eWallet acceptance will soon be a requirement for traders at markets

Deputy Minister of Domestic Trade and Consumer Affairs (KPDNHEP) Datuk Rosol Wahid said that acceptance of eWallet payment methods will be a requirement for traders at farmers markets and public markets to renew their licenses. This is to “encourage traders to switch to digitalisation”.

According to the Deputy Minister, the initiative is part of the Retail Digitalisation Initiative (ReDI) framework being implemented in two phases. The first phase will only be initiated in Putrajaya, but the second phase will aim to go nationwide in May this year. He Deputy Minister said ReDI is a collaboration between the ministry and several government and private agencies, including Maybank and Touch ‘n Go.

The ministry’s survey also found that the level of eWallet acceptance among traders at farmers’ markets and public markets “had reached 50% in Putrajaya”. They expect Putrajaya to reach more than 90% by the end of this year.

Nationwide, Rosol said that the ministry was targeting 12,844 traders at 306 farmers’ markets and public markets to use eWallet payment facilities. For this year, the target is also for 100 farmers’ markets and public markets to provide the eWallet options for payment.

In March, we reported that Selangkah will allow businesses in Malaysia transition into a cashless business environment. Businesses are able to accept payments from customers using “any eWallet provider”—which includes Kiplepay, Boost, TNG Digital, Grabpay, Alipay, Wechat Pay, and Razerpay.

Having eWallet options for smaller traders can also help them diversify their business to an online market if they wish. Expanding their sales online can help them make more, especially as more customers are opting to shop on the internet. Even online wet market auctions on Facebook are already a thing now.

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