Khazanah Nasional has announced that three e-wallet services have been chosen as the official e-wallet for the upcoming e-Tunai Rakyat program. The initiative was announced back in October during the tabling of Belanjawan 2020 in which eligible individuals would receive a one-time payment of RM 30 that can be utilize through e-Wallet.
According to Khazanah who has been assigned to handle the program by the government, the chosen services are Boost, GrabPay, and Touch ‘n Go eWallet. The sovereign fund investment company has also revealed the four criteria behind the selection:
– Large number of active users.
– Large merchant networks.
– The strength of their technical capabilities, financial, and human resources.
– Significant investments that these services have made into their operations.
Taking place form 15 January to 14 March 2020, the e-Tunai Rakyat allocation will be made available for all Malaysians that are at least 18 years old and have annual income of less than RM 100,000. RM 450 million have been allocated by the government under the Belanjawan 2020 for the program.
According to the Ministry of Finance, each of these selected e-wallet services will soon provide more details on how the e-Tunai Rakyat allocation can be redeemed by qualified individuals. So, stay tuned.
(Source: Khazanah Nasional, Ministry of Finance.)
