The partnership enables the two companies to foray into the Malaysian prepaid card market with various prepaid programs catering to consumer, corporate, government and the health sector
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Wibmo, a subsidiary of PayU, has partnered with the Malaysian payment firm MobilityOne to back the issuance of Mastercard prepaid cards in Malaysia through its prepaid platform Wibmo Hexa.
Using Wibmo’s feature-rich and API-first prepaid card platform Hexa, MobilityOne can create prepaid card solutions for various business use cases such as fleet cards, employee/corporate benefits, subsidy cards, gift cards, travellers’ cards, and cards for other B2B and B2B2C interaction types.
MobilityOne will also support all prepaid form factors, e.g. physical, virtual card, or a mobile wallet, as well as offer advanced features to its products such as just-in-time funding, deferred authorization, and more.
The Hexa platform is pre-integrated with Wibmo’s proven Access Control Server (ACS) for real-time fraud detection and prevention. It is also using the dynamic CNP Risk Engine along with the prowess of EMV 3D secure protocol’s built-in features.
The partners expect to leverage the growing opportunities in the country’s prepaid card market, which is expected to reach a CAGR of 14.4% by 2026, increasing from $6.06 billion in 2022 to $10.4 billion.
MobilityOne obtained its license to issue Mastercard prepaid cards in Malaysia in 2021, expanding the customer list ever since. With the addition of Wibmo’s Hexa Platform comprehensive technology stack, the electronic transactions and payments solution provider aims to enhance its payment offerings and expand its presence in the market.
Being the largest authentication service provider in India, Wibmo is a global full-stack PayTech company, that partners with 160+ banks & fintech across 30+ countries. It offers fraud and risk management solutions, mobile payments, prepaid solutions, and merchant-acquiring services. The collaboration with MobilityOne gives the PayTech an opportunity to make a substantial impact on the payment card industry in Malaysia and expand its footprint across Southeast Asia.
Earlier this week, Malaysia and Indonesia linked their cross-border QR payment systems to ensure interoperability and expand markets for local businesses.
