Touch ‘n Go (TNG) Group has announced its new partnership with Visa which will see the CIMB Group’s fintech subsidiary become a member of the Visa Fintech Fast Track Programme. This will not only allow TNG to tap into Visa’s vast list of global partners and affiliates but will also involve the development of a new product that will be made available to consumers next year.
Specifically, the new product will come in the form of a Visa prepaid card that will be tied to the TNG eWallet app. While in-depth details regarding the new card is rather scarce at the moment since there is still a long way to go before it is ready for release, today’s joint announcement has noted that the new card will become yet another cash-out option for the TNG eWallet app.
Additionally, the TNG Visa prepaid card will also allow users to utilise their TNG eWallet app beyond Malaysia at more than 70 million Visa merchant locations globally. However, it is unclear at the moment if this card is the actual solution that was referenced by TNG Group CEO, Effendy Shahul Hamid in a media interview back in January.
At that time, Effendy stated that the company is working on a brand-new TNG card that users can reload directly from the TNG eWallet app and would be available by the end of 2021. Furthermore, today’s joint announcement with Visa did not mention whether the upcoming prepaid card is still able to support the traditional TNG tap-on card readers or otherwise.
(Source: Touch n Go.)