TNG Digital, the operator of TNG eWallet, has announced that eKYC verification for the eWallet will be mandatory starting 20th December 2024 onwards. Users who fail to complete the process will face increasing limitations and eventually lose access to their eWallet accounts.
For those out of the loop, Electronic Know-Your-Customer (eKYC) is a verification process requiring users to submit a photo of their MyKad and a selfie to the platform, with no need for in-person visits.
Up to this point, eKYC verification has been optional. However, unverified users are restricted to basic features, such as payment transactions, NFC card reloads, and low monthly transaction limits.
According to TNG eWallet’s FAQ page, eKYC verification enhances account security by protecting users from unauthorised transactions. Additionally, users who are verified will unlock several features on the TNG eWallet app, including increased monthly limits and the ability to transfer funds.
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