I don’t have to be “grateful” to Big Pay. They are a business and I am a user. When I use the card they collect fees from the merchant. It is their call to introduce whatever limit they deem fit, and I’m merely pleading with them not to do this as it was an excellent product to begin with, and now they are just setting a course to be another (in my opinion) “meh” product.

I understand the logic they have a RM10k withdrawal cap. You shouldn’t really need to withdraw so much cash, since you can buy the LV bag by using the card and PIN. And I don’t want to carry RM10k or equivalent in foreign currency. But limiting top up when using credit card hurts genuine users.

Ya lo, some people still say prepaid card can avoid u for overspending etc and credit card u using future money ....
don’t know how to answer really

actually i am curious if what the original poster mentioned is wrong / funny. any keyword to share so i can google on this to improve my financial mgmt knowledge?

In short, instead of limiting top up, they should limit withdrawal, but of course, the reason behind is they can’t tahan paying cc company merchant fees, so we need another company to compete with BigPay right now.

Haha. Honestly, this community is quite amazing. The level of engagement is huge and I see some good arguments being made. Anybody would be interested if I organised a Lowyat x BigPay meetup?
Well, to be perfectly honest, us absorbing the credit card charges is kind of a big thing. And in essence, we're not preventing anyone from topping up their BigPay. We want people to use our card as much as possible, and we also want all our services and fees to be completely fair & transparent. Rather than to start charging for something, we prefer to keep things free - even if that means imposing some sort of limitations. It's two different strategies
Exactly. Honestly, people don't realise but some of the work we're doing BNM is eventually going to benefit everyone in Malaysia - not only BigPay users. We're setting new standards and challenging old rules, where traditional players have been way too complacent for decades because of the lack of real alternatives.

IRL meetup, potentially at our offices. I'm thinking presenting our product roadmap, sharing upcoming marketing initiatives, feedback + Q&A session. Freebies, definitely. Tony, I'll invite him. We might get someone to video shoot the entire thing and ask you guys question, but yeah... This would really valuable for us too.

Let me know if there's an interest, and I'll make it happen.

on

good initiative. use us as your focus group 

but split the session to diff types of bigpay users: light, moderate, heavy users

run a 2 hours workshop, bounce some ideas, share our pain-points, etc then you'll know from actual users whose using bigpay like a sacred unicorn card

I'm sure some would be interested, depending on time. Obviously majority won't be able to make due to work/distance etc. though but am sure you'd get a useful number.
Lowyat isn't their support forum... go to their FB page or any other regular Customer support channel. This should be SOP for any technical issue and any company, not sembang in LYN.

If can stream live on FB also good for us who are not in KL..

Thanks for the support!

I already created a form to keep track of interest and potential crowd:
https://bigpay.link/lowyat-meetup

Let's make this happen

Basically they're referring to cash flow and interest-free period. Although at the relatively small amounts being discussed here, it really doesn't matter (much more important when you're a business, which is why GST forced lots of smaller shops to close down, cash flow constriction).

I don't think it is relevant what I use to pay, as long as I can afford to pay. So what if one is carrying a Platinum card but rejected? Besides, I'm Chinese, I walk in LV @ Champs Elysees, they treat me like a boss along with the hundreds of China tourists there. When I was in Hermes in Frankfurt, the service was impeccable, simply because I was Chinese. I looked at the Arabs in there with me, they didn't get as good service as me, although they might have been carrying gold bars.
Exactly. It's god sent.

You don't claim back VAT/GST 20% ?
The VAT/GST refund/credit should go to the Visa/Mastercard that you use. Bigpay can store up to RM10,000 only so it may not be able to receive the VAT refund!

I fell off my chair and still struggle to get up reading your reply

malaysia really is behind in term of financial management

You don't claim back VAT/GST 20% ?
The VAT/GST refund/credit should go to the Visa/Mastercard that you use. Bigpay can store up to RM10,000 only so it may not be able to receive the VAT refund!

Let's not forget on this great initiates offered by BigPay Jonathan, I have created a poll for Lowyat community to Register Your Interest on participation on the meet up, so BigPay Jonathan could have an anticipated participation response to determine when to proceed the proposal. Once the details of venue and timing are confirmed, look forward BigPay Jonathan to put up official invitation to Lowyat community later on.

Appreciate members to participate the poll to register your interest.

I will put the below link to the poll on Post #02 for easy reference.
https://forum.lowyat.net/index.php?act=ST&f=235&t=4625881

Update : Sorry Guys, please ignore the poll as it has been deleted due some forum policy.

Cheers 

Thanks for the support!

I already created a form to keep track of interest and potential crowd:
https://bigpay.link/lowyat-meetup

Let's make this happen

Thanks for the support!

I already created a form to keep track of interest and potential crowd:
https://bigpay.link/lowyat-meetup

Let's make this happen

Already stuck at 1st question…
Where can we reach you?
Email? Phone? Or you want to come to my house?

Actually withdrawal doesn't cost BigPay much, it is the credit card reload that is their exposure, as they pay the merchant fees for that. Unlimited CC reload means unlimited liability for them (1.1% or so I think).

10k is already a very high amount for majority of their target market. The fact is you would not be able to use this card to purchase your luxury items since the max credit you can have is 10k anyway (this has not changed).

And I'm pretty sure there's very few 'genuine users' who will be hurt by a 10k CC limit, simply because those who spend (not withdraw) more than 10k a month are divided into a few groups:-

1. High net-worth individuals (these are the only ones who will be both genuine and hurt, though IMO it won't hurt much)

2. Those who use CC for company expenditures. Most CC have regulations against this, even if they're not enforced evenly. These I do not consider to be 'genuine users', as they're taking advantage of both the finance company's and their own business admin's laxness in enforcement.

3. One-off large spend (e.g. annual holiday). These users can reload from debit or online banking.

why bank stop giving cb for bigpay? because the nature of bigpay itself, likely because bigpay's ability to withdraw/convertible to cash.

banks/cb identification* looks for actual retail purchases/payments (to end-merchants), not to a different card which can convert to cash.

not all banks/cards are strict, but there are some cards in post #1 have no issue.

now, *identification itself can be few parameters: mode of payment and MCC (registered nature of business). some cards are lenient, e.g PBB, as long as detected as Online mode, it passes. some detected bigpay's MCC 6012 as Financial Insitution and disqualify it.
the one getting calls for statement, it's their policy to monitor bigpay's users and flagged internally; it doesnt mean full block enforcement needed. there is no complete set of rules/policies set by BNM to do just that. it's up to each provider to setup their own detection rules and policies adquately to satisfy BNM before rolling out ewallet to the public.

if many bigpay users complaining to BNM about its policies and enforcements, BNM would then spring into action against bigpay to justify their policies and provide recommendations to do it "better" <-- tighter? more rules? etc etc ... you see, BNM let the providers make their own additional rules for as long as it doesnt compromise BNM's basic guideline.

if you are a genuine bigpay user, normal reload and spending is within general parameters. but if you reload excessively and withdraw excessively without much activities with bigpay, you're giving bigpay a big red alert 

pace your reloads, pace your withdrawal. dont be greedy la.
internally, bigpay also to manage its operational costs and fees to other related partners/banks for the bigpay facility they are using (e.g. cc reload, fpx reload, all these have underlying fees to manage and pay!). we end-users are paying zero fees (to-date) to bigpay!
well, any ewallet with withdrawal capability is a double-edged innovation vs rules & regulations.

it is just a matter of time, I expect it may happen in 1-2 years from now.

(1) Credit card interchange fee down to 0.48% by 2021, so the credit card issuers will reduce cashback rate/amount.
(2) In Europe, you can use a Prepaid card to pay loan, same MCC (6012) but additional info must be provided to the card issuers (eg loan repayment, account number etc) so the card issuers will treat the transaction as quasi cash.
(3) Visa/Mastercard (International) were forcing Bitcoin merchants to amend MCC recently, so they may do the same thing on Prepaid card issuers.