TNG eWallet Introduces 1% Fee For Credit Card Reloads, Debit Card & DuitNow Remain Free
TNG eWallet Introduces 1% Fee For Credit Card Reloads, Debit Card & DuitNow Remain Free
In a recent announcement, TNG Digital revealed its plans to implement a 1% fee on all credit card reloads, effective February 23, 2024 – however, all reloads made through DuitNow Transfer and debit cards will remain free of charge.
According to the company, this is to discourage excessive cashing out of credit card balances into bank accounts while also offsetting the substantial cost associated with credit card reloads, a service TNGD has been subsidizing since its inception. It also encourages users to use DuitNow for the reload process, which uses the same process as regular fund transfers among bank accounts.
TNG Digital emphasizes that bank transfers via DuitNow are “subjected to enhanced anti-fraud measures such as biometric authentication and device binding to account,” making it “one of the safest reload methods.”
Alan Ni, CEO of TNG Digital, emphasized the importance of finding a balance between convenience, security, and long-term cost sustainability for the company. He continued, “To provide consumers more options, we still allow credit card as one of the reload channels, but we also urge users to reload their eWallet via DuitNow Transfers or debit cards, which are both free of charge.”
For users initiating bank transfers via DuitNow, the process involves logging into their respective bank apps or websites, selecting ‘other banks/eWallet’ under the Transfer function, choosing ‘Touch ‘n Go eWallet’ as the destination account, entering their Touch ‘n Go eWallet DuitNow account number, and completing the transfer with the same steps as standard bank transfers.
Pokdepinion: Take notes, credit card users.
