This article first appeared in The Edge Financial Daily, on October 2, 2015.

KUALA LUMPUR: ManagePay Systems Bhd has been appointed the managing operator of local retail chains’ electronic wallet (e-wallet) and cashback loyalty card programme.

In a statement yesterday, ManagePay said its wholly-owned unit ManagePay Services Sdn Bhd 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.

The MRCA represents some 250 leading retail chain store operators and franchisers with about  20,000 outlets throughout Malaysia. 

However, ManagePay did not specify what the potential financial benefits of the partnership are.

Under the Ringgit Rewards Card programme, 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 cashback.

The accumulated cashback earned can be used to redeem the consumers’ desired reward or next purchase at participating MRCA outlets.

ManagePay shares, which peaked at 36 sen on May 15, closed at 24.5 sen yesterday, half sen or 2% lower from Wednesday’s close, with a market capitalisation of RM174.06 million.