Malaysia "National eWallet" hoh

 While we may look down on MY banking system, allow me to share my experience of MY E-wallet n MY Banks "Paynow".

~~~~~~

Actually Malaysian Banks and its National Touch-And-Go eWallet Debit App are more systematic and secure than SG. 

1. Their "Paynow" recipients must have its phone number tie to a bank account.  One cannot simply transfer to anyone randomly.

2. Banks withdrawal or deposit is limit at RM10K daily for foreigner.  This limit cannot change at all.

3. It's National Touch-And-Go has 3 level of topup limits; Lite cap at RM200, Std: RM500... and monthly limit cap too.

4. Banks' ATM Debit card which similar to SG.

~~~

While you can use Grab or other app to make payments too at your own risk, its Nationals can use the Government E-Wallet or nric to make payment.

Even before SG started its online Paynow or Paylah years ago, I had already used such service in MY online payment; that was more than 10 years ago. 

~~~~

Interesting, the online transfer then requires me to separately send the OTP or passcode to the Receipient to retrieve it.  Without the passcode, the recipient cannot receive the money, even if it was sent wrongly to his mobile number.  (After 3 days, the transfer is void n expired).

Being a new MY "paynow" user then, I keyed in wrong phone number to transfer to wrong party..  I panicked, tried call Bank to void the transaction; but I was assured as my "passcode" was not yet sent to the receipient.


Of course now, their "Paynow" online transfer is simplified n similar to us; use of passcode maybe too inconvenient too, but replaced by National E-Wallet.
 
True enough, 3 days later, the online payment was void; nothing happened.

Comments

Post a Comment

Popular posts from this blog

Consideration for MY property Purchase

Consideration for MY property Purchase 1.  Avoid mixed devt; it is difficult to demarcate Hotel, Residential & Mall for Strata Title issue.  Best choice is JB (& Melaka) as more food choices & rentals. (KL & Penang are too far for me to travel, although it's property may have good return value. Need MM2H or else need to return home monthly to renew Visa extension.) 2. Before Strata Title issue, Unit has to pay State Consent every 2-year @RM5k (recently raised from RM3k) to keep unit ownership interim.  When purchasing, bargain for one time payment for State Consent; no need renewal. But easily than said, Developer may not warrant it after 3-year Latent Defect Period (LDP). Not even through legal statements, unless it's first State Consent Certificate does not have expiry date.   Earlier year, new property buy may have such privileges such as Deferred Interest Bearing Scheme (DIBS) loan absorption by developer during construction phrase; so one doesn't
Read more

Can retire with $1k monthly? got bluff me?

  Someone who is my cohort just retired last year.  He candidly shared that his average monthly expenses is less than $1000. Some background that I gathered: 1.  Married with a working adult child. 2.  Stay in condo; ever spinned n profited from few property sales. 3.  Still need to support aged parent with 4 siblings. 4. No car. So I did some quick calculation to see sure or not to retire with $1k monthly expenses. Think his $1k p.m. is thin retirement. Utility & PS, water : $100 p.m. Telco: $20 p.m.  MCST: $200 p.m. (where got so low maintenance?) Medishieldlife: $800 / 12= $66 p.m. (can pay by CPF-MA) H&S Shield Plan: $1200 / 12 = $100 p.m. (excluded $680 deducted from MA) Support his parents: $2000/5 = $400. Basic fixed monthly overhead:  100+20+200+100 + 400 = $820 With just $1000 p.m., net available for meal = $1000 - $820 = $180 p.m. (or $6 per day) Not forgetting that he just retired, he need to fully pay his last year personal income tax. ------ In summary, my assessme
Read more

Buying insurance for Children

During my time as first-time parent, we are blur blur general direction in investment and protection.  That was in the last 90s then. We bought whole life insurance (dont know and dont care about ilp or tradition); at that time, no one talked much about Term insurance.  No such things as TermLife. And... my monthly pay was less than $2,000. And CPF did  not allow topup to child SA.  I remembered that this was introduced in 2013 under a "Others" category.   I quickly made my first $10k topup to their CPF SA, each to my child; over n over the next decade.  At that time, one kid had yet even had her nric; hence I wouldn't check if the cheque topup into the CPF SA was really deposited.    Very chuang. Do make your own decision, I am no insurance agent. If I were you, I would do this: Pt1: Your child has to be covered under both parents' Company Dependents Health Benefits.  First basic protection from Day 1 till their age 21.  (Caveat: Buy when no medical loading. Touchwoo
Read more