Touch ‘n Go eWallet, AIA Malaysia introduce WalletSafe

• Six month insurance plan that pays up to US$6k in event of death by accident, Covid-19
• Provides protection for unauthorised transactions performed on eWallet & GO+ accounts

Touch ‘n Go eWallet, and AIA Malaysia (AIA) kicked off their strategic partnership with the launch of their first product collaboration, WalletSafe.

In  a joint statement, Touch ‘n Go Group and AIA Malaysia said WalletSafe, launched at an introductory price of RM1 (subject to terms and conditions) is a six month insurance plan that covers Touch ‘n Go eWallet users in the event of death caused by accident or Covid-19.

It pays up to ten times the balance amount in their Touch ‘n Go eWallet, with a maximum US$6,000 (RM25,000), the companies said.

It also provides an additional protection for unauthorised transactions performed on their eWallet and GO+ accounts, of up to US$6,000 (RM25,000).

All these additional coverages are on top of the money-back guarantee already covered by Touch ‘n Go eWallet for its verified users, it said.

Touch ‘n Go Group’s group chief executive officer, Effendy Shahul Hamid said that during the pandemic, the increased demand for cashless transactions has resulted in increased eWallet usage. 

“According to Bank Negara Malaysia’s Annual Report, eWallet transactions increased by 131% in 2020 amounting to 0.6 billion transactions, compared to the 0.3 billion transactions in 2019. 

“Additionally, more merchants have also signed up to accept e-payments with Quick Response (QR) code payment. Touch ‘n Go eWallet is already accepted in over 1 million DuitNow QR merchant acceptance points,” he said.

Effendy said given the rise in transaction volumes, one of the most important issues that users are constantly concerned about is security, a worry that he said Touch ‘n Go and AIA Malaysia look to address with the introduction of WalletSafe.

“WalletSafe is the first-in-market product that ties insurance protection to eWallet balance, and we are extremely pleased to bring this exciting new solution, at just RM1, to our eWallet users," he claimed.

“Furthermore, this product not only enables them to enjoy the extra peace of mind that they deserve, but also encourages them to save through GO+ knowing that they are protected with a higher coverage of RM25,000,” said Effendy.

Ben Ng, chief executive officer of AIA said “At a time when people are looking for an all-round protection for their eWallet, we are excited to offer our partner’s over 16 million users a very affordable yet high coverage product which they get to enjoy exclusively as Touch ‘n Go eWallet customers.

“The product we are unveiling today is only the beginning of our long and exciting journey in partnering Touch ‘n Go to bring new, innovative and personalised solutions to help their users live healthier, longer and better,” said Ng.

In July 2021, TNG Digital and AIA formed a long-term strategic partnership which would allow AIA to provide digital insurance solutions to users of Touch ‘n Go eWallet, Malaysia’s largest eWallet company.

WalletSafe is the first product to have been launched following the announcement.

WalletSafe is available for purchase starting from today. Click here for more information.