Touch ‘n Go eWallet to Adopt 100% e-KYC, Plans to Offer BNPL, Gold Trading
by Fintech News Malaysia February 29, 2024TNG Digital, the operator of Touch ‘n Go eWallet, announced its strategic plans for 2024 today, with a focus on security and introducing innovative financial products.
Touch ‘n Go eWallet has introduced a comprehensive e-KYC verification process, becoming the first e-wallet in Malaysia to do so, with the goal of improving user security and authentication.
Consequently, access to Touch ‘n Go eWallet’s services will be restricted for users who have not completed the e-KYC process.
Looking ahead, CEO Alan Ni shared the company’s vision for broadening its financial services. New offerings will include a revolving credit line, a flexible lending product with competitive interest rates, and investment opportunities through GOinvest, such as gold and share trading.
Additionally, Touch ‘n Go eWallet plans to introduce merchant-centric innovations like a new merchant wallet, soundbox, and a suite of financial services designed to support business growth, particularly for SMEs.
In 2023, Touch ‘n Go eWallet had adopted the five mandatory safety and security measures imposed by the Bank Negara Malaysia to combat scams, significantly reducing fraud rates and increasing user trust.
The company credits these proactive security measures for its growth, with a Total Payment Value (TPV) for 2023 more than double that of the previous year.
With over 21 million verified users (e-KYC) and 2 million merchant points, Touch ‘n Go eWallet has expanded its services across more than 40 countries for QR payments and over 60 countries for remittance services.
The launch of GOrewards, the loyalty programme which now boasts over 9 million users, was cited as a key achievement in 2023, alongside receiving the Putra Brand and Fintech of the Year awards.
Alan Ni
Speaking at the media briefing, Ni said,
“As we embark on this exciting journey in 2024, Touch ‘n Go eWallet remains steadfast in its commitment to driving financial inclusion and empowerment across Malaysia.
With our innovative solutions and unwavering dedication, we are poised to redefine the digital payment and banking experience in Malaysia.”
Featured image: (From left) Foo Yeong Jin, Chief Risk Officer; Desmond Teoh, Head of Financial Services; Alan Ni, Chief Executive Officer; Mohd Herman Sarbini, Chief Operations Officer; and Chiew Wei Wing, Chief Product Officer of TNG Digital.
