Virtualflex, a wholly owned subsidiary of Johor Corporation (“JCorp”), is partnering Fass Payment Solutions (“Fasspay”), a subsidiary of the world’s leading SoftPOS player, Soft Space, and leading global payments technology company, Visa, to launch the modernised version of its payment and loyalty mobile app, KA$Hplus, that includes a Visa prepaid card for consumers in Malaysia.
Virtualflex currently operates the KA$H payment and loyalty platform, which enables customers to make payments digitally and enjoy KA$HBack rewards. More features and benefits are being introduced via an upgraded payment and loyalty mobile app – KA$Hplus.
KA$Hplus can support an e-wallet limit of up to RM10,000 and is able to issue virtual and physical Visa prepaid cards for users for mobile commerce, in-store purchases, bill payments and top-ups. In addition to spending, users will also be able to enjoy loyalty programmes offered by Virtualflex to get perks like cashback.
Other benefits to both businesses and consumers include automatic rewards issued with the Visa prepaid card, e-hailing bookings, ticketing purchases for bus, train, and ferry, financial services, as well as payroll disbursement programme.
“The introduction of KA$Hplus e-wallet and Visa’s prepaid card offer various features and digital services that brings the convenience and benefits of digitalisation to the fingertips of our employees and customers at JCorp,” said Heng Wa Seng, Chief Technology Officer of Virtualflex.
“The KA$Hplus e-wallet and Visa prepaid card developed and empowered by Fasspay under the Visa Fintech Fast Track programme will significantly strengthen Virtualflex’s capabilities and efficiency and aid our mission to enhance social-economic development in Malaysia through digitalisation,” he added.
Ng Kong Boon, Country Manager of Visa Malaysia said, “This partnership showcases how the Visa Fintech Fast Track programme enables technology companies such as Virtualflex to transform their business offerings and work with fintech players like Fasspay to create card programmes that are relevant for consumers in Malaysia. We are excited to introduce the Virtualflex Fasspay Visa prepaid card to empower consumers in the country to use the KA$Hplus app for their payments and rewards.”
Chris Leong, Chief Executive Officer of Fasspay added, “We are privileged to be chosen by Virtualflex to be its technology partner. Our partnership with Virtualflex and Visa is not only a testament of our technical competency but our ability to offer bank-grade solutions, understand the necessary regulatory environment and engineer solutions that will help our customers innovate and help achieve their corporate mission.”
The partnership between Fasspay and Virtualflex sees KA$Hplus providing customers with future-proof offerings such as upgraded and modernised payment and loyalty features that meet all regulatory compliance set by Bank Negara Malaysia as an e-money provider.
Customer who signs up for KA$Hplus in the coming months will be able to enjoy additional benefits. There will also be a promotional campaign that includes lucky draws, subsidised programmes, and activation and referral bonuses for cardholders.