Touch ‘n Go eWallet and Fave form strategic tie up to scale QR payments and rewards in Malaysia
Fave, Southeast Asia’s smart payments app is now a payment partner with Touch ‘n Go eWallet, allowing payment via its eWallet on the Fave app. In a move to incentivise users and offer convenience amidst lockdown lifting, customers using Fave with linked Touch ‘n Go eWallet will receive up to 20% in cashback and collect goal hunter stamps.
Malaysia saw more than 60% growth in cashless transactions via digital payments from 2019 to 2020. The growing penetration of mobile transactions and increased digitalisation will drive the mobile payments industry in the coming years. Malaysia’s e-payment industry is expected to deliver CAGR of 37% for 2021-2023 as consumer adoption continues to be driven by the pandemic and government support for cashless payment.
Joel Neoh, CEO of Fave, said, “Malaysians’ payment preferences are becoming increasingly diversified as a wide variety of digital payment methods have gained traction across the country. New generation of smart consumers now have an abundance of options to choose from when they shop, they can opt in for rewarding cashless payments as well splitting payment into installments with buy now, pay later (BNPL) solutions.
“We are excited to be partnering with Touch ‘n Go as we continue the momentum in offering innovative ways to pay while giving consumers every reason to choose contactless payments for a smarter and more rewarding shopping experience. This partnership allows consumers to stack rewards while using Touch ‘n Go eWallet to pay with Fave app.
“We are honoured to team up with Fave. As we continue to expand the touch points of Touch ‘n Go eWallet, we also want to provide better and more robust user experiences when it comes to cashless transactions. Despite the current pandemic, we have seen the trend of increased adoption of eWallets, as well as more customers opting for online shopping to enjoy in the comfort of their homes. This connectivity was a long time coming,” said Ignatius Ong, Chief Executive Officer, TNG Digital Sdn Bhd.
Users that download Fave app and link Touch ‘n Go eWallet on Fave app can enjoy up to RM8 cashback for their first purchase and earn a goal hunter stamp for each RM10 spent with Touch ‘n Go eWallet on Fave app.