Touch ‘n Go has a hit on its hands with GO+ crossing 1 mil users in 2 months
By Digital News Asia June 7, 2021
- First initiative in the financial services sector well received
- GO+ balances can be used across all Touch ‘n Go eWallet payment use-cases
Touch ‘n Go Group today announced that its investment product GO+ has surpassed the 1 million user mark – achieved in just over two months. GO+ was launched on 29 March.
“We are pleased that we’ve been able to get to this milestone in just over two months, and well ahead of our internal estimates. We will now build on this and add more varied products in this category. We will also be making improvements to GO+ on the back of encouraging customer driven feedback and data on user experience,” said Effendy Shahul Hamid, group chief executive officer, Touch ‘n Go Group.
Effendy (pic) highlighted that many users appreciated the fungibility function between the GO+ balance and Touch ‘n Go eWallet use cases, hence driving sign-ups. “Another data point we were encouraged by is the reach of this proposition and its agenda around inclusion. 73% of GO+ users are from outside the Klang Valley, and that number continues to grow,” he added.
Claiming over 15 million registered users, which makes it the top eWallet in the country, the Touch ‘n Go eWallet is owned by TNG Digital Sdn Bhd, itself a joint venture between Touch ‘n Go Sdn Bhd and Ant Group, parent company of Alipay, China’s largest digital payments platform.
Touch ‘n Go launched GO+ as a financially inclusive investment product that allows Touch ‘n Go eWallet users and all Malaysians to gain access to low-risk money market investments for as low as RM10. Aside from being able to earn more than banking current accounts, GO+ balances can also be used across all Touch ‘n Go eWallet payment use-cases.
In addition to GO+, Touch ‘n Go also introduced +Kawan campaign which allows referrers to reap the benefits from referring friends/families to GO+. Referrers earn 1% p.a. bonus return rate per friend, with no limit on the number of friends they can invite. To date, the top three referrers have introduced 153, 133 and 74 of their friends (referees) respectively through the +Kawan campaign.
The funds in GO+ are managed by Principal Asset Management (Principal), Malaysia’s largest fund manager. The funds are invested predominantly into short term bank deposits with the top banks in the country (e.g. Public Islamic Bank, CIMB Islamic, RHB Islamic Bank and Hong Leong Islamic Bank) thus emphasising the funds are well managed, safe and secure.
Touch ‘n Go eWallet is the first eWallet provider to obtain approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia. The approval enables the company to directly distribute capital market products, including money market unit trust funds, through the Touch ‘n Go eWallet platform, without having to be directed to a third-party application.