Touch ‘n Go eWallet users who fail to complete electronic Know-Your-Customer (eKYC) verification by 20 December 2024 may gradually lose access to their eWallet.
Non-eKYC users currently face balance and feature limits, such as basic payments and toll services. From 20 December, new users must complete eKYC verification, and existing users will face escalating restrictions until fully verified, eventually losing access if they fail to comply, according to TNG Digital.
TNG Digital expressed its ambition to be the first eWallet platform in the country to fully adopt eKYC, enhancing user protection and showing dedication to regulatory compliance.
CEO Alan Ni stated that this initiative would also lower the risk of account takeovers, noting that eKYC has helped TNG eWallet maintain a “significantly low fraud rate – 90% lower than the average fraud rate for card payments in the market.”
The company explains eKYC as an automated identity verification process that requires users to submit a photo of their MyKad and a selfie.