Starting from 23 February 2024, a 1% fee will be imposed by TNG Digital Sdn Bhd (TNGD) on all credit card reloads. However, reloads made through DuitNow Transfer and debit cards will remain exempt from charges.
The decision to implement this fee stems from the aim to discourage excessive cashing out of credit card balances to bank accounts, according to The Star.
Additionally, it is intended to offset the substantial costs associated with credit card reloads, which TNGD has been subsidising since its establishment.
TNGD emphasised the equivalence in the process between fund transfers among bank accounts and bank transfers via DuitNow. Users are strongly encouraged to utilise DuitNow Transfers for their reloads.
Alan Ni, the CEO of TNGD, highlighted the necessity for the institution, as the largest financial entity catering to over 20 million e-KYC verified users, to strike a delicate balance between convenience, security, and the long-term financial sustainability of the company.
While credit cards will still be accepted as a reload channel to provide consumers with more options, Alan urged users to opt for DuitNow Transfers or debit cards for reloading their eWallets, as both methods are free of charge.
