Finance Minister Lim Guan Eng said the government has allocated RM450 million for this initiative which is under the e-Tunai Rakyat programme
Malaysians aged 18 years and above, with an annual income of less than RM100,000 qualify for the e-cash payment, he said in a press conference on e-Tunai Rakyat held at his ministry here today.
“The e-wallet operators will also add to the RM30 free money from the government by giving their own incentives.
“This means that through this initiative, eligible Malaysians will receive more than RM30,” he said, adding that the operators themselves will announce the additional amount tomorrow.
Lim said the RM30 can be used for all products and services provided through the operator’s platform.
He said the e-Tunai Rakyat initiative was developed to encourage more digital payments among consumers and traders, especially in the retail sector.
“The government is encouraging all traders to register with one or all the e-wallet operators so that they can benefit from the e-Tunai Rakyat initiative before March 14,” he said.
To date, he said, more than eight million traders have used the e-wallet payment services, and this number is expected to increase after the announcement of the e-Tunai Rakyat initiative.
To ensure that the initiative will boost the digitalisation process, Lim said the RM30 must be spent between Jan 15 and March 14.
“The remaining unspent balance will expire after March 14,” he said.
Lim said those who are eligible can apply for the free money before March 9 so that the process of verification and allocation of the money can be made within five working days at the latest.
He added that the verification process will go through three stages – the National Registration Department (to check the identity card), the Inland Revenue Department (to check that the annual income is below RM100,000), and a check to ensure that the individual has only applied from one operator.