KUALA LUMPUR: Touch 'n Go Group, via the Touch 'n Go eWallet, has entered into a strategic partnership with Visa, the world's leader in digital payments.
The partnership will see Touch 'n Go eWallet join Visa's Fintech Fast Track Programme, which allows Touch 'n Go to directly access Visa's global network of partners and affiliates. The programme forms part of Visa's global strategy to open its network and support a broad range of players that are developing new commerce experiences for increasingly on-line savvy users. The partnership will also include the development of a Visa prepaid card solution tied to the Touch 'n Go eWallet.
The solution is expected to be available to Touch 'n Go eWallet users in 2022.
"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," said Touch 'n Go Group's Group chief executive officer, Effendy Shahul Hamid.
According to the Visa Consumer Payment Attitudes study, both contactless cards (92 per cent) and digital wallets (81 per cent) are widely used in Malaysia. Data shows that 77 per cent currently use both. With the upcoming Touch 'n Go Visa prepaid card, Malaysians can enjoy the best of both worlds, as the card complements Touch 'n Go eWallet's existing network of QR merchants in Malaysia with Visa's broad network of more than 70 million merchant locations globally.
Meawhile, Visa's country manager for Malaysia, Ng Kong Boon, said, "As the Covid-19 pandemic is expected to accelerate the transition of our country towards a fully cashless society by 2025, we are pleased to partner Touch 'n Go to enable more consumers to adopt digital payments through the issuance of a Visa card. Through this partnership, we also look forward to jointly launching a varied set of financial service offerings with Touch 'n Go for the unbanked and underserved segments in Malaysia, leveraging the global accessibility of Visa's network partners."
The Touch 'n Go Visa Prepaid solution aims to enhance the payment experience for existing Touch 'n Go eWallet customers. The Touch 'n Go-Visa Prepaid Card will offer Touch 'n Go eWallet additional cash-out options through enabling last-mile withdrawals at Visa enabled ATMs domestically and globally.