At the tabling of the Malaysian Budget 2020, the government announced an initiative to boost the adoption of digital payment in the country. Called e-Tunai Rakyat, eligible Malaysians will receive a one-off MYR30 e-wallet credit between 1 January and 29 February 2020. Details were sketchy then as to how the credit will be disseminated and there were even reports that the government may introduce its own e-wallet. On Thursday, Finance Minister, Lim Guan Eng revealed more details on the matter.
The finance ministry has appointed Khazanah Nasional Berhad to facilitate and coordinate the e-Tunai Rakyat initiative and it will be working closely with the National Registration Department (JPN) and the Inland Revenue Board (IRB). Khazanah will lead the implementation of the initiative which includes establishing the necessary mechanisms, processes and processes. The organisation will work with selected e-wallet service providers that have a ready platform with a large number of active users and a broad merchant network. The selection process is said to be based on established criteria to facilitate “a quick, effective and successful rollout of the programme” by January 2020.
“The e-Tunai Rakyat programme is in line with the Government’s Shared Prosperity agenda which aims to lower barriers to access digital technology and to make the digitalisation process inclusive for all,” said Finance Minister Lim Guan Eng.
To qualify for the programme, you’ll need to be a Malaysian aged 18 and above and earning less than MYR100,000 annually. The MYR30 will be credited into the e-wallet of your choice.
E-wallet providers may offer additional incentives to spur adoption.
The government has allocated MYR450 million to the programme that is expected to benefit 15 million Malaysians.