PETALING JAYA: E-wallet platforms such as Touch ‘n Go and GrabPay have experienced a tremendous growth rate after the RM30 e-Tunai Rakyat programme kicked off on Wednesday.
Competitive cashback deals from more than 200,000 merchants are also being offered to attract users to sign up for these e-wallets.
According to a Touch ‘n Go spokesman, downloads of its e-wallet app had shot up 10 times in three days.
At 7.3 million registered users currently, Touch ‘n Go is well on its way to achieving its target of tripling its number of users by the end of 2020.
Touch ‘n Go has 125,000 active merchant points nationwide. They also include roadside “mamak” restaurants and wet market vendors.
Meanwhile, GrabPay e-wallet app downloads have shot up six times.
GrabPay managing director Ooi Huey Tyng said the increase in the number is significant considering how “cash-dependent” Malaysians are for their daily needs.
One in five of the GrabPay users who received the RM30 incentive under the e-Tunai initiative have already made transactions. GrabPay said 70% of the amount was spent on products on offer by its merchants.
The e-wallet platforms are also giving special offers to woo customers, with 10,000 of GrabPay users already fully redeeming vouchers, each worth up to RM270 in cashback, over the past two days.
Under the e-Tunai Rakyat programme, 15 million Malaysians are eligible to claim the one-off RM30 digital cash.
The finance ministry has allocated RM450 million to transform Malaysia into a digital economy by popularising cashless transactions.
As of Thursday evening, RM18.8 million had been disbursed to 672,000 approved users across Touch ‘n Go, GrabPay and Boost.