Touch ’n Go partners with PayNet for cashless campaign in rural Malaysia

Malaysian fintech firm Touch ’n Go Group has joined PayNet, a payments solution provider, to launch a cashless promotion campaign in the country’s Kedah state.

Touch ’n Go lane at a toll plaza in Malaysia / Photo credit: Touch ‘n Go

Called Mai Kita Cashless, which means “let’s go cashless” in Bahasa Malaysia, the campaign aims to boost cashless payments for merchants and consumers in rural communities via Touch ’n Go’s e-wallet and PayNet’s DuitNow QR service.

The program will last until the end of this year and will serve approximately 300 merchants in the area. As part of the campaign, users will earn 5 ringgit (US$1.12) in cashback for every cashless transaction.

Established in 1997, Touch ’n Go is one of Malaysia’s largest electronic payments providers. Its e-wallet, which now has over 16 million users and more than 550,000 merchants, was launched in 2017 via a partnership with Ant Group.

Meanwhile, PayNet is Malaysia’s national payments network that develops central infrastructure for the country’s financial markets. Its largest shareholder is the Central Bank of Malaysia.

According to a 2022 study by Visa, 74% of Malaysian consumers have adopted digital payment methods, making the country only three years away from becoming a cashless society.

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Currency converted from Malaysian ringgit to US dollar: US$1 = 4.45 ringgit.