Retail in Asia

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TnG aims to tap retail payment sector in Malaysia

touch-n-go-tngcard

Touch ‘n Go Sdn Bhd (TnG) plans to launch a digital application, in the first quarter of next year that will enable cashless transaction between customers, small retailers and stall traders.

CEO Syahrunizam Samsudin said this would allow the electronic payment service provider to tap the segment which had good potential in expanding its service offerings.

CIMB Group owns 52% of Touch’N Go Sdn Bhd while MTD Capital Bhd owned 28% and PLUS Expressways Bhd, the remaining 20%.

Syahrunizam said the application was not only in line with the company’s vision to become the leader in e-payment services but also to expand its services in the retail sector.

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TnG is currently in discussion with several other convenient stores to introduce its cashless transaction option service after having a presence in hypermarkets including Tesco and Mydin.

It was now offering the service in convenient stores such as KK Super Mart and myNEWS.com.

Syahrunizam said the transportation sector contributed 98% of the company’s revenue while the retail sector accounted for the remaining 2%.

On the customers’ hub, Syahrunizam said TnG was planning to spend about RM4 million to open three more customer hubs, in the next 12 months, aimed at enhancing customers’ experience and to encourage them to go cashless.

Currently, he said TnG had 16.2 million active cards in circulation, servicing 1.8 million customers daily with five million transactions done per day.

(Source: The Rakyat Post)