Mastercard, Instapay partner to release prepaid corporate cards for SMEs

Wednesday 19 October 2022 15:03 CET | News

Malaysia-based payments company Instapay has announced a new strategic partnership with global card issuer Mastercard to launch Glyd Prepaid Corporate Card for SMEs.

Issued by Instapay, the new prepaid card aims to help small businesses manage their finances better, while saving time and money. The company allows SMEs to receive prepaid corporate cards, either virtual or physical, and distribute them among their employees together with access to its expense management portal. This way, small businesses can easily set their expense budgets and define limits for employee spending, as well as manage their whole budgets smarter.

About the partnership

Instapay’s proprietary software provides real-time updates on the budget, which allows for enhanced control and visibility over the company’s expenses. The goal is to help SMEs be more transparent about their spending and drive digitalisation and financial inclusion. 

Official statistics show that there are over 1.15 million SMEs in Malaysia in 2022, counting for a staggering 97.2% of the total number of business establishments in the country. Providing employment for more than 7.3 million people, Malaysian SMEs are the backbone of the country’s economy. However, few of them operate on a daily basis and even fewer have developed a virtual entity that allows them to engage with a bigger audience and potentially generate more revenues. 

By partnering with Mastercard, Instapay aims to drive financial inclusion and help small enterprises to enhance their reach. As digital payments become a way of life for millions of people and businesses around the world, it is crucial for local payment methods to expand their portfolio and cater to the underbanked and underserved population, while helping SMEs enhance their cash flow and providing secure, fraud-free payments.

About the companies

Instapay is an e-wallet in Malaysia that offers a wide array of financial services, including salary management, money transfer, cashless transactions, mobile top-ups, and ATM withdrawal, among others.
At the same time, Mastercard is the second-largest payment processing corporation worldwide, offering a series of financial services. Headquartered in the US, it was founded in 1966 and employs over 24,000 people globally.

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Keywords: partnership, SMEs, prepaid card, digitalisation, financial inclusion, credit card, personal finance management, spend management, cashless, cash flow
Categories: Payments & Commerce
Companies: InstaPay, Mastercard
Countries: Malaysia
This article is part of category

Payments & Commerce




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