Touch ’n Go gets BNM approval for mobile e-wallet
KUALA LUMPUR: Touch ’n Go Sdn Bhd has obtained approval from Bank Negara Malaysia (BNM) to operate and offer mobile e-wallet services in Malaysia via TNG Digital Sdn Bhd, its joint venture company with Ant Financial Group.
The new mobile e-wallet will facilitate payments in a cashless and cardless environment by leveraging on Ant Financial’s Alipay technology platform, the world’s leading digital financial services provider. Alipay supports over 450 million users in China alone via its Alipay payments system.
The new mobile e-wallet will enable Malaysians to experience a secure, convenient and seamless payment ecosystem by using Quick Response (QR) codes to perform, among others, online shopping, bill payment, retail payments, as well as point-to-point fund transfers.
Touch ’n Go also expects its users, who are predominantly toll, transit and parking users, to quickly sign on to enjoy these expanded services.
“In support of the government’s aspiration to accelerate the creation of a robust and secure digital payment ecosystem, we are excited to have obtained approval for this new e-wallet through our joint venture with Alipay. 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,” said Touch ’n Go CEO Syahrunizam Samsudin.
Source: The Sun Daily