From April 25th, TNG Digital Sdn Bhd is going to charge a 1% conversion fee for international transactions made using the cross-border QR payment function in the Touch 'n Go (TNG) eWallet.
The decision is part of TNG Digital's efforts to safeguard the long-term viability of its operations. Over the last year, the business has covered the fees for global transactions to encourage people to make use of TNG eWallet for payments across borders. TNG Digital's CEO, Alan Ni, noted that while the price is consistent with industry standards for debit and credit cards, along with other e-wallets, the firm has previously covered these expenses.
Alan further emphasised that, despite the charge adjustment, TNG Digital is dedicated to offering its consumers frictionless cross-border payment services. The company has formed ties with multinational enterprises to facilitate transfers in more than forty nations. Notably, payments with TNG eWallet are accepted in 47 countries, including famous locations like the United States, United Kingdom, Singapore, Australia and China.
To guarantee openness and clarity, the additional charge will be clearly displayed in the customer's daily rate of exchange for the location they are travelling to in order to prevent any uncertainty about additional prices.
To note, transactions performed using the TNG eWallet Visa card will not be affected during this change.
Similarly, to deter excessive cash withdrawals with credit cards, a 1% charge for credit card top-ups to TnG eWallet was implemented in February this year. while top-ups made with debit card payments and DuitNow stay free of charge.