TNG Digital Sdn. Bhd. (TNG Digital), Malaysia’s largest integrated fintech player, will implement a nominal 1% overseas transaction conversion fee for its cross-border QR payment feature in TNG eWallet, starting April 25, 2024.
TNG Digital has previously subsidised the cost of overseas transactions to promote the use of TNG eWallet for international payments, despite this being a common fee charged by all credit and debit cards, as well as other eWallets.
This fee will be reflected in the daily exchange rate of the user’s travel destination, which will be shown in real-time before payment. This ensures full transparency and eliminates any separate hidden fees. This fee does not affect the fee structure of the Touch ‘n Go eWallet Visa card.
TNG Digital Chief Executive Officer Alan Ni said, “Although it has always been an industry standard for credit and debit cards as well as other eWallets to charge the overseas transaction conversion fee, we have subsidised these costs in the past to promote the cross-border payment feature on TNG eWallet.
“However, with the increase in overseas travel, we understand the need to ensure our business sustains in the long run. We are committed to continue to provide a seamless cross-border payments to our users. We have partnered with international businesses to create a strong network of merchants in over 40 countries, making it easy to use TNG eWallet for payments outside Malaysia.”
TNG Digital assures that the adjustment made to the overseas transaction conversion fee will remain one of the most competitive rates in the market, all the while maintaining complete transparency in the fee structure.
