Touch ‘n Go eWallet introduced the GO+ micro-investment feature in March 2021 and now the GOinvest money market fund investment feature. GO+ and GOinvest look similar, but there are significant differences.
GO+ deposits can be used to pay for tolls, parking fees and sweep payments in stores, while GOinvest deposits do not offer these payment features. GO+ deposits are not subject to any additional fees, so there is no reduction in deposits, while GOinvest deposits are subject to an administration fee of up to 0.40% and a trust fee of up to 0.02%.
In addition, GO+ deposits are invested in the Principal e-Cash Fund (Class A) and therefore offer a lower return on investment. GOinvest, on the other hand, is invested in the Principal Islamic Money Market Fund (Class D), which has a higher risk profile than the Principal e-Cash Fund (Class A) and therefore offers a higher ROI.
It is worth noting in particular that GOinvest is still in its trial phase and only the Principal Islamic Money Market Fund (Class D) is currently available, GOinvest will be adding more funds in the future and investors can choose their fund according to their risk.
Simply put, GO+ is a general savings account, while GOinvest is a typical investment account.
