Touch 'n Go (TNG) will soon be offering mobile e-wallet services now that Bank Negara has given it approval for doing so.
CIMB Group Holdings owns 52% of TNG and released a statement saying that the new wallet would work by leveraging Ant Financial’s Alipay technology.
Expect the service to work via QR codes, and it will be operated by TNG Digital, a joint-venture between TNG and Ant Financial, Ant Financial being an affiliate of Alibaba Group.
The e-wallet will allow payments even from smaller merchants, such as night market vendors. This will be a boon for smaller sellers who want to allow cashless options but don’t want to pay high fees for credit or debit card processing.
There's no information as yet when this will be happening but it looks like TNG is setting up to be Malaysia's alternative to Alipay. A future where we can leave our cash at home looks pretty sweet.
[Source: The Star]