No Result
View All Result
  • Login
  • Register
Business & Technology
SUBSCRIBE
  • .
  • Thought Leadership
  • Conversations
  • International Voices
  • News
  • Wealth
  • Digital Transformation
  • Lifestyle
  • Videos
  • Podcasts
  • .
  • Thought Leadership
  • Conversations
  • International Voices
  • News
  • Wealth
  • Digital Transformation
  • Lifestyle
  • Videos
  • Podcasts
No Result
View All Result
Biztech Asia
Home News

Instapay partners with Mastercard to cater to underbanked community

by editorial
06/08/20
in News
2 min read
0
Instapay partners with Mastercard to cater to underbanked community

MasterCard | Payments Photo by Bryan Derballa

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.

Previous Post

Fave announces partnership with Pine Labs to scale and grow more businesses digitally

Next Post

The Jaguar E-Pace fun styling, surprisingly smart

editorial

editorial

Related Posts

Mizuho week ahead – Between an Ox & a Bull
News

Risky business

Mizuho Daily – Reflate & Roil and what to make of China’s 14th 5-Year Plan
News

Mizuho Daily – Reflate & Roil and what to make of China’s 14th 5-Year Plan

Business and technology quick bites
News

Business and technology quick bites

Business and technology quick bites
News

Business and technology quick bites

Dude, Where’s My Toys?
News

Dude, Where’s My Toys?

Equity and Oil market analysis: Stocks lower as bond market vigilantes return
News

Equity and Oil market analysis: Stocks lower as bond market vigilantes return

Next Post
The Jaguar E-Pace fun styling, surprisingly smart

The Jaguar E-Pace fun styling, surprisingly smart

Financial sector and intelligence-driven cybersecurity amidst digital revolution in SEA

Financial sector and intelligence-driven cybersecurity amidst digital revolution in SEA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Recommended Stories

Sector rotation from tech stocks to value and cyclicals

Gamestop and AMC short squeeze & trading makes markets nervous

Covid-19 and political unrest weigh in on Thailand’s economic recovery

Covid-19 and political unrest weigh in on Thailand’s economic recovery

Blockchain technology – Game-changer for global Islamic economy

Blockchain technology – Game-changer for global Islamic economy

Popular Stories

  • Economic recovery: an elusive thought?

    Economic recovery: an elusive thought?

    0 shares
    Share 0 Tweet 0
  • Cannibalising your business can be profitable

    0 shares
    Share 0 Tweet 0
  • Sexual fulfillment builds confidence and well-being

    0 shares
    Share 0 Tweet 0
  • Tech Stocks – Ant gets stomped on but REITS offer stability amid volatility

    0 shares
    Share 0 Tweet 0
  • Singapore REITS and China tech stocks – Which should you buy?

    0 shares
    Share 0 Tweet 0

About Us

A Business and Technology digital publication that engages business leaders in business and technology conversations to help everyone pivot, adapt, and thrive in these turbulent times.

LEARN MORE »

Contact Us

Phone: 016-2011 050

Email: editor@biztech.asia

Address:
Level 18, Boutique Office 1 (B01-C)
Menara 2, No. 3, Jalan Bangsar,
KL Eco City, 59200, Kuala Lumpur.

Email Newsletter

Loading

© 2020 Business & Technology - made possible by Milestones Digital.

No Result
View All Result
  • Home
  • Thought Leadership
  • Conversations
  • International Voices
  • News
  • Wealth
  • Digital Transformation
  • Lifestyle
  • Videos
  • Podcasts
  • Login
  • Sign Up

© 2020 Business & Technology - made possible by Milestones Digital.

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
OR

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

will use the information you provide on this form to be in touch with you and to provide updates and marketing.