TNG Digital, the force behind the Touch ‘n Go eWallet, has had quite the journey in 2023, experiencing highs and lows along the way. The company recently unveiled its 2023 performance and offered a sneak peek into what users can anticipate from the Touch ‘n Go eWallet in 2024.
Alan Ni, CEO of TNG Digital, launched the briefing by lauding the company's substantial growth and dominant market presence in Malaysia. With a 50% market share and a Total Payment Value (TPV) exceeding RM 7 billion per month last year—compared to just RM 25 million in 2018—Touch ‘n Go eWallet has firmly established itself as a leader in the industry.
Despite its success, the company noted that a significant portion of its transactions still stem from offline sources, constituting 27% of total transactions in 2023. However, money transfers between accounts took the lion's share at 34%, while mobility-related transactions, such as tolls and parking, dwindled to a mere 4% from 22% in 2018.
With a staggering 26 million registered users—equivalent to two-thirds of Malaysia's population—and 20.9 million verified users through electronic Know-Your-Customer (eKYC) processes, Touch ‘n Go eWallet maintains its lead as the nation's top eWallet.
Looking ahead to 2024, Ni expressed the company's commitment to broadening its service offerings. Plans include introducing a new revolving credit facility, eliminating the hassle of reloads, and a lending product with lower interest rates and enhanced flexibility. The rollout will also encompass additional products under GOInvest, such as gold and share trading, to provide users with diverse investment opportunities.
For merchants, TNG Digital aims to bolster its value-added services by introducing a new merchant wallet and enhanced features to drive foot traffic. Additionally, the company plans to fortify security measures by implementing 100% eKYC verification—a pioneering move in Malaysia's eWallet landscape.
While challenges remain on the path to full implementation, TNG Digital is optimistic about overcoming obstacles and delivering an even more secure and versatile eWallet experience to its users.