RM 450 Million for e-Tunai Rakyat Programme
The Government of Malaysian launched a new initiative to encourage a cashless culture among Malaysians. Under the new programme, any Malaysian using one of the three participating electronic payment platforms licensed by Bank Negara: GrabPay, Touch’n Go e-wallet and Boost is eligible to obtain an incentive of RM 30 e-cash. The allocated fund will be given away to 15 million Malaysians who fufil the eligibility criteria:
1) Malaysian citizen
2) Aged 18 and above,
3) With an annual income of less than RM 100K
While the e-cash application may take up to five days for review and approval, once reflected in the chosen electronic payment gateway, the RM 30 must be spent by March 14 this year. The three licensed service providers contribute to the success of this initiative by offering a number of incentives to their users including cash vouchers and prizes.
A Grab spokesman said that about 30% of daily users of GrabPay had signed up for the new programme in the first two hours of its debut. He also mentioned that GrabPay users saved up to RM 5.5 million by using the e-wallet to pay for their everyday needs through special deals from participating merchants. The Statistics Department projects the digital economy to contribute more than 21% to the gross domestic product by 2022, compared with 18.5% in 2018.