20th November 2024 - 2 min read
TNG Digital, the operator of the Touch ‘n Go eWallet, has announced that electronic Know Your Customer (eKYC) verification will become mandatory for all users. Starting 20 December, individuals must complete the verification process to continue using the e-wallet.
This decision, which the company had previously stated earlier this year, aligns with the company’s efforts to enhance security and combat fraud. Users have had a 10-month window to verify their accounts, a straightforward process that involves uploading a photo of their IC and taking a selfie for facial verification, all without the need for an in-person visit.
Previously, eKYC verification was optional, with unverified users restricted to the Lite tier. This tier offers limited features, including lower balance limits and no options for fund transfers or withdrawals. To access these functions and more, users must complete verification to upgrade to the Pro or Premium tier.
As part of this new eKYC requirement, all new users will need to complete the eKYC verification before they can use the platform. Existing users who fail to verify their accounts by the 20 December deadline will face increasing restrictions, and those who remain unverified may eventually lose access to their accounts altogether.
(Source: Lowyat.NET)
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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