Moolahgo has created an e-wallet app with numerous payment features, including its cross-border payment service. In 2021, Moolahgo launched an instant funds transfer service to Indonesia e-wallets with just the use of a phone number.
Now, Moolahgo launched a new payment service which it calls ‘Pay Now to Card’ in its e-wallet app to allow one to easily send money directly to a credit or debit Visa cardholder as long as the feature is supported by the card issuer. Traditionally only made available by banks, Moolahgo is one of the the first fintechs in Singapore to offer a payment to card service in a digital wallet.
What sets Moolahgo's payment to card service different is the option for cardholders to provide their card information confidentially in the app instead of disclosing sensitive card details to the paying party. Card information entered by the cardholders will be encrypted and stored by its partner Checkout.com which itself is a Level 1 PCI DSS certified payment provider. The Paying party will only be able to see partial masked information of the card, thereby preventing any potential misuse of cards.
Globally, Visa payment transactions volume amounted to over USD 13 Trillion in 2021. By adding this service into its e-wallet app, Moolahgo is poised to tap into one of the world's largest card payments market with more than 200 Billion transactions per year across 200+ countries, as per the press release.
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