Following this announcement, the new charge is expected to be integrated into the daily exchange rate for the customer’s travel destination. Touch ‘n Go eWallet aims to ensure that the total amount that was paid is inclusive of the conversion fee.
The company will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
According to Fintech News Malaysia, the conversion fee is set to apply only to overseas QR code payments, not to the transactions that were using the Touch ‘n Go Visa debit card. At the same time, there will be no foreign payment fee applied when spending in a local currency that the user holds, compared to other multi-currency wallets.
Currently, there are multiple geographical regions that enable the Touch ‘n Go eWallet cross-border payment solution. This includes Mainland China, Singapore, Indonesia, Japan, Hong Kong, Thailand, South Korea, Macau, Philippines, Australia, United Kingdom, United Arab Emirates, and the United States among others. These partnerships will allow the company to make it easy to leverage the TNG eWallet for users who want to make payments outside of the region of Malaysia in a secure and fast manner.
In addition, there is an existing monthly and annual transaction limit on cross-border transactions, according to the e-wallet user’s tiering. As there is a current increase in overseas travel, Touch ‘n Go will continue to focus on giving customers and clients the possibility to access an improved, secure, and efficient cross-border payment experience.
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