PUTRAJAYA intends to boost the use of e-wallets by giving selected individuals and entities a one-time “digital stimulus” of RM30.

The incentive will be given to those aged 18 and above who earn an annual income of less than RM100,000, as well as merchants and small and medium enterprises (SMEs), said Finance Minister Lim Guan Eng when tabling Budget 2020 in Parliament today.

They must own an identity-verified e-wallet account with selected service providers.

“To significantly increase the number of Malaysians, merchants and SMEs using e-wallets, the government will offer this one-time digital stimulus of RM30 per person,” said Lim.

He said the amount must be redeemed and used in January and February next year.

It will cost the government RM450 million, and benefit up to 15 million Malaysians, he said.

Lim added that Putrajaya wants more people to go cashless as e-payment processes allow for greater savings.

Overall adoption of the e-payment method remains low at 8%, he said.

Citing Bank Negara Malaysia’s Financial Sector Blueprint 2011-2020, he said Malaysia can gain about 1% in cost savings to annual gross domestic product by switching to e-payment processes fully.

There were some 34 million transactions via e-payment platforms recorded last year, up from 2017’s two million. – October 11, 2019.