Touch n Go eWallet can be said to be one of the leaders in the digital wallet arena. Today, this digital wallet has over 19 million users, and around 850,000 merchants accept it. This at once leads to around 160 million transactions taking place through the Touch n Go eWallet platform every month.
Speaking about it today, CEO of TNG Digital, Alan Ni said that many people misunderstand Touch n Go and Touch n Go eWallet. The original Touch n Go company is a wholly owned subsidiary of CIMB, while Touch n Go Digital which manages "eWallet" is a joint venture between Touch n Go, Alipay, Lazada and several others. This is said to also lead to various misunderstandings, including the recent VISA prepaid card.
Briefly touching on the fiasco involving their prepaid cards, Alan Ni said their team is looking at several technologies to make it work, including the ability to include two NFC chips in one card to add to the wave of interference. However, this is expected to take a long time, and its success is not yet known. He also stated that TNG has no plans to rebrand the product, considering the costs that have to be incurred. Maybe they will look at the arena in educating users related to the function of the card.
Touch n Go eWallet today successfully implemented 5 safety and security measures on their digital wallet - equivalent to various local banks, in line with BNM's instructions at the end of 2022. Touch n Go eWallet is proud to say that they are the only digital wallet that takes this implementation step, considering financial security and giving confidence to users.
With this move, TNG implemented TapSecure instead of using OTP SMS, in addition to introducing a cooling-off period for the addition of new devices, and the introduction of a dedicated emergency line to help users who have problems with the service. Users can call +603-5022 3888 and select "4" in case of any fraud or theft.
TNG eWallet is also positioned as a supporter of the government's agenda, considering that it is the only digital wallet that supports the provision of funds under the eTunai, ePenjana, eBelia and also ePemula programs.
Moving forward, now with the completion of the mission to improve and implement all security measures parallel to other financial institutions, TNG wants to focus on financial services to facilitate users.
Digital Wallet
According to Alan Ni, TNG eWallet will introduce a reward feature on their digital wallet. This is different from previous Fave collaborations. With transactions using TNG eWallet, users are expected to be awarded reward points, which can then be redeemed for a number of items. Today, Grab offers a reward point feature for using their digital wallet. It is not yet known whether TNG eWallet will implement in the same form, or also include features such as cash back and others.
In addition, TNG eWallet will also introduce loan or credit features, similar to other BNPL services. With this step, users can use money first without adding value, and then pay to TNG eWallet at the end of the month.
In addition to the two, TNG eWallet will be present with the function of "raya money" in the upcoming month of Aidilfitri, to make it easier to give raya money in today's digital era.
For this year, there are several other things planned by Touch n Go eWallet, but they will focus on credit support and rewards first. In 2023, TNG eWallet aims to continue leading the digital wallet arena, and drive society towards a cashless lifestyle.