KUALA LUMPUR (Nov 1): Touch ‘n Go eWallet and AIA Malaysia kicked off their strategic partnership with the launch of their first product collaboration, WalletSafe.

In a joint statement on Monday, Touch ‘n Go Group (TNG Group), which is part of the financial services provider CIMB Group Holdings Bhd, 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, paying up to 10 times the balance amount in their Touch ‘n Go eWallet (maximum RM25,000).

“It also provides an additional protection for unauthorised transactions performed on their eWallet and GO+ accounts, up to 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.

“Through a seamless and convenient experience, users can buy this product directly from Touch ‘n Go eWallet and get insured instantly. Submitting a claim is also easier and faster as the entire process is done online,” TNG Group and AIA Malaysia said.

TNG Group chief executive officer (CEO) 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, e-wallet transactions have increased by 131% in 2020 amounting to 600 million transactions, compared with the 300 million transactions in 2019.

“Additionally, more merchants have also signed up to accept e-payments with Quick Response (QR) code payments. Touch n’ Go eWallet has already accepted over one million DuitNow QR merchant acceptance points,” he noted.

Effendy said that given the rise in transaction volumes, one of the most critical issues that users are constantly concerned about is security.

He added that TNG Group and AIA Malaysia hope to address this concern 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.

“Furthermore, this product not only enables users 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,” Effendy added.

Similarly, AIA Bhd CEO Ben Ng said that at a time when people are looking for all-around protection for their eWallet, AIA is excited to offer its partner’s over 16 million users a very affordable yet high coverage product which they can 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,” Ng added.