[ UPDATE 20/12/2019 4:30PM ] Three eWallets have been selected for the E-Tunai Rakyat program. Here’s how you can redeem the RM30 credit.
The Malaysian government will be kicking off its e-Tunai Rakyat program which is an initiative to boost eWallet and digital payment usage in the country. As announced during the Budget 2020 tabling, eligible Malaysians will be receiving a one-off RM30 eWallet credit between 1st January to 29th February next year.
According to Finance Minister, Lim Guan Eng, his Ministry has appointed Khazanah Nasional Berhad to facilitate and coordinate the e-Tunai Rakyat initiative and they will be working closely with the National Registration Department and the Inland Revenue Board. It will be a comprehensive effort to ensure that the initiative can be implemented within the stipulated time frame and in a secure manner.
He added that the implementation involves developing a mechanism and process to facilitate the distribution. Khazanah will be responsible for the selection of eWallet providers which already has a platform with a large number of users and a wide network of merchant touchpoints. The supported eWallet providers will be announced based on defined criteria to ensure that the initiative can be delivered successfully.
To recap, the e-Tunai Rakyat is open for all Malaysians aged 18 years and above that has an annual income of less than RM100,000. If you’re eligible, you will receive RM30 which can be used to spend on goods and services via a verified eWallet.
According to Guan Eng, apart from the RM30 credit, eWallet providers may offer additional value subject to the respective terms and conditions and ongoing offers available. The government has allocated RM450 million for the program which will benefit 15 million Malaysians.
From what we can tell, e-Tunai Rakyat is definitely not a new eWallet but it’s simply the name for the stimulus program. 2020 is just two weeks away and we expect Khazanah to reveal more details of the redemption process and supported eWallet providers very soon.