TNG Digital, which operates Touch n’ Go eWallet, has announced that it will be making electronic Know-Your-Customer (eKYC) verification completely mandatory on its platform. Starting on 20 December 2024, all users will need to have completed the verification process in order to use the e-wallet.
The company announced this move earlier this year as part of its strategy to increase security and reduce fraud. It noted that since then, users have had 10 months to verify their TnG eWallet accounts. The process simply requires users to upload a photo of their ID card and take a selfie for facial recognition, without the need for an in-person visit.
Up until now, eKYC has only been optional on the platform, but unverified users are limited to the Lite tier which does not allow for balance transfers or withdrawals and has a much lower balance limit. In order to unlock these features and more, users have to get verified to move up to the Pro or Premium tier.
With this upcoming implementation, not only do new users need to complete the eKYC process to use the e-wallet at all, but even existing users will have their access gradually restricted if they do not get verified past the 20 December deadline. The company states that if a user remains unverified, they will eventually lose access to their account.
(Source: TNG Digital Press Release)
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