KUALA LUMPUR: TNG Digital Sdn Bhd (TNGD) will charge a one per cent overseas transaction conversion fee for its cross-border QR payment feature in the TNG e-wallet platform starting from April 25.
In a statement, TNG said 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.
It added that this ensures full transparency and eliminates any separate hidden fees, without affecting the fee structure of the Touch 'n Go e-wallet Visa card.
Chief executive officer Alan Ni said although it has always been an industry standard for credit and debit cards as well as other e-wallets to charge the overseas transaction conversion fee, we have subsidised these costs in the past to promote the cross-border payment feature on TNG e-wallet.
"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 e-wallet for payments outside Malaysia," he noted.
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According to TNGD, over the past years, it has subsidised the cost of overseas transactions to promote the use of the TNG e-wallet for international payments, despite this fee being commonly charged by all credit and debit cards, as well as other e-wallets.
The company said it 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.
