Instapay, a Malaysian payments business, has announced a new strategic alliance with international card issuer Mastercard to introduce the Glyd Prepaid Corporate Card for SMEs.
The new prepaid card from Instapay is intended to assist small businesses in better managing their finances while saving time and money. Prepaid corporate cards, either real or virtual, can be obtained by SMEs and given to their staff members, along with access to the company’s cost management platform.
This makes it simple for small firms to create their expense budgets, establish spending caps for employees, and generally manage their budgets more wisely.
Due to real-time budget updates provided by Instapay’s unique software, more control and visibility over the business’s spending are possible. The objective is to support SMEs’ increased financial transparency while promoting digitalization and financial inclusion.
According to official estimates, there will be more than 1.15 million SMEs in Malaysia in 2022, accounting for an astounding 97.2% of all business enterprises in the nation. Malaysian SMEs are the backbone of the nation’s economy, employing more than 7.3 million people. Few of them, though, are regularly in business, and even fewer have created a virtual persona that enables them to interact with a larger audience and perhaps earn more money.
Instapay wants to promote financial inclusion and aid small businesses in expanding their market share through its partnership with Mastercard. Local payment methods must diversify their offerings to serve the underbanked and underserved population, as well as help SMEs improve their cash flow and offer secure, fraud-free transactions, as digital payments become a part of life for millions of individuals and businesses worldwide.
Malaysia’s Instapay is an e-wallet that provides a variety of financial services, including mobile top-ups, salary management, money transfers, cashless transactions, and ATM withdrawals, among others.
The second-largest payment processing company globally, Mastercard also provides a range of financial services. With its headquarters in the US and more than 24,000 employees worldwide, it was established in 1966.
