Touch ‘n Go Sdn Bhd (TnG) plans to launch a digital application, in the first quarter of next year, that will enable cashless transaction between customers, small retailers and stall traders.
Chief Executive Officer Syahrunizam Samsudin said this would allow the electronic payment service provider to tap the segment which had good potential in expanding its service offerings.
“We are still in the development process and awaiting approval from the authorities,” he told reporters after the launch of the TnG new customer hub here today by CIMB Group Bhd Group Chief Executive Officer Tengku Datuk Seri Zafrul Aziz.
CIMB Group owns 52 per cent of Touch’N Go Sdn Bhd while MTD Capital Bhd owned 28 per cent and PLUS Expressways Bhd, the remaining 20 per cent.
Syahrunizam said the application was not only in line with the company’s vision to become the leader in e-payment services but also to expand its services in the retail sector.
TnG was currently in discussion with several other convenient stores to introduce its cashless transaction option service after having a presence in hypermarkets including Tesco and Mydin.
It was now offering the service in convenient stores such as KK Super Mart and myNEWS.com.
Syahrunizam said the transportation sector contributed 98 per cent of the company’s revenue while the retail sector accounted for the remaining two per cent.
On the customers’ hub, Syahrunizam said TnG was planning to spend about RM4 million to open three more customer hubs, in the next 12 months, aimed at enhancing customers’ experience and to encourage them to go cashless.
Currently, he said TnG had 16.2 million active cards in circulation, servicing 1.8 million customers daily with five million transaction done per day.
The newly-launched hub is the fourth of its kind in the country, of which three are in the Klang Valley and one in Johor Baru.
The key features of the hub included extended operating hours until 10 pm, seven days a week, a self-service kiosk and free Wi-Fi access.
Meanwhile, on the possibility of the company going public, Syahrunizam said TnG had no such immediate plans as its focus now was to improve services as well as introduce new products.