You’ve heard about the E-Tunai Rakyat RM30 incentive announced earlier this year that is part of Budget 2020, and chances are some of you have received your share of the money in your e-wallet.
This initiative started on 15 January and ends on 14 March 2020. Eligible Malaysians aged 18 and above can claim RM30 from one of three local e-wallets. To be eligible, you need to be a Malaysian citizen and not surpass RM100,000 a year on your annual income. Over 6 million Malaysians have benefitted from the E-Tunai Rakyat Program, so don’t pass up your chance! (There's still one week left).
Why E-Tunai Rakyat Program? 🤷♀️
The purpose of the program is to increase the usage of e-wallets in Malaysia. The goal is to spur the adoption of digital technology, in particular digital payments, in our everyday lives. The more people adopt digital payments and more shops and merchants accept them, then more people will decide to use these digital methods of payment due to their convenience. It's quite like the domino effect.
Goodbye cash 👋
The cash payment method remains a very popular choice in Malaysia, where 80% of all consumer transactions use cash. However, there are downsides to using notes and coins.
1. It can be an inconvenience.
Think about all the notes and coins lying around the house, under couch cushions or in different pockets and bags. It would take a considerable amount of time to gather all of the cash in one place, total them up and use them at a shop.
2. It isn't the safest option.
Carrying a big lump sum of cash when you're out and about is risky business. Once stolen, it can't be recovered. Unlike carrying your BigPay card, it's safe and gives you peace of mind when you're on the move. Misplaced or lost your card? Just freeze it instead of losing money.
3. Reducing processing time and costs.
Going cashless through digital payments reduces the manual processing time and costs related to handling cash. This provides a fast and efficient means of making and receiving payments. According to Bank Negara, switching over to digital payments could generate annual savings of up to 1% of GDP - over RM10 billion!
What’s in it for me?
There are many benefits to going cashless and this is where BigPay comes into the picture.
Digitize your finances with BigPay!
1. Convenience and speed: Digital payments are fast. You will never have to carry around cash or worry about finding an ATM again!
2. Widest range of merchants globally: We're with Mastercard, which is accepted by 300,000 merchants in Malaysia and over 40 million merchants globally. So wherever you go, we got you covered.
3. Tracking spending habits: We help you track your expenses easily. We measure what matters, and through our analytics, you can monitor your spending and manage your finances in real-time.
4. Safety: We take your account’s safety and security very seriously.
Besides in compliance with Bank Negara, we have introduced features such as one tap card freeze, biometric verification, and pin numbers to ensure additional safety.
New to BigPay?
We're more than just a money transfer service. When you sign up to BigPay, you get a shiny blue card with the best exchange rate anywhere in the world! 🌎 We also give you the tools to manage and track your spending. Like what you hear? Go ahead and get BigPay now.