Touch ‘n Go eWallet Now Comes With Money-Back Guarantee; Full Compensation In 5 Days
Touch ‘n Go eWallet has announced a new Money-Back Guarantee Policy to provide better security to their eWallet users.
Under the new policy, users can report any unauthorised transactions and receive full compensation within five working days.
Syahrunizam Samsudin, CEO of TNG Digital Sdn Bhd, said, “Users can trust us, continue to pay confidently and transact with our app, knowing that the transactions are protected and refund is available for any unauthorised transaction.”
eWallet penetration in Malaysia still low
During the “Cashless Confidential: eWallet vs Cash: Which is More Secure” forum, which was hosted by TNG Digital in collaboration with Nielsen Malaysia, it was revealed that only 8% of Malaysians use mobile wallets – despite a smartphone penetration rate of 76%.
While two out of three Malaysians pay for larger expenses like car installments, rent or utility bills via online payment, cash still dominates when it comes to day-to-day or recreational expenses.
Malaysians concerned about mobile wallet security
Security concerns remain a top reason why Malaysians have been slow to adopt this mode of payment. Nielsen’s insights show that 39% of Malaysians are worried that their banking details might be leaked to a third-party, while 38% fear missing transactions when making digital payments. Another 30% worry that their mobile phones may be stolen to make purchases.
Teh Huey Tzi, Chief Risk Officer at TNG Digital addressed these security concerns at the forum by sharing that Touch ‘n Go employs several security measures, including a multi-factor authentication process. In addition, their backend system uses artificial intelligence (AI) to detect anomalies or unauthorised activities.
She also said that Touch ‘n Go eWallet is working towards ensuring that their users’ data is handled with the same security standards as those of banks.
How do you claim your money back?
In order to enjoy the Money-Back Guarantee, you need to first verify your eWallet account by submitting a picture of your MyKad, MyPolis, MyTentera or passport, as well as a selfie. Your account will be verified within 48 hours.
If you find an unauthorised transaction in your eWallet account, you can click on the Money-Back Guarantee feature on the app. You will need to fill up a form with details of your case and attach proof of documentation involved with the transaction. When your claim is investigated and confirmed to be legitimate, you will be fully reimbursed within five days.
For more information, check out the FAQ here.