Sunday August 28, 2011
Touch ‘n Go to be used for more transactions
KUALA LUMPUR: Malaysians will soon be able to use their Touch n Go cards on more transactions like shopping and medical care following the strengthening of its electronic payment system.
CIMB Group chief executive Datuk Seri Nazir Razak said the company had collaborated with the Government and several other agencies to set up a new e-payment system that would allow more transactions to be made using Touch n Go cards.
“We are working with a committee under the Performance Management and Delivery Unit (Pemandu) to enhance our e-payment capabilities,” he told a press conference yesterday.
CIMB Group owns a 52.22% stake in Touch n Go. The other share-holding partners are MTD Capital Bhd with 27.78% and PLUS Expressways Berhad (20%).
Nazir said the latest move would benefit card holders, ensuring easier payments at more retail outlets, restaurants, fast food chains, cinemas and theme parks nationwide.
“Reloading of card value could also be done with participating banks, petrol stations and convenience shops,” he said.
However, he added that the shift towards an electronic payment system required a big sum of money before it was implemented.
“The project needed a substantial amount of money with CIMB Group investing some RM200mil to enhance its system,” he said.
He noted that the company was looking into establishing a pilot project by integrating the smart phone with e-payment system.
“People then could just bring their smart phones around and make payments with our technology,” he said.
He said the broad framework of the coming project had been set up and needed to be finalised.
“The framework is scheduled to be available in the next few months,” said Nazir.
At the event yesterday, Nazir distributed some 5,000 CIMB Touch n Go cards worth RM100,000 to those heading home for the Hari Raya break at the Gombak toll plaza.
1 comments:
This article is discussing about e-payment. Let me elaborate more about it. E payment is a subset of an e-commerce transaction to include electronic payment for buying and selling goods or services offered through the Internet. Generally we think of electronic payments as referring to online transactions on the internet, there are actually many forms of electronic payments. As technology developing, the range of devices and processes to transact electronically continues to increase while the percentage of cash and check transactions continues to decrease.
The Internet has the potential to become the most active trade intermediary within a decade. Also, Internet shopping may revolutionize retailing by allowing consumers to sit in their homes and buy an enormous variety of products and services from all over the worlds. Many businesses and consumers are still wary of conducting extensive business electronically. However, almost everyone will use the form of E Commerce in near future.
Electronic payment is very convenient for the consumer. In most cases, you only need to enter your account information such as your credit card number and shipping address. The information is then stored in a database on the retailer's Web server. When you come back to the Web site, you just log in with your username and password. Completing a transaction is as simple as clicking your mouse: All you have to do is confirm your purchase and you're done. The benefits of Electronic payment are e-payment lowers costs for businesses. The more payments they can process electronically, the less they spend on paper and postage. Offering electronic payment can also help businesses improve customer retention. A customer is more likely to return to the same e-commerce site where his or her information has already been entered and stored.
The main drawbacks to electronic payments are concerns over privacy and the possibility of identity theft. Fortunately, there are many safeguards available to protect your sensitive personal information from falling into the wrong hands. You can defend yourself against identity theft by using virus protection software and a firewall on your computer. You should also make sure that you send your credit card information over a secure server. Your Internet browser will notify you when a server is secure by showing a lock or key icon. In addition, the URL on a secure site is usually designated by the prefix "https" instead of "http." Retailers do their part by using data encryption, which codes your information in such a way that only the key holder can decode it. Privacy concerns aside, some people simply dislike making electronic payments. They find the setup too time-consuming and don't want more logons and passwords to remember. Others simply prefer the familiarity of writing checks and dropping envelopes in the mail. Regardless of these concerns, electronic payment will likely continue to rise in popularity.
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