Touch ‘n Go eWallet launches DuitNow Transfer

KUALA LUMPUR: Touch ‘n Go eWallet has launched the DuitNow Transfer function, allowing its users to move their money from any internet banking account directly to the eWallet in real time.

In a statement today, it said that in addition to providing users with greater function and flexibility, this supports Touch ‘n Go eWallet’s expansion into the digital financial services space.

With the DuitNow Transfer function, Touch ‘n Go eWallet is now interoperable and part of a larger payments ecosystem alongside banks.

The transfer is only one way for now. EWallet users can't transfer money out via DuitNow from the eWallet. But Touch ‘n Go said in its FAQ that it would roll out this feature soon.

Touch ‘n Go eWallet is already accepted at over 1 million DuitNow QR merchant acceptance points, and the implementation of DuitNow Transfer is expected to fuel its usage further.

Group CEO of Touch ‘n Go Group, Effendy Shahul Hamid said "this marks our deepened penetration into the financial services ecosystem. DuitNow Transfer allows us to inter-work better with our users ‘source of funds’, as we aim to deliver superior value-added services to them across a range of use-cases".

Effendy pointed out this also opens several new opportunities for users.

He explained working adults can easily move monies directly from their internet banking accounts to the Touch ‘n Go eWallets of their children, elderly parents and/ or domestic helpers.

"As things evolve, employers could also use this as an alternative to allowance disbursements for their workers. We will continue to innovate around this space for our users,” he added.

With the DuitNow Transfer feature, users can receive funds from registered banks by simply entering the recipient’s mobile number or their Touch ‘n Go eWallet account number.

DuitNow Transfer is an instant fund transfer function that is initiated from an online banking account as well as participating eWallets.

It is operated by Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and shared central infrastructure for Malaysia’s financial markets.

DuitNow Transfer is the second service from PayNet that has been accepted by Touch ‘n Go eWallet, the first being the DuitNow QR, the national QR code standard which allows for any compliant QR Code to take payments from any participating banks and eWallets.

In terms of security, payors transferring money to any verified Touch ‘n Go eWallet account as the eWallet has enabled facial verification, a tightened security feature for eWallet access and transactions.

If there is any unlikely event of unauthorised purchases or transfers, users of Touch ‘n Go eWallet are assured of the money-back guarantee feature which promises full compensation within five working days,

Visit https://www.touchngo.com.my/duitnow for more information on how to enable DuitNow Transfer.