Starting December 20, 2024, Touch 'n Go Digital (TNG Digital) will require all eWallet users to complete electronic Know-Your-Customer (eKYC) verification, marking a significant step towards enhanced digital security and regulatory compliance.
According to WeirdKaya, the verification process has been streamlined for user convenience. Users need only submit a photo of their ID card and take a selfie for facial recognition, eliminating traditional paperwork and in-person visits. The system then securely matches these documents to verify the user's identity.
TNG Digital CEO Alan Ni emphasized the security benefits of this initiative. "This measure is crucial in enhancing platform security and reducing the risk of account takeovers," he stated. The implementation of eKYC adds an additional layer of protection against fraud and unauthorized access.
Currently, users who haven't completed eKYC face restrictions, including limited eWallet balance and access to only basic features such as payments, toll usage, NFC card top-ups, and RFID services.
After December 20, new users must complete eKYC verification before accessing the TNG eWallet. Existing users who haven't verified their accounts will face progressive restrictions, potentially leading to complete loss of access to their eWallet accounts if they remain unverified.
The company announced this change through a press release, highlighting its commitment to improving security measures while ensuring compliance with regulatory requirements. This move positions TNG Digital at the forefront of digital payment security in Malaysia's fintech landscape.
Source: WeirdKaya
