Khazanah Nasional Bhd said on Friday the three e-wallet service providers were among Malaysia’s largest and collectively provide a ready platform for the rollout of the initiative.
Malaysians 18 years of age and above and who earn less than RM100,000 annually will be eligible to receive RM30 each through any of the participating e-wallets.
The RM30 can be used to purchase goods and services available through the respective e-wallet of their choice. The initiative will run for two months from Jan 15 to March 14,2020.
Khazanah, the sovereign wealth fund, said the three were picked based on four criteria:
Large number of active users. This is to ensure that the e-Tunai Rakyat initiative has a broad reach among eligible Malaysians.
Large merchant networks. This is to enable more traders to take advantage of the incentive spending, while consumers can enjoy a wide selection of goods and services.
Technical expertise, financial strength and human resources to build the necessary systems, processes and procedures for the initiative, and ability to handle a large number of transactions in a short period of time.
E-wallets that have invested significantly in their respective services in Malaysia.
The initiative aims to accelerate the greater use and adoption of e-wallets and digital payments among Malaysian consumers and merchants, especially small enterprises and retail businesses.
Khazanah was appointed by the Finance Ministry to facilitate and coordinate the implementation and launch of the e-Tunai Rakyat initiative within the given timeframe.
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