Touch 'n Go, Visa forms strategic partnership
Visa country manager for Malaysia Ng Kong Boon (left) with Touch ‘n Go Group group chief executive officer Effendy Shahul Hamid formalising the strategic partnership between the two companies.
KUALA LUMPUR: The Touch 'n Go Group has formed a strategic partnership with Visa, the world leader in digital payments, through the Touch 'n Go eWallet.
Touch 'n Go eWallet will join Visa's Fintech Fast Track Program, granting it direct access to Visa's global network of partners and affiliates.
The programme is part of Visa's global strategy to expand its network and support a diverse range of players creating new commerce experiences for increasingly savvy online users.
Additionally, the partnership will involve the development of a Visa prepaid card solution that will be compatible with the Touch 'n Go Wallet.
Touch 'n Go eWallet users are expected to have access to this solution 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," Touch 'n Go Group group chief executive officer Effendy Shahul Hamid said in a recent statement.
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.
Visa country manager for Malaysia Ng Kong Boon as the Covid-19 pandemic is expected to accelerate the transition of the country towards a fully cashless society by 2025, the company is pleased to partner with 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," he said.
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.