Touch ‘n Go eWallet to start charging a 1pc fee for all credit card reloads (VIDEO)
KUALA LUMPUR, Feb 3 — If Touch ‘n Go eWallet happens to be your first choice for cashless payments, you may want to ensure that you’re no longer using a credit card to reload it. This is because TNG Digital has announced that they will be introducing a 1 per cent fee for all credit card reloads from February 23, 2024 onwards.
According to TNG Digital, they had to make this move to prevent users abusing excessive cashing out of credit card balance to bank accounts, on top of offsetting the ‘heavy cost of credit card reloads’ which as been subsidied by TNG Digital from the beginning.
At the moment, TNG Digital is only charging the 1 per cent fee on manual credit card reloads exceeding RM1,000, having done so since November last year.
It’s also worth noting that from February 23 onwards, the 1 per cent fee for credit card reloads will apply for not just all manual reloads, but also quick payment and auto reloads regardless of the top up value.
Instead, TNG Digital recommends that users switch over to using debit card and DuitNow bank transfer to top up their Touch ‘n Go eWallet.
They shared that at the moment the majority of Touch ‘n Go eWallet users are already using debit cards and DuitNow bank transfer to reload their eWallet, with DuitNow bank transfer also allowing users to reload as little as RM1 into their Touch ‘n Go eWallet.
Furthermore, TNG Digital is encouraging users to use DuitNow bank transfer in particular as it is subjected to enhanced antifraud measures, such as biometric authentication and device binding to accounts.
“As the largest financial institution serving over 20 million e-KYC verified users, we must find a fine balance between convenience, security, and the long-term cost sustainability of our company.
To provide consumers more options, we still allow credit card as one of the reload channels, but we also urge users to reload their eWallet via DuitNow Transfers or debit cards, which are both free of charge” — Alan Ni, TNG Digital Chief Executive Officer
For those unaware, when you open a Touch ‘n Go eWallet account, you’ll be given a DuitNow account number similar to a regular bank account. You can find this DuitNow account number under the Profile tab or when you select ‘reload’ in the Touch ‘n Go eWallet app.
If you want to reload your eWallet balance using DuitNow bank transfer, you can copy your Touch ‘n Go eWallet DuitNow number, then head over to your preferred banking app.
When performing the transfer via your banking app, you should see Touch ‘n Go eWallet as one of the banks listed.
Simply enter your Touch ‘n Go eWallet account number there and continue the transaction as you would with any other bank transfer. You can also save the Touch ‘n Go eWallet DuitNow number as a favourite to ease future reloads. — SoyaCincau
