Cover image via South China Morning Post
Touch 'n Go Sdn Bhd (TNGSB) has received approval from Bank Negara Malaysia (BNM) to operate and offer mobile e-wallet services in the country
Image via BNM
By using the mobile e-wallet service, Malaysians will soon be able to make cashless and cardless payments for online shopping, bills, retail purchases, as well as P2P fund transfers
Using QR codes to utilise payments, the service will be leveraging on Ant Financial's Alipay technology platform, the world's leading digital financial services provider. According to Alipay's website, it currently supports over 520 million users.
At present, Alipay e-wallet in Malaysia can only be used by Chinese nationals, while those with Alipay Malaysia accounts can only use it for purchases made on e-commerce site Lazada.
Touch 'n Go chief executive officer Syahrunizam Samsudin said the initiative is in support of the government's aspiration to accelerate the creation of a robust and secure digital payments ecosystem
"Today, Touch 'n Go is already the number one player in micropayments and we see this offering as an add-on as we strengthen our value proposition, moving the country and our customers further into the realm of digital payments," he said, as quoted by New Straits Times.
With the expansion of services, Touch 'n Go expects its current users – most of whom use it for toll, transit, and parking – to quickly sign on to the new payment system
Image via The Sun Daily
