During today’s Budget 2020 announcement, Finance Minister, Lim Guan Eng has announced a digital stimulus to promote the adoption of eWallet in Malaysia. All Malaysians aged 18 years and above will receive a one-off payment of RM30 via their eWallet.
To redeem this RM30 stimulus, you will need to have a verified eWallet account from selected providers. This one-off payment can be redeemed and utilised for a period of two months starting 1st January to 29th February 2020. The Government hopes that this incentive will speed up the transformation towards digital payments in the community as well as acceptance by small businesses.
The Government has allocated RM450 million to Khazanah Nasional to implement this incentive which will benefit 15 million Malaysians. Do note that the benefit is only for Malaysians that have an annual income of less than RM100,000. It isn’t clear which eWallets will be supported and we expect the Finance Ministry to provide more details before 1st January 2020.