Touch ‘n Go brand sentiments swing negative after credit card reload fee implementation

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Brand sentiments for digital eWallet company Touch ‘n Go have dipped to 19.9% negative and 12.1% positive after the company reportedly revealed that it would begin to implement a 1% fee for all credit card reloads starting February 23. This is down from 9.1% negative and 29.4% positive, according to media intelligence firm CARMA.

This is to curb the excessive cashing out of credit card balances to bank accounts and to offset the cost of credit card reloads which TNG Digital has since been subsidising, according to The Star.

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Card reloads done using DuitNow Transfer and debit cards will remain free and are encouraged as reload methods, it reportedly said.

It added that there is a need to find a balance between convenience, security, and the long-term cost sustainability of its company.

Since the announcement of the news, CARMA noted that there was a spike in mentions of the eWallet company.

It also noted that words such as "fee", "impose" and "transactions" stood out in its word cloud.

The news comes shortly after Touch ‘N Go Digital was fined by Bank Negara Malaysia (BNM) for violating the Financial Services Act 2013.

According to a statement by BNM last year, it said that it imposed the administrative monetary penalty (AMP) on TNG on May 18 2023. This was after two people had been sanctioned under the Anti-Monetary Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Order 2014 on separate occasions.

In these cases, according to BNM, TNGD failed to conduct sanction screenings on the names of its customers. Additionally, it also failed to ascertain and make further enquiries to ensure that its customers matched with the United Nations Security Council resolutions list or the home affairs ministry’s domestic list.

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