KUALA LUMPUR (Dec 16): Malaysian fintech and e-wallet provider MyMy announced its leading-edge card and app features as it gears up for targeted beta testing in January 2022.

In a statement on Wednesday (Dec 15), MyMy said its frontline offerings include a numberless prepaid card that enhances the security of physical payment transactions.

As for online transactions, MyMy has introduced a seamless biometric feature to authenticate transactions — an element of security that replaces risks associated with other cumbersome authentication methods.

MyMy co-founder Joe McGuire said the firm had identified the necessity to implement biometric features as part of its security measures and, very soon, facial recognition capabilities as well.

"Our numberless card also provides enhanced security to reduce fraudsters committing unauthorised purchases," he said.

McGuire said MyMy’s numberless prepaid card is not only a cheaper alternative to debit and credit cards, but is also globally accepted at over 80 million merchants and ATMs worldwide — unlike QR codes with limited use and which are only accepted in Malaysia.

Meanwhile, MyMy co-founder and chief executive officer Kishore Samuel said the firm is also well in progress to kick off its beta testing phase.

"We are organised for growth, and there is going to be much innovation and opportunities from MyMy moving forward,” he added.

In September 2020, the company secured a RM10 million capital injection from Koperasi Tentera. Earlier this April, it received conditional approval for an e-money licence from Bank Negara Malaysia.

In October, MyMy further emerged as one of the first Malaysian start-ups to welcome a principal membership from Mastercard.

MyMy said from Dec 15 to 25, the firm will be giving away RM100 credit with its 10-Day Christmas Countdown Challenge.