Instapay Technologies, has partnered with Mastercard to offers e-wallet accounts with linked Mastercard card and remittance services to cater the underbanked community of foreign migrant workers in Malaysia.
The partnership with Mastercard gives Instapay’s customers access to the vast global network of merchants and ATMs, allowing customers to enjoy convenience and peace of mind when making purchases and cash withdrawals from ATMs anytime and anywhere
In a statement, Rajnish Kumar, Co-founder and CEO of Instapay Technologies said their focus is to bridge the gap in this particular segment and they are targeting 100,000 users in the first year of the launch.
“Technology has the ability to dramatically reduce the cost of remittance and at
Instapay, we want to make it easier for people to manage their money – whether it’s
sending money to friends or loved ones, or making payments using the Instapay
Mastercard; all without incurring high costs or large transaction fees that often low
income segments face,” he said.
Using the Instapay Accounts (Instapay e-wallet), employers are able to pay salaries to their foreign migrant workers with the digitisation of salaries benefitting both employee and employer in terms of security and efficiency.
In addition, wage digitisation also offers additional opportunity for business owners to boost efficiency in their payroll system by reducing cash handling costs and eliminating downtime from worker queues at remittance outlets on pay day.
By encouraging and enabling greater financial inclusion, Instapay and Mastercard helps workers gain access to useful and affordable products and services to meet their needs, all delivered in a responsible way to assist migrant workers.
“Fintechs play a critical role in the digitalisation and transformation of a nation’s economy and society and that is why Mastercard is actively collaborating with fintechs across the world to create and implement simple yet innovative payments technologies to make lives more convenient, seamless, and secure,” said Devesh Kuwadekar, Vice President of Market Development, Malaysia, Mastercard.
Whilst Malaysia has a tech- savvy population with digital ambitions to fulfil, there is also a sizeable number of foreign workers who are unbanked and financially excluded.
Kuwadekar also said that Mastercard sees great potential in Instapay’s capability to address some of the challenges faced by underbanked foreign migrant workers segment in Malaysia.
“Solutions such as the Instapay Mastercard represents one of the avenues to support workers adoption of digital payments in today’s fast-evolving economy,” he added.
Instapay makes onboarding easy by providing door step service to both corporates and individuals. Instapay app supports 9 languages and has been designed keeping specific needs of the foreign migrant workers in mind with simple yet powerful features.
Furthermore, Instapay also facilitates remittances conveniently and securely to practically all corners of the world through Instapay mobile app.