E-wallet players must be regulated



E-WALLET players are mushrooming all over the country at the moment.

From Touch N Go to Grab Pay nd AirAsia’s Big Pay, these e-wallet players provide convenience to consumers.

Do they really?

Some might argue that with e-wallet, its much easier now as we don’t have to carry cash.

But some e-wallet operators require deposit taking and that is against the law.

Bank Negara Malaysia had issued a directive that all e-wallet operators must register with the central bank.

A source at Malaysian Development Corporation Berhad said the e-wallet industry is still at its infancy and the industry is still growing.

‘E-wallet is part of Bank Negara Malaysia’ s push towards a cashless society.

‘But like any industry, the e-wallet and e-money sector must be regulated.

This to prevent unscrupulous firms from collecting cash from unsuspecting members of the public.

TFP Solutions Berhad managing director Datuk Hussian Rizal Abdul Rahman said due to its nature, e-Wallets to be issued need to have the approval of Bank Negara Malaysia and the relevant authorities before they are launched.

‘Nevertheless, e-wallet holds a lot of potential especially for 8 million Malaysian adults who don’t have a bank account.’

More and more e-wallet operators are coming on board such as Telekom Malaysia, Petronas Dagangan and Astro.

Without a doubt, e-wallet is an innovative invention but Bank Negara must monitor the advent of this sector.

All players must be strictly regulated to safeguard the people’s security and welfare.

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