TrueMoney E-Wallet Is Launched In Malaysia, Named As Lotus’s Official Payment Provider

Alex Cheong Pui Yin

12th January 2023 - 3 min read

Fintech company TrueMoney has announced the official launch of its e-wallet in Malaysia today, offering another digital payment solution for Malaysians to use when making their purchases. On top of that, TrueMoney – which is also the subsidiary of Ascend Money – has been named as the “official payment provider” for popular retail chain Lotus’s as well.

In its statement, TrueMoney said that its e-wallet – which is approved by Bank Negara Malaysia (BNM) – will enable customers to not only make cashless QR code payments, but also mobile prepaid and game credit top-ups, utility bill payments, as well as international remittances – among other things. Customers can also make money transfers to friends through the app, provided they have upgraded their basic account by completing the standard electronic Know Your Customer (eKYC) procedure.

Meanwhile, TrueMoney’s wallet size and transaction limits are as follows:

	Basic Wallet	Upgraded Wallet
Wallet size	RM200	RM10,000
Incoming daily limit	RM200	RM10,000
Incoming monthly limit	RM200	RM10,000
Outgoing daily limit	N/A	RM10,000
Outgoing monthly limit	N/A	RM10,000

Note as well that TrueMoney has not been onboarded as part of the DuitNow QR ecosystem yet, but there are plans to do so soon.

Alongside the official launch, TrueMoney also said that it has now been appointed as the official payment provider for Lotus’s, although the option to pay using other e-wallets when shopping at the retail chain remains available. This is as TrueMoney (as the subsidiary of Ascend Money) and Lotus’s both share the same parent company: Thailand conglomerate Charoen Pokphand (CP) Group. With this collaboration, Lotus’s customers who pay for their purchases using TrueMoney can earn twice the amount of rewards points via the Lotus’s loyalty app and the TrueMoney e-wallet app.

Country managing director of Ascend Group, Jessie Chong shared that Malaysia is the seventh Southeast Asian market that TrueMoney is expanding into. Prior to this, the e-wallet had already built its presence in Thailand, Vietnam, Cambodia, Myanmar, Indonesia, and the Philippines.

“We aim to leverage our international presence to create a holistic and dynamic approach to creating a payment ecosystem within Southeast Asia that benefits individuals and SMEs; which includes cross-border payments in the pipeline. We may be the new kid on the block, but we bring with us a strong tech infrastructure and pre-existing businesses to connect with users in Malaysia,” Chong further said.

Meanwhile, the customer executive director of Lotus’s, Vivian Yap said that this latest partnership is in line with Lotus’s ongoing digital transformation. “Not only will customers have an easy cashless option with TrueMoney, but it will also be very rewarding as TrueMoney Malaysia will reward our customers with My Lotus’s points. My Lotus’s loyalty points can then be used to pay for purchases, giving them further savings on their shopping,” she said.

If you’re interested to check out the new TrueMoney e-wallet, it is available for download on Google Play and the App Store. New users will be able to receive instant benefits upon activation, including the opportunity to earn up to RM10 cashback by completing five “quests” on the e-wallet.

(Source: TrueMoney [1, 2])

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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