Universiti Teknologi MARA (UiTM) and Merchantrade signed an MoU recently to provide a digital wallet service to international and outbound students enrolled in UiTM, the University’s employees as well as a million active Alumni members.
Aptly known as Merchantrade Money Visa Prepaid Card with Digital wallet, the revolutionary card and app solution provides UiTM students and employees the ease of conducting financial transactions digitally.
Additionally, when students opt for an upgrade to the Hybrid Wallet, they enjoy a larger combined wallet limit of up to RM50,000. With an increased wallet size, the eWallet makes it easier for students to receive money from their parents overseas, or from an overseas institution. Managing their money is convenient with a user-friendly interface for card-to-card transfers and to check their card balance. Convenience is prioritized for them to purchase mobile prepaid (local & overseas) via the Merchantrade Money app, and even shop worldwide with the card at any VISA merchant in-store or online. Security is an added peace of mind. All eWallet users are able to manage their card settings and track expenses on a regular basis.
Ramasamy K Veeran, Founder and Managing Director of Merchantrade said Merchantrade is constantly evolving and taking the lead in revolutionising the industry with an increased focus on digital offerings.
“Merchantrade aims to enable innovative financial services through technology that also makes it safer and more convenient to carry and spend foreign currencies when customers travel abroad,” he added.
Meanwhile, in her speech during the signing ceremony, UiTM Vice Chancellor, Profesor Datuk Ts. Dr. Hajah Roziah Mohd Janor mentioned the desire to transform UiTM as the World’s Leading University (GRU2025) has provided many opportunities for the university to forge closer collaboration with external organizations and agencies, and the collaboration with Merchantrade Asia provides an indication of an excellent start and commitment.
“The Memorandum of Understanding between UiTM with Merchantrade enables UiTM to enjoy various facilities, especially in the digital financial management plan. The main objective includes the desire to create a financial management portal to facilitate the fee payment process for international students, digital currency exchange, cashless payments on UiTM campuses and also cash withdrawals when travelling around the world,” she explained.
Leveraging the multi-currency wallet feature are travellers going abroad too. Those travelling can buy, sell and store up to 20 major currencies digitally via the app at competitive rates. The Visa-enabled card allows users to make cashless payments at retail and online stores worldwide as well as withdraw money from any Visa Plus ATM. As such, travellers will no longer need to carry large amounts of cash. Undoubtedly, it’s a simpler and safer way to spend money when users are travelling, but what will really draw users to the product is how Merchantrade Money Visa Prepaid Card enables any user to solely pay in foreign currencies on international e-Commerce sites without any conversion or hidden charges.
“As the first digital non-bank to offer e-wallet services, we are proud of this MoU agreement and look forward to a fruitful collaboration, promoting more innovative solutions as we grow our end-to-end ecosystem of digital financial services,” said Ramasamy.
Both UiTM and Merchantrade also agree to promote international cooperation in the academic field which includes among others, teaching collaborations, research, symposiums, exchange of information on education and student developments as well as cooperation in community service.