Petronas-owned Setel has increased its e-wallet size from RM200 to RM500. This comes after the petrol payment app received approval for its own e-money licence from Bank Negara Malaysia (BNM) under Setel Ventures Sdn Bhd.
Previously, Setel’s e-wallet solution was powered by KiplePay’s white label e-wallet solution. Due to Bank Negara Malaysia restrictions, the maximum wallet size was limited to just RM200. Now that it has its own e-money license, the larger wallet size is just one of potentially many new features that can be introduced.
This increase in wallet size will offer more convenience to Petronas customers as you can now carry a higher balance and refuel more times before needing to reload. It will also be especially useful when Setel launches its planned “Setel For Family” feature, which lets Setel account holders pay for their family members’ fuel expenses from the same account.
You can reload on Setel via credit or debit card as well as online banking, although you may want to use credit cards that earn petrol cashback as Setel transactions are now counted as Petrol (though we have heard that Maybank still excludes Setel for cashback eligibility. Alternatively, you can also set up the auto-reload function in the app for extra convenience.
At present, you can use Setel for a seamless payment experience at more than 740 Petronas stations across the country. Make sure to update your app to the latest version on Google Play and the App Store in order to enjoy the larger wallet.
(Source: Setel (Facebook))