THE evolution of money from the days of old continues to this very day in tandem with the rapid development of technology.
Today, electronic cash payments seems to be the preferred option over the traditional means of payments such as cash even though cash payments still have their rightful place in society.
This is exaggerated further with the Covid-19 pandemic prolonging and according to eWallet players such as Touch ‘n Go eWallet and Boost, there are various advantages to using electronic payments including saving money for users in the longer run.
Ignatius Ong, CEO of TNG Digital Sdn Bhd, the company behind Touch ‘n Go eWallet told StarBizWeek’s Money & You that eWallet payments have their role in society especially in the midst of a pandemic.
“A cashless lifestyle has now become an option Malaysians prefer due to its safety and hygienic qualities. In addition, it is a faster and more convenient way to transact for both users and businesses. No change is required as the exact retail amount can be keyed in and the payment is automatically made, ” Ong said.
His views were also similarly shared by Boost which said that cashless payments help users prevent from touching anything including physical cash that could potentially pose health risks or transmit bacteria or viruses.
Ong said that another advantage of using cashless payments is that it is paper-free which can help to preserve the environment by reducing paper demand.
“Our recent initiative for users to e-donate and support local non-governmental organisations, we have provided a quicker, easier and safe method to collect funds during these trying times. The funds go directly to them and it is a sustainable, long-term solution that complements the traditional way of donations, ” he said.
The Boost spokesperson says that many things can be done through a single app anytime and this has proven especially useful during the movement control order and the new normal.
“These include bill payments, zakat, online transactions and street parking to purchasing prepaid top-up and public transport tickets, applying for micro-insurance and micro-financing, ordering food delivery, making e-donations to charitable organisations as well as online shopping and much more, ” the Boost spokesperson said.
Apart from that, Ong also highlighted that promotions have been a great pull factor for people to quickly adapt the cashless lifestyle.
“These economic times have been hard on everyone, but we also cannot ignore the fact that cash transactions would not be able to give such offers that we do on the Touch ‘n Go eWallet platform, ” Ong said.
“Financial constraints have many looking for promotions or good deals on essential items that would help them cut costs in some way. So we have developed exciting offers during this festive season and in the months to come that will be sure to stretch their money, ” he added.
For Boost, the spokesperson said they reward every transaction done with Boost Coins.These are compounded with shake rewards, cashback and better savings with deals from merchants, the spokesperson said.
“Boost Coins earned can be redeemed for a variety of exciting prizes. Users also stand a chance to win once-in-a-lifetime experiences through Golden Ticket prizes, ” the spokesperson added.
For eWallet users, they may prefer using e-payments that would allow them to save money in the longer run.
Boost, meanwhile, said that the nature of eWallet payments allow for greater transparency and accountability.
“E-wallets help increase accountability and tracking, lessening the risk of corruption and theft. Even if a person loses their wallet or phone, the money in their e-wallet is not lost.
"Less fear of petty crime as less cash is carried on a person, transactions are tracked and recorded and authentication is required to make any transaction, ” the Boost spokesperson said.
Meanwhile, the type of merchants that are adapting with the times to use e-payments have seen more unconventional merchants such as property developers jumping onto this platform.
Here is a snapshot of some of the less than conventional features or offers that are available by Touch ‘n Go eWallet and Boost at the moment.
Touch ‘n Go eWallet:
* Get RM10 cashback & RM10 bonus gold into one’s HelloGold Pro account with RM100 gold purchased with Touch ‘n Go eWallet.
* Personal loan application can be done to CIMB through Touch ‘n Go eWallet.
* Receive a RM1,000 cashback to Touch ‘n Go eWallet when you pay a booking fee of RM50 for a property at Brezza Hill.
* Users may send e-Duit Raya as a new way of giving and blessing your family and friends via the ‘Send Money’ function.
* Premium Wallet has a RM4,999 wallet size, a more than three-fold increase from the previous RM1,500 limit. The bigger wallet sizes will allow users the convenience to pay for larger ticket items and of higher value without having to perform multiple transactions.
* Partner Wallet feature rewards loyal users with cashback from their favourite partner brands and whenever a person spends at these merchants on their next visit. The cashback earned from each partner merchant will be automatically deducted in the total payment amount at the same merchant in the next visit.
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