Touch ‘n Go eWallet is one of Malaysia’s largest eWallets. Just recently, TNG Digital (TNGD), the company operating the eWallet, unveiled plans to become an integrated fintech company – one of the first in Malaysia. TNGD is well on the way to achieving its goals with the introduction of services like GOPinjam, GOInvest and even GOProtect.
That said, one of its most successful features is the introduction of cross-border transactions in over 40 countries including Singapore, China, Hong Kong and Japan. This is made possible with Alipay+’s integration with Touch N’ Go eWallet. The feature has arguably changed the way Malaysians travel overseas especially when it comes to transacting online. However, with the sharp increase of Malaysians travelling ever since borders reopened, TNGD has noticed a need for the company to be a little more pragmatic with its approach to cross-border transactions, particularly QR transactions.
As such, starting April 25, 2024, cross-border QR transactions using Touch ‘n Go eWallet will be charged a nominal 1% transaction fee. According to the announcement by TNGD, the fee will be factored into the daily exchange rate in the app. The daily exchange rate will be shown in real time before each transaction. So, if you’re in the U.S. and the daily exchange rate is RM1 to USD0.209659, it will be reflected as RM1 to USD0.20756241 inclusive of the 1% fee.
CEO of TNGD, Alan Ni, addressed the issue in a statement saying, “Although it has always been an industry standard for credit and debit cards as well as other eWallets to charge the overseas transaction conversion fee, we have subsidised these costs in the past to promote the cross-border payment feature on TNG eWallet. However, with the increase in overseas travel, we understand the need to ensure our business sustains in the long run. We are committed to continue to provide a seamless cross-border payments to our users. We have partnered with international businesses to create a strong network of merchants in over 40 countries, making it easy to use TNG eWallet for payments outside Malaysia.”
