Local startup Prepay provides escrow service to curb scams in Malaysia
In Malaysia, it’s almost too easy to get scammed of your hard-earned money. We all would like to think we are a little vigilant at times, but day by day someone’s just going to give you the slip and without realizing it, poof. Gone without a case.
To combat the ever-growing statistics of trade scams, a startup named Prepay had created a fairly simple and straightforward platform to provide a safe environment for the buyer and seller to transact free of worries.
So how this works is, Prepay acts as the middleman, and holds the funds until the buyer receives and is satisfied with the item, and only then payment is released to the seller once both parties have agreed on the deal.
Prepay was developed early 2019 by Azri Azaha and his friends Muhammad Hariz Mohd Khalil, Jeck Lim, and Mohd Norhafizan Mohd Sohimi with the aim to combat trade scams. Both buyer and seller has to sign up for a Prepay account, and sync up with online banking platforms to start dealing.
The idea for this platform stemmed from Azaha, who himself was a victim of an online trade scam.
“Just like many others, I blindly trusted the seller. I agreed to pay him RM3,900, which included the shipping fees. I logged into my account and made the payment immediately. However, I never received the item from him. Neither did I hear from him since. It was a wake-up call for me and led us to develop Prepay.”
Prepay is able to work for anyone as long as there’s a buyer and a seller, and is able to facilitate even online gamers who wish to buy/sell in-game items, using the same arrangement method to deal. Prepay at current is recognized and approved by Bank Negara Malaysia, which is a big progressive step towards a trustworthy brand and workable business model.
Obviously, this ain’t going to be a free platform forever. A fair transaction fee is levied to perform the escrow service. It varies from as low a 0.8% to 1% (Upper limit of RM 30,000), which can honestly be acceptable for most traders and sellers who want a peace of mind. It’s better to lose a couple of bucks than a few thousand.
Until 15th November 2019, all fees are zero-rated for everyone to try out the concept!
If you’re interested to give this a spin, do visit their website and sign up! We support their concept and hope that it can be a norm for everyone to use for a safer trade tomorrow!