TNG ewallet eyes 80% penetration rate by 2020
CEO hopes e-wallet will help propel M’sia into a cashless society
PETALING JAYA: Touch ‘n Go ewallet is aiming to achieve at least an 80% penetration rate for both users and merchants by 2020.
“We’re reaching out to as many major retail corporations as possible, while simultaneously looking at SMES, and even individual traders at pasar malam or mamak restaurants,” said TNG Digital Sdn Bhd chief executive officer Ignatius Ong.
The Budget 2020 which was announced on Friday saw the announcement of a one-time RM30 ewallet payment for users who are Malaysians aged 18 years and above and who are earning RM100,000 and below a year.
It will be claimable from Jan 1 to Feb 29 next year and the approximately Rm450mil ewallet payout is expected to benefit 15 million Malaysians.
Ong said Touch ‘n Go ewallet now has over 5 million users and is aggressively growing its reach in the country.
“As the largest e-wallet in Malaysia both in terms of size and usage, we are always looking at ways to expand our business in a way that we are at every daily touchpoints of consumers,” he said.
Ong also highlighted one of Touch ‘n Go ewallet’s features which is the money back guarantee (MBG) feature noting that it is the first-ever safety and security policy for mobile payments in Malaysia.
“With our MBG policy, we are committed to future-proofing Malaysia’s epayment ecosystem and to better serve our users by giving them the confidence.
“Users can trust us, continue to pay confidently and transact with our app, knowing that the transactions are protected and s refund is available for any unauthorised transaction,” he said.
Ong said he hopes that the Touch ‘n Go ewallet will help propel Malaysia into a total cashless society by bringing forth the highest security of payment transactions and most importantly, convenience to its users.
“My plan is to make sure that users can access payment through the Touch ‘n Go ewallet wherever they are.
With that said, the team at TNG Digital are constantly engaging with SMES, local momand-pop shops and business owners in and outside of the Klang Valley to educate, inspire and engage with potential users and partners,” he said.
He noted Bank Negara’s initiatives to drive the agenda of moving towards elevating the e-payment system and encouraging people to embrace the cashless economy.
“Bank Negara has taken steps in reducing cash dependency for Malaysians, and with the Touch ‘n Go ewallet, we are also doing our part in ensuring that average, everyday Malaysians are also slowly embracing the cashless payment method,” Ong said.
He said other value added features included Paydirect and RFID that allows its users to pass through tolls with the deductions happening in the Touch ‘n Go ewallet.
“For Paydirect, we have stitched the Touch ‘n Go card together with our ewallet to allow people to pass through tolls without having to reload at the toll counters.
“It’s a simple step of adding your card to your ewallet and the reloads and deductions will happen instantly,” he said.