PSD taps TNG eWallet to provide pension lifeline for retirees facing banking access issues
KUALA LUMPUR, July 30 — TNG Digital Sdn Bhd today underscored its support for the Public Service Department’s (PSD) alternative pension payment initiative through Touch ‘n Go (TNG) eWallet, saying the platform is already used by more than 3.4 million verified users aged 60 and above.
The company said in a statement today that the initiative offers an alternative payment channel for eligible pensioners unable to access their monthly pensions through conventional banking channels.
“For many retirees, their monthly pension is an essential source of income, but some face difficulties accessing these funds when their bank accounts are frozen or restricted, including after falling victim to financial scams.
“In such situations, some pensioners may need to make alternative arrangements to access their pension payments, creating unnecessary hardship, particularly for elderly Malaysians,” it said.
This follows last week’s announcement by PSD that 835,146 pensioners and derivative pension beneficiaries would benefit from two new initiatives, namely an alternative pension payment channel through TNG eWallet and the expanded MyPesara Plus benefits.
TNG Digital said eligible pensioners under the initiative may also apply for a fee-waived TNG eWallet Visa Card, allowing them to make payments, shop and withdraw cash using their pension funds.
“Linked directly to their TNG eWallet balance, the card also enables cash withdrawals at automated teller machines (ATMs) and payments at Visa merchants worldwide, allowing pensioners to choose the payment method that best suits their daily needs,” it said.
TNG Digital chief executive officer Alan Ni said financial inclusion is about ensuring no eligible pensioner is left without access to the pension payments they depend on, adding that the company is honoured to support the initiative by providing a secure and accessible alternative payment option through TNG eWallet.
“The fact that more than 3.4 million senior Malaysians already used TNG eWallet gives us confidence that digital financial services can be both accessible and inclusive.
“By complementing this initiative with a fee-waived TNG eWallet Visa Card, we hope to make it even easier for eligible pensioners to manage their everyday expenses with greater convenience and flexibility,” he added.
