Najib: RFID sticker costs less than RM 1, why is TnG charging RM 35 for one?

Former Prime Minister Datuk Seri Najib Razak has waded into the RFID controversy today. In his Facebook post, Najib posted a screenshot of a whole seller selling 10 pieces of RFID stickers for just a little over RM 3.

“The cost of a passive RFID sticker is less than RM 1 per piece. So why is it sold at RM 35? Will Touch ‘N Go or PLUS give rebates to users with Smart Tag devices that are no longer working if highways migrate completely to RFID?” said Najib.

Also read: PLUS congratulates itself for RFID's execution, thanks users for 10 percent migration rate

He added that if he remembers correctly, RFID stickers should be given for free to every Touch ‘N Go user because the cost is very low, and it was free from 2018 until February 2020. Starting 15-February 2020, it was sold at RM 35.

Najib then followed up with a subsequent post saying that Touch ‘N Go (TnG) is already valued at RM 3 billion, with CIMB Bank earning an additional RM 1.16 billion because of the increased value of its stake in TnG.

“So why is the sticker which costs less than RM 1 still sold at RM35 per piece? If it can’t be given out for free, then reduce the price to RM 5.

“The focus (for TnG) should on its core e-wallet business, not earning ridiculous profits from sale of RFID stickers.

“Don’t just take care of the interest of giant banks to the point that it becomes a burden to consumers,” said for former Prime Minister of Malaysia.

Najib adds that apart from CIMB Bank, China’s Ant Group, USA’s insurance company AIA Group, and investment firm Bow Wave Capital also have stakes in TnG.