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
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
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
The implementation of e-wallet services will no doubt change the way Malaysians pay for goods and services. Here’s how the system works: