Touch ‘n Go has officially announced that a 1% charge will be introduced for eWallet reloads through credit cards, with the charge based on the reload amount. Credit reloads via DuitNow Transfer and debit cards remain free of charge, according to the statement.
“This move is to curb excessive cashing out of credit card balance to bank accounts and offset the heavy cost of credit card reloads which TNGD has been subsidising since its inception. Users are encouraged to use bank transfers via DuitNow which has exactly the same process as fund transfer among bank accounts,” according to a statement by the company cited by The Star.
“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,” Touch ‘n Go Digital CEO Alan Ni said, according to the news daily.
To reload the eWallet, users will first need to log into their bank app or website, then select “Other Banks” and then “Touch ‘n Go eWallet”. The account number to be used is the eWallet DuitNow Transfer account number, which can be found on the reload page of the eWallet mobile app.
Any amount from RM1 can be input for transfer into the eWallet, and this works just like a bank transfer, according to Touch ‘n Go. The recipient can be set as favourite, and recurring transactions can also be set up.
The post TnG eWallet 1% charge for credit card reloads from Feb 23 – DuitNow Transfer, debit card free of charge appeared first on Paul Tan's Automotive News.
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