Merchantrade Asia Sdn Bhd (Merchantrade), a leading player in digital financial services, marked a significant milestone as it successfully registered over 100 merchants during the initial phase of its e-Duit @ Serikin campaign at the well-known bustling Serikin weekend border market.

This collaborative effort between Merchantrade, Bank Negara Malaysia, and Payments Network Sdn Bhd (PayNet) was launched in September 2023 to drive adoption of digital payments in rural communities of Sarawak, starting with Serikin weekend market, and successfully transforming it into the country’s first cashless border market.

Nestled in Sarawak, Serikin is a quaint town located approximately 50km from Kuching
along the border of Indonesia and Malaysia, the Serikin weekend market is a bustling
trading ground offering diverse array of Indonesian handicrafts, textiles, batiks, toys,
carpets, and more. The vibrancy of Serikin weekend market attracts many traders from
Kalimantan as well as tourists from all over the world.

Serikin market merchants have adopted Merchantrade Money eWallet as part of the e-
Duit @ Serikin campaign, enabling visitors to make digital payments to merchants with QR codes. The Merchantrade Money DuitNow QR eases instant payments without the hassle of physical cash and currency conversion.

The campaign was made more engaging with incentives like cash backs and lucky draws which helped communicate the usage of Merchantrade Money DuitNow QR payments. Many merchants were excited to adopt the new payment method and competed for the highest transaction volume during the campaign.

Ramasamy K. Veeran, Managing Director at Merchantrade, emphasised how the campaign has shown the impact of inclusive financial services on Serikin’s local communities, which aligns with the government’s digital agenda.

“The digital ecosystem we’ve developed with our innovative Merchantrade Money DuitNow QR solution has facilitated safer, more convenient payments for both the merchants and their customers.

With the introduction of digital payments, we have observed an increase of digital financial
literacy and a boost in the local economy of Serikin,” said Ramasamy.

The shift to digital transactions has significantly reduced the risk of cash loss or theft to
merchants who often cross the national border for their livelihoods and ensured
compliance with the laws of both countries.

Additionally, upon returning to Indonesia, merchants can convert their hard-earned Malaysian Ringgit funds into Indonesian Rupiah using Merchantrade Money’s in-app multi-currency conversion feature.

Deputy Minister for Transport Sarawak (Riverine and Marine) and Sarawak Assemblyman
for N2 Tasik Biru, Dato Henry Harry anak Jinep, echoed these sentiments, stressing the
importance of digital payments for rural community growth.

“Embracing digital payments is crucial to accelerate digital financial literacy among developing communities like Serikin throughout Malaysia,” stated Jinep.

The success of the e-Duit @ Serikin campaign underscores the power of collaboration, innovation, and transformation, bridging the digital divide and empowering local communities with the tools, knowledge, and support for seamless adoption of digitalba
financial services. Merchantrade along with its collaborators, aim to replicate the success
at Serikin and champion digital financial inclusion for more rural and underserved
communities across Malaysia.

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