KUALA LUMPUR (Oct 1): ManagePay Systems Bhd has been appointed the operator of the local retail chains' electronic wallet (e-wallet) and cash-back loyalty card programme.
In a press statement today, ManagePay said its wholly-owned unit ManagePay Services Sdn Bhd (MPSB) will be responsible for issuing, acquiring and operating the Malaysia Retail Chain Association's (MRCA) Ringgit Rewards Card — a MasterCard co-branded prepaid card — programme.
The appointment is subject to approvals from all relevant authorities and participating merchants.
MRCA represents over 250 leading retail chain store operators and franchisors with over 20,000 outlets throughout Malaysia.
"I am pleased at this exciting partnership with the MRCA. I believe our appointment speaks of the association's confidence in us and the track record we have established over the years as an end-to-end e-payment solutions and services provider," said ManagePay managing director cum chief executive officer Chew Chee Seng.
"Moving forward, this (partnership) will allow ManagePay to evolve its product offerings into a wider footprint rollout of other e-money products and virtual cards, in line with Bank Negara (Malaysia)'s drive to migrate over to a cashless society and digital economy," he added.
However, ManagePay did not say what the potential financial benefits of the partnership are.
With the MRCA Ringgit Rewards Card, consumers can load cash value to be used in lieu of cash at participating MRCA outlets and get purchase benefits such as immediate discounts or cash back.
The accumulated cash back earned will be used to redeem their desired reward or next purchase at participating MRCA outlets.
ManagePay (Valuation: 0; Fundamental: 1.3)'s shares, which peaked at 36 sen on May 15, closed at 24.5 sen today, half a sen or 2% lower from Wednesday's close, for a market capitalisation of RM174.06 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)