KUALA LUMPUR (June 5): Green Packet Bhd's wholly-owned unit Kiplepay Sdn Bhd said it has secured a principal issuing licence by Visa and is now able to issue Visa prepaid cards.

In a statement, Kiplepay said it has also joined Visa's Fintech Fast Track programme, which is part of Visa's global strategy to open up its network and support a broad range of players that are developing new commerce experiences.

Visa country manager for Malaysia, Ng Kong Boon, said with Kiplepay coming on board, the firm can reach out to underserved segments in Malaysia, such as merchant and student communities, and create relevant payment solutions to enable the movement of funds seamlessly and securely.

"This is aligned with our objective and the government's goal to accelerate the use of digital payments in the country," said Ng.

Meanwhile, Kiplepay chief executive officer Tan Kay Yen said this partnership will enable the company to significantly expand its product and solution offerings and is an endorsement to the company for the innovative work done in the fintech space.

"Once we issue a Visa prepaid card, we are able to leverage on Visa's global acceptance footprint. We're extremely excited to enable both online and offline payments using the 16-digit payment credential to our customers," Tan said.

"Kiplepay's vision has always been focused on powering the masses given we're a digital financial services platform provider. We have been driving an inclusive cashless agenda across different communities, from instant disbursement of funds for government aid/benefits to powering small merchants and student communities," he added.

The company also said it will work together with Visa to enhance its e-wallet offerings through a spectrum of features such as loyalty programmes, mobile discounts, peer-to-peer transfers and a personalised e-wallet, Kiplepay customers can make online and offline payments using a single app.

"The partnership with Visa will also enable e-wallet users and white label customers of Kiplepay to tie their e-wallet offerings with either a physical or virtual Visa card," said Tan.

On the development front, Kiplepay has previously partnered with Bank Islam to launch kipleUNI, a cashless payment ecosystem for universities in Malaysia. The mobile app also extends features such as loan disbursements and zakat payments for students.

Besides that, Kiplepay is one of the few fintech partners in Malaysia to facilitate fund disbursements under specific state welfare programmes and has launched a digital platform initiative with the Coalition of Malay Small Traders to help 20,000 merchants and bazaar traders resume their businesses during the Covid-19 pandemic.

At the time of writing, shares in Green Packet traded 1.5 sen or 2.1% lower at 69.5 sen, giving it a total market capitalisation of RM656 million.