i didn't say something about imposing % on reloading but they are collecting % from merchant as this is using MasterCard platform, they should have using this to contra the reload charges from credit card.
and they didn't mention this RM10k credit card top up is FOC forever and they might charge % in the future if their business is less due to less spending...

furthermore this is just a prepaid card. if wanna swipe or spend more than 10k, why not straight swipe it using the CC? i guess bigpay don't want people to overspent or on CC debts??

CC Topup: 0.931% (RM1000 top up - RM9.31 cost)
Merchant - prepaid: 0.21% or MYR 0.70 + 0.01% (whichever is lower) (cost to merchant -RM0.80* if RM1000)
* To be shared by various parties.

They are losing on margin + reward points

This post has been edited by ClarenceT: Jul 25 2018, 03:37 PM

if you know the exact percentage then they won't be doing this business if it is not making money...

Startup companies just tend to burn money to gain customer traction first, like Grab. I believe BigPay also in the same boat. How to make money is a later concern

it's different, Grab and Uber are the main players last time round and with the 30% acquisition of Grab on Uber share, Grab sure making 30% increment to cover the loss.
but this prepaid card market got so many cards to offer, if they are doing a losing money business model, they can't survive long by doing what you said.
people will still run away if they really implement something to cover their loss...

im not quite agree with that.. i believe plenty of ppl do not spend using bp or just small amount..

alot been abusing using bp to topup huge amount and withdraw out.. which bp does not get anything from MasterCard platform.

Agree, some still survive like Lazada n Grab others gone like Rakuten, Gemfive. The winners will gradually reduce the benefits.
At the mean time we make the hay while the sun shines.

that's why they should limit the withdrawal limit, not the reloading limit.

disagree from the business POV. reloading limit is to putting a certain threshold from incurring operating cost (cc fee, withdrawal fee, etc)

their limit is rm10k/month/card, not rm10k for entire userbase.

i'm actually relieved they set rm10k/month rather than lower threshold. at least it's matching their max wallet size (approved by BNM).

on certain % abusers would feel the "sting" of this revision, majority most likely fee negligible impact.

bigpay is not a charity org, although they are being heavily funded by parent company. sooner or later, they will need to recover the cost and monetize the bigpay ewallet platform.

everytime we reload via CC bigpay has to pay for a certain fee to bank. with this restriction in place i think it is very good, at least now top up and withdraw will have no issue regarding AMLA.

If i'm Bigpay boss i would disagree with you as I need more people to spend with my cards rather than limiting people from using it.
By limiting on withdrawal limit would have fulfill what they previously emphasize on abusing the reload and withdraw activities.
If there is no limit on reloading and limit on withdrawal, the only way to use up your credit is to spend it.
Keep reloading and spending with withdrawal limit will make their business grow.
If they want to limit the spending limit, they would have stop this business directly.
BigPayJonathan ask your boss whether he agree what i said or not.

Aiya. Argue so much for what?

The best method is, remove the cc top up limit, then impose % charges for the amount top up using cc after exceeding 10k per month lo.

Win-win situation if the % still can cover by the cash rebate given by credit card and still can cover the third party fee incur to BigPay

But I really disappointed with BigPay way of giving “guidelines” regarding potential ban trigger.

Keep on giving “indirect” guideline want user to guess. The monthly withdrawal limit guideline until now still a mystery

This post has been edited by skty: Jul 25 2018, 04:35 PM

actually only an issue to some of us who topup with credit card to maximize cc cashback. the limit of 10k only applies to cc topup. u can still topup more with other channels.

Not arguing la, only brainstorming, sparks flying n save a lot of work for Jonathan. By controlling CC reload I suppose withdrawal will be reduced as well.

This post has been edited by MGM: Jul 25 2018, 04:42 PM

i support your suggestion! Like it so much.

growing business is given.

growing business with tons of liability, additional (uncontrollable) cost, and potential whipping by BNM is what they're looking into (or managing).

by setting a set business rules, e.g. rm10k/month/card, it allows bigpay to manage the situation.

very obvious ppl are abusing bigpay from cc reload, they already know about it. this is just one of the many revisions incoming. not just bigpay, other apps/ewallet would do that eventually.

no matter how we argue about it about bigpay's policies, either adapt or jump ship. simple as that.


exactly.

arguing about bigpay's business is moot actually

They are bleeding but building up the customer base with deep pockets of Tony and AirAsia.
In short term, they hope we will buy AirAsia tickets to cover the loss.
In long term, they are creating "value" and monetise the customer database by going for IPO or BigCoin's ICO, when new investors are willing to pay for it with a premium, regardless if it is profitable.

it's not an issue on the topup with credit card to maximize cc cashback, if you can't withdraw much with withdrawal limit, you also scared to top up unwanted credit inside right?
if they didn't limit the withdrawal limit, the same thing will happen like what u said, use multiple cards to transfer here and there and withdraw out...