Instapay offers a digital salary account and a linked prepaid Mastercard, enabling businesses to manage payroll efficiently and provide employees with immediate access to their salaries. This solution addresses the challenges of traditional cash salary payments by facilitating quick salary uploads and secure online transactions, all while being regulated by Bank Negara Malaysia.
Funding
$4.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AIFounders
Product
Problem
Many businesses, especially those dealing with a large number of unbanked workers, face challenges in efficiently managing payroll and ensuring employees have immediate and secure access to their earned salaries. Traditional cash-based salary payments are cumbersome, time-consuming, and pose security risks for both employers and employees.
Solution
Instapay provides a digital solution that streamlines salary disbursement and offers employees a convenient way to manage their finances. The platform allows businesses to quickly upload salaries to digital accounts accessible via a mobile app, while employees receive a linked prepaid Mastercard for online and offline transactions. By digitizing the payroll process, Instapay reduces the logistical complexities associated with cash payments, enhances transparency, and empowers employees with greater financial control. The platform is regulated by Bank Negara Malaysia, ensuring secure and compliant transactions.
Target Audience
Instapay primarily targets businesses looking to streamline their payroll processes, particularly those with a significant number of employees who may be unbanked or prefer digital payment methods, as well as migrant workers seeking a secure and convenient way to manage their earnings and send remittances.
Features
- Corporate portal for self-managing salary payments with enhanced visibility and control.
- Fast employee account opening to expedite the onboarding process.
- Mobile app linked to a prepaid Mastercard for employee convenience.
- Online e-wallet top-up functionality.
- Domestic and international mobile top-up options.
- Cross-border money transfer capabilities.
- Mastercard acceptance at ATMs and online merchants globally.
- White-label e-wallet and Mastercard options for businesses.