PRODUCT DISCLOSURE SHEET PLEASE READ THIS PRODUCT DISCLOSURE SHEET (“PDS”) BEFORE YOU DECIDE TO TAKE UP THE SWIPEY PRODUCT ISSUED BY SWIPEY DIGITAL SERVICES SDN BHD (“SWIPEY”). YOU MUST READ THE TERMS AND CONDITIONS (“CLIENT AGREEMENT”) WHICH SHALL BE BINDING ON YOU.
Swipey Digital Services Sdn Bhd Swipey Prepaid Card and Dashboard 1st November, 2023
1. What is the product about?
Swipey is a financial operations digital platform for expense management with embedded banking. The platform is enabled by a prepaid card that holds electronic money (“e-money”), a designated payment instrument in the form of a plastic Visa card and/or virtual Visa card (collectively, “card”) that you, the User, can top-up with funds to make payments. The card comes together with a web dashboard (”Swipey Expense Dashboard”) and a companion mobile application (”Swipey App”) which allows you to monitor all your transactions, track your spending, top up and manage your card and account (including blocking your card), allows you to check the balance on your card and send funds to pay vendors (”Bill Payment”).
2. What are the features of the expense dashboard, card and mobile app?
- Assign new prepaid cards to users
- Fund company master account
- Track all assigned card transactions
- Attach transaction receipts and add notes to transactions
- Download transaction statements
- Download funds statements
- Top up Swipey prepaid cards
- Assign multiple cards to users (”Multi-card”) – up to 99 cards per user
- Pay bills and invoices
- Move funds from prepaid cards to the master account
- Withdraw master account funds
- Spend customization
- Terminate cards
- Available as a virtual or physical card
- Virtual account limit: No limits (”Master Account”)
- Wallet limit: RM10,000 (“Card Top-ups”) as approved by us
- Transaction limit: RM10,000 per transaction
- Accepted by millions of Visa merchants worldwide — point of sale (POS) (plastic card) and e-commerce (plastic card and virtual card)
- Cash withdrawal at Visa accepted ATMs (plastic card only)
- No interest and no late charges
- Fund exposure is limited to the amount of funds pre-loaded into the Card
- Attach transaction receipts and add notes to transactions
- View individual user card transactions
- View virtual/physical card details
- Freezing and reactivating cards
- Change of card pin for physical cards
3. What are the fees and charges I have to pay?
|Type of Fee
|Fees, Charges & Spending Limits
|Maintenance Fee (inactive cards)
|ATM Withdrawal Fee (local)
|RM 2.00 per transaction
|ATM Withdrawal Fee (international)
|RM 10.00 per transaction, or 2% of the withdrawal amount, whichever is higher.
|ATM Withdrawal Limit (per user)
Choose current account on the ATM machine
|Daily limit: RM 5,000.00 Monthly limit: RM 10,000.00
|Spending limit (per user)
|Per transaction: RM 10,000.00
Daily limit: RM 20,000.00
Monthly limit: RM 240,000.00
|https://help.swipey.co/article/42-international-service-assessment-isa (Applied when the purchase is through a merchant acquired outside of Malaysia but charged in MYR)
|0% + Network chargers*
|Currency Conversion Fee
|The foreign exchange conversion rate determined by Visa
|Sales Draft Retrieval Fee
|RM 15.00 per copy
|Physical Card Replacement Fee
Note: All fees and charges shall be subjected to the applicable tax including but not limited to the Sales and Service Tax (SST).
*Currently charged at 1%. Subject to change.
4. What are the key terms of this product / What are my obligations?
- To apply, you must register your company on app.swipey.co/register and satisfy the registration procedures, Know-Your-Business (KYB), Know-Your-Customer (KYC) checks and regulatory requirements.
- Your company must be registered under the Companies Commission of Malaysia and successfully with the company director’s consent to perform RAMCI or CTOS screenings.
- Individuals can register without a registered company, as long as KYC and consent are completed.
- Upon approval, you will be given access to a freemium account which includes a dedicated web dashboard and virtual card allocations that can be viewed on the mobile app (iOS or Android). You will not be able to perform in-person point-of-sale (POS) transactions and cash withdrawals with the virtual card.
- If you wish to obtain a physical card for additional transactions (i.e. POS transactions and cash withdrawals), you must apply for a paid subscription plan that includes a physical card and pay the requisite fee. Upgrades to paid subscription plans can be applied on the dashboard. You will not receive a physical card unless you have applied for one (and paid the fee) and thereafter your physical card will be delivered to your registered company address.
- You can start to spend once KYC is completed upon first login to the mobile app. Once you receive the physical card (if you have opted and requested for it), you can use the plastic card for all types of transactions i.e. in-person point of sale (POS) transactions, e-commerce transactions, cash withdrawals, and others.
- Irrespective of whether you are issued with a virtual card or physical card, you will have the same Card Limit for every card issued. Your virtual card and plastic card are tied to one and the same master account under your company.
- For admins, you must protect your web dashboard password and must not allow others to access your master account. Admins are appointed by the company director and are solely responsible for how funds are managed and used. Swipey will not be liable if spend occurs outside of policies set by each customer.
- For cardholders, you must protect your Personal Identification Number (PIN), OTP or passcode and must not disclose the same to third parties.
- You must ensure your card account has sufficient funds (i.e. available balance) before conducting any transactions.
- Your top-up and card usage in respect of the Card Limit is subject to the conditions of the use of the RM10k Card Limit as stated in the Terms and Conditions (Client Agreement). You cannot top-up your card in excess of the maximum Card Limit.
- You may opt for the Auto Top-up feature to automatically top up your card.
- You must not use your card to purchase illegal goods or services or use it for any unlawful and/or fraudulent activities.
- You must only use your card strictly in accordance with the Terms and Conditions (Client Agreement).
- Your card is non-transferable and can only be used by you as the Cardholder.
- If you fail to comply with any of the Terms and Conditions (Client Agreement), we shall be entitled to block, suspend, revoke and/or terminate your card and master account.
- We may also, at our sole and absolute discretion, limit, block, suspend, revoke or terminate (without refunding any balance) your card or your use of the card if we detect any unusual, irregular, suspicious, fraudulent, or unauthorized activity or transactions on your card and/or card account; or if we suspect misuse of your card and/or card account
- *Important: Please read the product Terms and Conditions (Client Agreement) for the full terms and conditions governing the use of Swipey including your obligations before you apply for Swipey.
5. What are the major risks?
- When using the Web Dashboard, it is advisable to minimize access to only one authorized admin per company.
- If your Card is lost or stolen or you suspect that you have been the victim of unauthorized transactions, you must block your Card immediately by either:
- Logging into the Swipey App and selecting the “freeze” function; or
- Have your Web Dashboard admin log into app.swipey.co and select the “freeze” function for the specific card; or
- Calling our Customer Support team at +603 9213 1099
- You may also block your virtual card via the method above.
6. Who is liable for unauthorized transactions due to loss or theft?
You shall be responsible or be held liable for any dispute or loss suffered by you in relation to any transactions incurred from unauthorised usage of the Cards.
7. Where can I get further information on the Card?
If you have any queries, please contact our Customer Success team via Whatsapp or call +603 9213 1099
The information provided in this Product Disclosure Sheet is valid as of 1st November 2023