This article first appeared in The Edge Financial Daily on November 8, 2018
KUALA LUMPUR: Merchantrade Asia Sdn Bhd is pairing up with Revenue Group Bhd to provide an additional payment option for shoppers of Alibaba-owned Tao-bao website, one of the world’s largest online marketplaces.
Newly ACE Market-listed Revenue facilitates purchases for Taobao customers in Malaysia through its revPAY platform, and the two parties have inked an agreement which allows for payments using Merchantrade Money on the revPAY platform.
“With the additional payment options made available to consumers via the e-wallet application of Merchantrade Money, consumers will have the flexibility to make payment according to their preference and choice,” Merchantrade said in a statement yesterday.
As part of this tie-up, Merchantrade Money holders can also enjoy an instant refund on their purchases if the items they have ordered from Taobao are out of stock.
This refund will be credited back to their Merchantrade Money account once Taobao initiates the refund process.
“The world is moving rapidly to becoming a cashless society and we were thinking of how we can make the shopping experience using Merchantrade Money easier and better than it already is, and I think we’ve found it.
“When you have sales, especially on such an immensely popular site like Taobao, where thousands of purchases are taking place every second, there will be times when the item is sold out even after you’ve paid for it,” explained Merchantrade Asia’s chief payments officer, Vince Au Yoong.
The instant refunds will help shoppers get their money back so they can go on “hunting for treasure” on Taobao.
To celebrate this partnership, on the 11.11 Single’s Day, Merchantrade Money cardholders will also enjoy 20% cash rebates of up to maximum RM100 on their total purchases.
The Single’s Day Sale is an annual shopping event around the world which falls on Nov 11.
Revenue shares rose four sen or 3.85% to RM1.08 yesterday, giving it a market capitalisation of RM238.45 million. The group’s share price is now almost triple its listing price of 37 sen per share during its initial public offering in July.