TnG eWallet to Enforce Mandatory Identity Verification from 20 December: What You Need to Know

Starting 20 December 2024, TNG Digital, the operator of Touch ‘n Go eWallet (TnG eWallet), will make electronic Know-Your-Customer (eKYC) verification mandatory for all users. This move aims to enhance security and reduce fraud, aligning with regulatory standards and ensuring a safer digital payment ecosystem.

Why eKYC is Becoming Mandatory

The decision to enforce eKYC verification is part of TNG Digital’s broader strategy to bolster security measures and protect users from fraudulent activities. Since the announcement earlier this year, users have had a 10-month window to complete the verification process. The eKYC process involves uploading a photo of your ID card and taking a selfie for facial recognition, which can be done easily through the TnG eWallet app.

What Happens if You Don’t Verify

Unverified users will face increasing restrictions on their accounts starting from 20 December. Initially, these users will be limited to basic features such as payment and toll services, including TnG NFC card top-ups and TnG RFID. Over time, if users do not complete the eKYC process, they will eventually lose access to their accounts entirely.

How to Complete the eKYC Process

To verify your TnG eWallet account, follow these steps:

1. Launch the TnG eWallet app.
2. Tap on the profile icon in the top right corner.
3. Click on “Not Verified” next to your profile picture or scroll down to Security and tap on Account Verification.
4. Tap on Verify Account.
5. Follow the instructions to take a photo of your IC or Passport, followed by a selfie.
6. Verify your account details, including full name, IC/Passport Number, and Date of Birth.
7. Wait for the verification process to be completed, which may take up to three working days.

Benefits of Completing eKYC

By completing the eKYC verification, users will unlock several additional features and protections:

• Higher eWallet Balance: Increase your eWallet size up to RM20,000.
• Enhanced Security: Benefit from extra protection against unauthorized transactions under TnG eWallet’s Money-back Guarantee.
• TapSecure: Enjoy one-tap approval for secure transactions.
• Money Transfers: Gain the ability to transfer money to third-party accounts.

The Importance of eKYC

Implementing mandatory eKYC is a significant step towards ensuring a secure and trustworthy digital payment environment. TNG Digital has reported a 51% reduction in fraud rates on its platform since introducing enhanced security measures. With 77% of users already verified, the company aims to achieve 100% verification by the end of the year.

TNG Digital CEO Alan Ni emphasized the importance of this move, stating, “Security is our top priority at TNG Digital. Implementing full eKYC is a bold and necessary move, making us the first eWallet to take this step because protecting our users is non-negotiable. This measure is crucial in enhancing platform security and reducing the risk of account takeovers”.

Conclusion

As the 20 December deadline approaches, it is crucial for all TnG eWallet users to complete the eKYC verification process to ensure uninterrupted access to their accounts and enjoy enhanced security features. This mandatory verification not only protects users but also contributes to a safer and more resilient digital financial landscape in Malaysia.

For more information and to complete your eKYC verification, visit the TnG eWallet app or the official TNG Digital website. what do you think? #SharewithMin on X