Over three million migrant workers living in Malaysia will now be able to remit funds to their home countries in local currencies in near real-time, following a new partnership between Instapay Technologies, the digital payment platform, and payment juggernaut, Mastercard.
Mastercard Move has a portfolio of money movement capabilities powering person-to-person and business payments to more than 180 countries worldwide in 150+ currencies. With access to more than 95 per cent of the world’s banked population, Rajnish Kumar, co-founder and CEO of Instapay Technologies, commented: “This collaboration enables us to leverage Mastercard’s vast global payment network and cross-border transfer expertise.
“It will enhance our remittance service to our customers, making it more efficient, secure, and cost-effective.”
With Mastercard Move, Instapay users in Indonesia, Nepal, Bangladesh, India, the Philippines, and Pakistan can enjoy seamless transfers to bank accounts, digital wallets and cash pickup locations. They can also conveniently track payments, fees and estimated delivery times. Instapay will first launch these Mastercard Move capabilities to individual customers in Q2 2025 and has plans to expand to corporate customers in the future.
“Our goal has always been to leverage technology to make transactions more efficient and reduce the cost per transaction,” Kumar added. “There are many innovations happening in the cross-border payment space, and this collaboration ensures we stay at the forefront of offering enhanced services to our customers.”
Improving financial access
Instapay Technologies focuses on financial inclusion for unbanked workers by providing accessible and convenient financial solutions. As a licensed e-money issuer, Instapay provides migrant workers with a comprehensive digital platform for their financial needs, including a prepaid Mastercard card, remittance solutions, and salary crediting accounts. Through its technology-driven approach, Instapay aims to improve financial access and well-being for underserved communities.
“As the global economy evolves, there is an ever-growing demand for more practical, cost-effective digital solutions for cross-border payments. What is especially important for the millions of migrant workers in Malaysia who are supporting their families back home is that the money transfer is fast, secure and transparent,” said Beena Pothen, country manager, Malaysia and Brunei, Mastercard.
“Mastercard Move leverages Mastercard’s trusted card and non-card networks and innovative, proprietary cybersecurity solutions so Instapay users can enjoy greater transparency and choice, as well as increased security and fraud protection – empowering Malaysia’s migrant workforce with the tools and solutions they need to live, work and transact with confidence, control and flexibility.”
