In a recent announcement by TNG eWallet, a leading Malaysian digital payment platform, users will be subjected to a 1% Overseas Transaction Conversion Fee for using its cross-border QR payment feature outside Malaysia.
This new fee is set to take effect from April 25, 2024, marking a significant change in how users will manage their transactions internationally.
Fees to be included in daily exchange rate
The 1% conversion fee is incorporated within the daily exchange rate, meaning users have already been charged this fee during their cross-border transactions without any additional deductions.
This strategic move comes as the platform experiences substantial growth in its cross-border payment function over the past year, now accessible in 40 countries worldwide.
In a statement, TNG eWallet stated the company absorbed the cost of cross-border exchange rate conversions to facilitate seamless transactions for its users.
However, to sustain the operation of its international QR scan payment feature, the imposition of the conversion fee is deemed necessary.
As part of our commitment to providing seamless transactions, we have been subsidising all the charges that are considered industry norms to facilitate the service.
However, we recognise the need for long-term commercial sustainability. Therefore, starting from 25 April 2024, we will be implementing a nominal 1% overseas transaction conversion fee for cross-border QR payment,” it wrote.
TNG eWallet reassures its users that even with this new fee, it remains competitive, maintaining one of the lowest rates in the digital payment industry.
