Wibmo, a subsidiary of PayU, has announced a partnership with Malaysia-based payment firm MobilityOne to venture into the prepaid card market in Malaysia. The collaboration aims to offer a range of prepaid programs targeting consumers, corporations, governments, and the healthcare sector. Both companies plan to capitalize on the growing opportunities within the Malaysian prepaid card market, as it is expected to achieve a compound annual growth rate of 14.4 percent, reaching $10.40 billion by 2026.
Using Wibmo’s Hexa platform, MobilityOne will be able to support various types of prepaid cards, including fleet cards, employee benefits, subsidy cards, gift cards, travelers’ cards, and other business-to-business (B2B) and business-to-business-to-consumer (B2B2C) prepaid solutions. Hexa offers advanced features such as just-in-time funding, deferred authorization, and integration with Wibmo’s Access Control Server for real-time fraud detection and prevention using the dynamic CNP Risk Engine and the EMV 3D secure protocol.
Wibmo’s CEO, Suresh Rajagopalan, expressed enthusiasm about entering the Malaysian prepaid card market and empowering it with a technology-integrated payment system. He emphasized the potential for disruption and highlighted that the Hexa platform will serve as the foundation for MobilityOne to provide various Mastercard-based prepaid products. Rajagopalan believes that the collaboration will make a substantial impact on the payment card industry in Malaysia and expand their presence across Southeast Asia.
MobilityOne’s CEO, Hussain A Rahman, stated that as a leading electronic transactions and payments solution provider in Malaysia, the company is committed to enhancing its payment offerings and expanding its market presence. Rahman highlighted Wibmo’s comprehensive technology stack and auxiliary offerings in areas such as 3D-Secure, fraud detection, identity management, and digital banking, making them an ideal partner.
Wibmo, a California-based global full-stack PayTech company, specializes in payment security and digital payments in emerging markets, collaborating with over 160 banks and fintech companies across 30+ countries. It offers a wide range of services, including payment authentication, fraud and risk management solutions, mobile payments, prepaid solutions, and merchant-acquiring services. Wibmo is recognized as the largest authentication service provider in India, a leading digital payments market.
MobilityOne, a subsidiary of a London-listed company headquartered in Malaysia, acts as a virtual distributor of mobile prepaid reload and bill payment services. With connections to various service providers in banking, telecommunications, utilities, government agencies, and transportation, MobilityOne operates through multiple distribution channels, including mobile wallets, e-commerce sites, EDC terminals, ATMs, kiosks, internet, and mobile banking. Holding licenses in regulated spaces, MobilityOne offers a range of services, including wallet and terminal-based payment services, e-money, remittance, lending, and custom fintech ecosystems for communities.
15 May 2023