GIVEN the recent lockdown, the COVID-19 pandemic has given rise to many changes including the way in which payments are made in favour of digital, cashless and contactless payment methods. This is as physical transactions cave in to a steady migration towards a cashless society.
Over the past decade alone, consumers have accustomed themselves to using their mobile devices to conduct online transactions, purchases, and banking while the last two years have accelerated this process tremendously.
However, with this convenience, there has also been a rise in scammers hacking into bank accounts.
In fact, the last six months alone has witnessed a rising number of banking-related scam cases recorded in Malaysia whereby multiple accounts have been wiped clean of their savings.
Identifying a need to protect users from being scammed, Virtualflex Sdn Bhd recently unveiled its e-wallet platform and prepaid card – KA$Hplus.
This sterling effort has been made in an attempt to modernise payment methods in Malaysia and reduce the risk of being exposed to potential scammers.
Virtualflex also announced its strategic partnership with fintech company IOU Pay (Asia) Sdn Bhd for its co-branded prepaid card myIOU KA$Hplus Card to be offered to myIOU customers in Malaysia.
Heng Wa Seng, CEO and Director of VirtualFLex shared that those utilising KA$Hplus will benefit for multiple layers of protection.
“First of all, by using our card to pay, you shield all your banking accounts and all your credit card accounts that you use and you don’t longer need to expose your account details anymore,” he said.
Elaborating further, Heng said that KA$Hplus can help combat these issues with its prepaid card solution whereby the key protection lies in eliminating the possibility of the consumer’s banking account details being exposed when making payments.
KA$Hplus also prevents the stealing of credit and debit card information, as these details are never displayed in full within the e-wallet application.
Additionally, the prepaid cards that come with the KA$Hplus e-wallet service do not display any card number or Card Verification Value (CVV), further reducing the risks taken by consumers when using their platform.
With the launch of KA$Hplus in Malaysia, the company has taken it upon itself to educate consumers on methods to combat scams through e-wallet systems by hosting awareness campaigns within the Klang Valley in the coming months.
Secondly, placing all the money that you want to spend into the card is akin to not putting all your eggs (or money) into one basket.
Likening this to having your own bullet-proof vest, in the event that any attack comes, Heng assured users that it only hits your bullet-proof vest and not your bank account per se, hence it is ultra-safe.
Additionally, should any of the deliverables based on credit card security standards commensurate with a payment fee, the beauty of KA$Hplus is that with its security fee, it is equally as good as a banking card.
While KA$Hplus does not provide any bonus, it does however provide incentives from time to time to indulge its users in the form of lucky draws, gift points and also cash back programmes.
“What we do is sufficient to keep everyone safe. The value-added proposition lies in spending within the limit set especially this time on the pandemic when people need to manage their cash flow,” he told FocusM.
Money transactions made among members are totally free which applies also to the usage of the apps with zero cost, Heng added.
Virtualflex has entered a three-year exclusive agreement with IOUpay for the rollout of myIOU KA$Hplus Card in two stages.
The first stage involves issuing myIOU KA$Hplus cards to myIOU’s existing Buy Now Pay Later (BNPL) consumers.
The second stage meanwhile will include the integration of myIOU BNPL service within the app. This partnership is aimed at providing consumers with higher flexibility in payment options through the integration of BNPL features with the myIOU KA$Hplus prepaid card.
All KA$Hplus cards, including the myIOU KA$Hplus Card, EW reloadable prepaid debit cards carrying Visa payment features that allow consumers to purchase goods and services worldwide, wherever a Visa card is accepted.
The collaboration with Virtualflex to launch the myIOU KA$Hplus Card provides the market with an innovative fintech product and reinforces both companies’ goals in digital payment solutions.”
Contributing and improving the wellbeing of communities with fintech solutions that offer maximum security, transparency, convenience and usability is key, Heng assured.
This is because whether we like it or not, the world is moving toward digital and cashless payments.
By launching KA$Hplus and myIOU KA$Hplus Card, he shared that the company hopes to have a massive impact nationwide by protecting consumers against fraudulent activities while advancing Malaysia as an exemplary nation for modernised fintech implementations. – July 20, 2022
Yvonne Yoong is Focus Malaysia’s contributing Property & Lifestyle Editor, seasoned in covering the property beat and other industries.
The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.
