The maker of the card Malaysians use to pay for all kinds of transportation and parking, Touch ‘n Go, is partnering up with Visa, a global company in digital payment.
The partnership is for a programme that broadens Touch ‘n Go’s usage to more than just toll, public transport and eWallet functions.
The programme that Touch ‘n Go is taking part in is called the Fintech Fast Track Programme.
The programme is Visa’s strategy to expand their support to a broader range of users that are new in the online commerce experience.
This programme is expected to be accessible for Touch ‘n Go eWallet users in 2022.
In today’s environment, strong partnerships and delivering clear value propositions to customers and users is the only way forward. This strategic collaboration between Touch ‘n Go and Visa will take the work between our companies to the next stage. Both brands are customer focused, and with Visa, we expect to continue to strongly deliver a variety of value- added services to our eWallet usersEffendy Shahul Hamid, Group CEO, Touch ‘n Go Group.
Contactless card and digital wallets are widely used in Malaysia and data from Visa’s Consumer Payment Attitudes study shows that 92% and 81% of Malaysians use the services respectively.
Data also showed that 77% of Malaysians are using both contactless cards and digital wallets.
With the upcoming Touch ‘n Go Visa prepaid card, Touch ‘n Go and Visa claim Malaysians can enjoy the best of both worlds as the card complements the eWallet’s existing network of merchants in the country with Visa’s network of more than 70 million merchants located globally.
Visa Country Manager for Malaysia Ng Kong Boon has stated that the pandemic is expected to accelerate the country’s transition towards a fully cashless society by 2025. He then added that they will be jointly launching a varied set of financial service offerings with Touch ‘n Go for the unbanked and underserved segments in Malaysia.
The Touch ‘n Go Visa Prepaid solution aims to enhance the payment experience for existing eWallet customers while offering additional cash-out options through last-mile withdrawals at Visa enabled ATMs domestically and globally.