users can load up to
RM 20,000 onto the card, which can be used to make purchases or to
withdraw cash at ATMs worldwide that accept Visa, allowing members
to lock in the exchange rate at the time of purchase and
eliminate the risk of fluctuating exchange rates.
The
multi-currency foreign exchange enables users to spend like a
local with the best rates and zero fees on overseas transactions.
Users can also engage the security feature to lock or limit spends
on the card.
In addition, members will earn EnrichMoney
Points whenever they spend a minimum of RM20 on retail and other
transactions which can then be redeemed in the app for cashback.
Members also have the option to top up their e-wallet with
either money or Enrich Points for more opportunities to gain cashback.
The
analytic feature of the e-wallet enables users to not only check their balance and
view their transaction history but also create savings boxes for
specific trips or bills and more.
EnrichMoney can also be used to send money to
family and friends, with instant and safe digital transfers via
the e-wallet app remit feature.
“With many transitioning to
digital and accelerating growth of digital payments, customer
experience and having a strong value proposition have become more
important than ever,” said Ramasamy K Veeran, Managing Director of
Merchantrade Asia. “With products like EnrichMoney, we’re able to
elevate the user experience, provide new levels of convenience
that meet the evolving needs of consumers while remaining at the
forefront of this digital wave. We’re excited to embark on this
journey together with leading brands, Enrich and Visa, to extend
our reach and serve millions with our tech-powered solutions.”
According to Visa’s international travel platform data,
the total spend by Visa cardholders in Malaysia has returned to almost 70 percent
of what it was in 2019 before the pandemic.
“With the
return of travel by more consumers in the coming year and opening
up of more borders globally, we are excited to partner Enrich and Merchantrade Asia to update the benefits and rewards of the
EnrichMoney Visa prepaid card and app to cater to the needs of our
valued cardholders. They can now load money on this card to
convert up to 20 foreign currencies for face-to-face and online
purchases and earn rewards seamlessly and securely as they travel
and spend using this card,” said Ng Kong Boon, Visa Country
Manager for Malaysia.
