Former Prime Minister Datuk Seri Najib Razak has taken to Facebook to call out to Touch n’ Go (TnG) and Plus Malaysia Berhad (PLUS) for charging an exorbitant price for the RFID tag, despite it costs less than RM1 each.
The RFID tag is currently sold at RM35 by TnG, which Najib pointed out is given away for free to TnG users from 2018 to Feb 2020.
“Will TnG or PLUS give rebates to SmartTAG owners who move on to use RFID for toll payment?” he asked.
In addition, Najib also claimed that TnG was owned by CIMB Bank Bhd (CIMB), Ant Group from China, insurance company AIA Group from the United States, and investment firm Bow Wave Capital from New York.
In another Facebook post, Najib said TnG was already valued at RM3 billion and that CIMB Bank has made a profit of RM1.16 billion in 2020 due to the substantial increase in valuation of TnG.
“So, why still sell RFID stickers that cost less than RM1 at RM35 a piece?”
“If you don’t want to give it for free again, lower the price to RM5,” he said.
Meanwhile, Najib urges TnG to focus on its core business of providing e-wallet service and not making excess profits from selling RFID tags.
“Don’t take care of the interests of the banks only to the point of burdening the people,” he said.
In December 2021, the Ministry of Works (KKR) has announced that they will be gradually phasing out the TnG card and SmartTAG as payment options starting 2022 and fully replaced it with RFID.
Following this, road users rushed to purchase and install the RFID tag in fear that they will get stuck at toll booths.