Touch ‘n Go eWallet users will soon be able to make cashless payments at even more merchants worldwide as Touch ‘n Go has signed a strategic partnership with Visa. Under the partnership, Touch ‘n Go eWallet will join Visa’s Fintech Fast Track Programme which provides the eWallet provider access to Visa’s global network of partners and affiliates.
According to the statement, the partnership will also include the development of a Visa prepaid card solution that’s tied to the eWallet. The prepaid card solution is expected to be available to Touch ‘n Go eWallet users in 2022.
The Touch ‘n Go Visa prepaid card is expected to be similar to BigPay and Maybank’s Mae. On top of making QR payments, having an eWallet-linked physical card will allow users to perform transactions at over 70 million merchants worldwide that accept Visa card payments.
In addition to making payments, the Touch ‘n Go Visa Prepaid Card will also offer additional cash-out options through ATM withdrawals.
Touch ‘n Go Group CEO Effendy Shahul Hamid said, “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 focussed, and with Visa, we expect to continue to strongly deliver a variety of value-added services to our eWallet users.”
At the moment, Touch ‘n Go eWallet has a maximum wallet size of RM20,000, which is one of the largest among the eWallet players. Recently, they have also enabled DuitNow which allows TNG eWallet users to receive funds from other bank accounts.
With this latest development, Touch ‘n Go will have two physical cards – an eWallet linked Visa card and the traditional TNG card that’s used for toll payment, parking, and public transport. In an interview early this year, Effendy shared that the company will introduce a physical Touch ‘n Go card which can be topped via eWallet by the end of 2021. It isn’t clear if the new Visa card will come with built-in TNG card functionality.
To promote the use of its eWallet, Touch ‘n Go has also implemented PayDirect at several touchpoints. With PayDirect enabled, you can tap your physical TNG card and the charges will be deducted from your eWallet instead of the card’s balance. The feature has been rolled out for highway toll payments as well as selected Touch ‘n Go-enabled car parks.