PETALING JAYA: There’s another push for Malaysia’s digital development with the government dangling a carrot to promote e-wallets.Malaysians aged 18 years and above and earning RM100,000 and below a year will be entitled to a one-off payment of RM30 that can be claimed from Jan 1 to Feb 29 next year.The RM450mil allocation will benefit 15 million Malaysians. To receive the payment, users will need a verified account with selected e-wallet operators.
“The e-wallet stimulus initiative will drive the adoption of e-wallets as a convenient method of payment for consumers, ” said Boost CEO Mohd Khairil Abdullah.
Many e-wallet users lauded the allocation.
“I hate using cash. I use e-wallet to pay toll, utilities and more, ” said student Nur Izzaty Shaifullizan, 23.
V. Kavitha, 38, said she might give e-wallet a try, as “it could get you a lot of things even at pasar malam”.
Grab Malaysia country head Sean Goh believed a progressive, cashless economy would help micro-entrepreneurs and SMEs grow without the cost, burden and safety concerns that comes with managing cash.“Since the launch of e-wallet, we have introduced features to help cultivate a more affordable cashless habit to serve the daily needs of our consumers, ” he said.
Other e-wallet operators are also happy with the government’s move to push for the adoption of digital payment system among Malaysians.
“This will help shift consumer behaviour and impact traditional payments, driving the way for a cashless society, ” said Razer Fintech chief executive officer Jasmine Ng.
Fave co-founder Joel Neoh said that there was only growth from here onwards.
“Digital transformation is sweeping through the service sectors, specifically in food and beverage, wellness centres and retailers.
“We are excited to see how we can work with the government to encourage SMEs to adopt more digital solutions for their businesses with the allocation of 50% of matching grant of up to RM5,000, ” he said.
According to a study by Nielsen, 8% of Malaysians currently use e-wallets for their daily transactions.
Applauding the government’s ‘rangsangan digital’ initiative, TNG Digital Sdn Bhd CEO Ignatius Ong said, “Cashless transactions are an inevitable future for Malaysia. In fact, e-wallets are propellers of a digital economy because it does not only simplify the process to receive and make payments, but also improves financial inclusion, even to the unbanked population in the country.
“POS (Point of Sale) system has been the mode of payment for SMEs in Malaysia for a long time. Implementing e-wallet payment option to the business infrastructure for local businesses and entrepreneurs is great as it provides a simple solution. Utilizing an e-wallet provides an affordable alternative to receive and track payments from consumers. It also enables businesses to increase payment options for consumers who prefer choices for transactions. Most importantly, e-wallets are mobile and allows transactions, anywhere anytime.
Going cashless will enhance security, increase efficiency and translate to a reduction in crime rates and fraudulent transactions which will further spur the growth of our economy.
“Touch ‘n Go eWallet will continue to create opportunities for Malaysians to go cashless and our users can expect exciting updates from us in the coming months.”