Date : 27-Jun-2019
- The Touch ‘n Go eWallet proudly announces Money-back Guarantee Policy, the first-ever safety and security policy for mobile payment in Malaysia.
- The Money-back Guarantee Policy is exclusive to the eWallet as part of its effort to ensure that users rights and accounts are kept safe by bringing security and convenience all in one APP.
- Through this policy, users of the eWallet can report any unauthorised transactions and request for compensation by logging on to the eWallet app or by visiting the website: tngd.my/mbg.
- Nielsen Malaysia highlighted that there is a concern among consumers on the safety and security of e-wallets as a payment method. According to a Nielsen study on Malaysia’s shifting payment landscape, 46% of Malaysians are concerned about security measures and fraud risks related to digital payment.
- Among those surveyed, 38% of Malaysians fear that there might be missing transactions from making digital payments. Meanwhile, 30% of Malaysians are mindful when using e-wallets because they are afraid that their mobile phones may be stolen to make purchases. When it comes to breach of data, 39% of Malaysians are worried that their banking details might be leaked to a third-party.
- To-date, the Touch ‘n Go eWallet has over 4.2 million users and over 50,000 acceptance points. The eWallet is governed by Bank Negara Malaysia (BNM) with adherence to the highest compliance, corporate governance and security standard to ensure prudent and safe transactions for its users.
- CEO of TNG Digital Sdn Bhd, said, the offering is an effort to both future-proofing Malaysia’s ePayment ecosystem, as well as to drive adoption - Security remains a top barrier for digital payment adoption in Malaysia.
- Arslan Ashraf, Managing Director, Consumer Insights - East Zone, The Nielsen Company, said, cash was still king in Malaysia, therefore, ePayment providers must address the need for convenient payment methods, while also inspiring confidence in the safety and security of digital wallets - Malaysians are fearful about using e-wallets due to security concerns involving payment and banking details, data breach, as well as malware or software issues.
- Teh Huey Tzi, Chief Risk Officer at TNG Digital, said, the backend system also applies Artificial Intelligence (AI) that works to detect and mitigate any potential unauthorised activities.
- Money-back Guarantee Policy for Touch ‘n Go eWallet.
- In order to be eligible for the Money-back Guarantee, users must first verify their eWallet account through the Account Verification process (eKYC process)
- Once an account is verified, the Money-back Guarantee protection will be activated with an eWallet protection shield icon being visible on users edit profile button. If users find that they are being charged with unauthorised transactions in their eWallet account, they can click on the Money-back guarantee feature in the app. This feature will prompt users to a form, where they need to fill up details of their case and attach proof of receipts or documentation involved with the transaction. The eWallet team will then investigate and if claims are proven to be legitimate, refunds will be processed and reimbursements will be made within 5 working days.
- To submit an enquiry and claim refunds for any unauthorised transactions, visit tngd.my/mbg.
- BNM must also support the ePayment industry in Malaysia as an effort to thwart money laundering activities.
- Likewise, BNM must be proactive to introduce more protections for consumers such as the one given under the Clause 13.2 of Bank Negara's Credit Card Guideline ("The cardholder's maximum liability for unauthorised transaction as a consequence of a lost or stolen credit card shall be confined to a limit specified by the issuer of credit cards which shall not exceed RM 250 provided the card holder has not acted fraudulently or has not failed to inform the issuer of credit cards as soon as reasonally practicable after having found that his credit card is lost of stolen").
- There are locations both indoor and outdoor where the Internet connection isn't strong enough to allow eWallet app to connect to the Internet effectively to perform an ePayment transaction.
- To win the war, eWallet providers must derive strategy to convert the 'grassroots' to adopt ePayment, as opposite to the netizens who are always ready to get on board any time.