Touch ‘n Go eWallet and AIA Malaysia Introduce WalletSafe at just RM1*
7 mins read
An all-new, first-in-market protection exclusively for Touch ‘n Go eWallet users
Kuala Lumpur, 1 November 2021 – Touch ‘n Go Group, via TNG Digital Sdn Bhd (“TNG Digital”), owner and operator of Touch ‘n Go eWallet, and AIA Malaysia (“AIA”) kicked off their strategic partnership with the launch of their first product collaboration today, WalletSafe, at an introductory price of RM1*.
“During the pandemic, the increased demand for cashless transactions has resulted in increased eWallet usage. According to Bank Negara Malaysia’s Annual Report, e-wallet transactions has increased by 131% in 2020 amounting to 0.6 billion transactions, compared to the 0.3 billion transactions in 2019. Additionally, more merchants have also signed up to accept e-payments with Quick Response (QR) code payment. Touch ‘n Go eWallet is already accepted in over 1 million DuitNow QR merchant acceptance points. Given the rise in transaction volumes, one of the most important issues that users are constantly concerned about is security, a worry that Touch ‘n Go and AIA Malaysia look to address with the introduction of WalletSafe,” said Effendy Shahul Hamid, Group CEO, Touch ‘n Go Group.
WalletSafe is a 6-month insurance plan that covers Touch ‘n Go eWallet users in the event of death caused by accident or COVID-19, paying up to ten times the balance amount in their Touch ‘n Go eWallet (maximum RM25,000). It also provides an additional protection for unauthorised transactions performed on their eWallet and GO+ accounts, up to RM25,000. All these additional coverages are on top of the Money-back Guarantee already covered by Touch ‘n Go eWallet for its verified users.
Through a seamless and convenient experience, users can buy this product directly from their Touch ‘n Go eWallet and get insured instantly. Submitting a claim is also easier and faster as the entire process is done online.
“WalletSafe is the first-in-market product that ties insurance protection to eWallet balance, and we are extremely pleased to bring this exciting new solution, at just RM1, to our eWallet users. By using technology and innovation efficiently, together with AIA Malaysia, we can offer higher value and customised offerings to all users. Furthermore, this product not only enables them to enjoy the extra peace of mind that they deserve, but also encourages them to save through GO+ knowing that they are protected with a higher coverage of RM25,000,” added Effendy.
Echoing Effendy’s comments, Ben Ng, Chief Executive Officer of AIA Bhd. said: “At a time when people are looking for an all-round protection for their eWallet, we are excited to offer our partner’s over 16 million users a very affordable yet high coverage product which they get to enjoy exclusively as Touch ‘n Go eWallet customers. The product we are unveiling today is only the beginning of our long and exciting journey in partnering Touch ‘n Go to bring new, innovative and personalised solutions to help their users live healthier, longer and better.”
In July 2021, TNG Digital and AIA formed a long-term strategic partnership which would allow AIA to provide digital insurance solutions to users of Touch ‘n Go eWallet, Malaysia’s largest eWallet company. WalletSafe is the first product to have been launched following the announcement.
WalletSafe is available for purchase starting from today. For more information, visit www.touchngo.com.my
*Terms and conditions apply
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About Touch 'n Go Group
The Touch ‘n Go Group (“TNG Group”) is Malaysia’s leading consumer facing financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure. It comprises the service offerings of Touch ‘n Go Sdn Bhd (“TNG”), a wholly owned subsidiary of CIMB Group and TNG Digital Sdn Bhd (“TNGD”), a joint venture between TNG and Ant Group, parent company of Alipay, China’s largest digital payments platform. The TNG Group of companies serve Malaysians who use its card, RFID and eWallet offerings to fulfil a host of daily transactions.
About TNG Digital Sdn Bhd
TNG Digital Sdn Bhd (“TNGD”) founded by Touch ‘n Go Sdn Bhd and Ant Group (“Ant”), parent company of Alipay, China’s largest digital payments platform. Established in 2017, TNGD is the owner and operator of Touch ‘n Go eWallet, Malaysia’s number one eWallet company, with over 16 million registered users. Combining Touch ‘n Go’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, the Touch ‘n Go eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure. For more information, please visit www.touchngo.com.my
About AIA Malaysia
AIA Malaysia is part of AIA Group, the largest independent publicly listed pan-Asian life insurance group. Together, AIA Bhd., AIA PUBLIC Takaful Bhd., AIA General Berhad and AIA Pension and Asset Management Sdn. Bhd. have been serving Malaysians for over 72 years.
As one of the country’s leading insurance and takaful providers, AIA Malaysia offers a wide range of innovative as well as comprehensive conventional and shariah-compliant solutions spanning Life and Health, Family Takaful, Employee Benefits, Motor, Personal Accident, Mortgage, Commercial Insurance and Retirement schemes that meet its customers’ health, wealth and protection needs at every life stage.
Through its nationwide service centre network, a well-trained team of more than 2,600 employees, and dedicated and diverse distribution footprint comprising its 20,000 strong Life Planner force, exclusive bank partners, corporate sales team and brokers, AIA Malaysia remains committed to partnering its 4 million customers; supporting and helping them to live Healthier, Longer, Better Lives.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(4), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(5), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in the Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$326 billion as of 31 December 2020.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 38 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
