The eTunai Rakyat initiative was announced during Budget 2020, with the aim of encouraging the adoption of cashless payment alternatives such as eWallets. Beginning on the 15th of January 2020, all Malaysian citizens aged 18 and above with an annual income of RM100,000 and below are entitled to an RM30 disbursement into one of 3 chosen eWallets: GrabPay, Touch n’ Go eWallet, or Boost.
According to The Star, Finance Minister Lim Guan Eng has now revealed some encouraging numbers from the initiative, saying that RM10 million has been recorded in expenditure over the 3 eWallets on Day 1 of the campaign. At 10pm on January 15, 320,000 out of 380,000 applications for eTunai Rakyat had been approved, with more users expected to come aboard the initiative.
”We expect more to come on board and adopt e-wallet and apply for the initiative before it ends later.”
Furthermore, the minister expects the adoption to increase gradually, with potential adopters living in rural areas, as well as those in East Malaysia. Interestingly, there is the possibility that the incentive could be increased—if the number of applicants continues to grow, Lim says that the government will consider increasing the initial allocation of RM450 million.
The RM30 has to be used before the end of the campaign, March 14, whereupon it will be forfeited, while the RM30 is also non-transferable. The eWallet providers have also been offering incentives and promos to encourage users to redeem the RM30 on their eWallet—however, not everything is at it seems.
For more information on the eTunai Rakyat campaign, click here.