Touch’n Go e-wallet’s first-of-its-kind policy ensures that user rights and accounts are kept safe.
The Touch ‘n Go eWallet has announced a Money-Back Guarantee Policy as part of its effort to ensure that user rights and accounts are kept safe.
The first-of-its-kind safety and security policy was introduced at the “Cashless Confidential: eWallet vs Cash – Which is More Secure?” forum. The forum which saw around 100 attendees, including members of the press, was held in collaboration with Nielsen Malaysia.
During the forum Syahrunizam Samsudin, CEO of TNG Digital Sdn Bhd said, “Security remains a top barrier for digital payment adoption in Malaysia. As a trusted partner for Malaysians to live, pay and transact, the Touch ‘n Go eWallet makes lives easier as users can securely and seamlessly make payments across a multitude of services including utilities, entertainment, F&B as well as through RFID and PayDirect, unique features of our app.
“With our Money-back Guarantee Policy we want to continue playing an active role in improving your digital lifestyle and we aim to do so by ensuring that you are protected at every point of your transactions.”
In order to be eligible for the Money-back Guarantee, users must first verify their Touch ‘n Go eWallet through the account verification process. Once the account is verified, the Money-back Guarantee protection will be activated with an e-wallet protection shield icon on their edit profile button. If users discover that they are being charged with any unauthorised transaction in their e-wallet account, they can click on the Money-back Guarantee feature in the app and submit a claim for a refund.
Also speaking at the forum is Arslan Ashraf, Managing Director, Consumer Insights- East Zone of The Nielsen Company. He 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.
“Our study showed that Malaysians still prefer to pay in cash for regular, everyday expenses such as buying groceries or dining out. In order to drive adoption among consumers, e-payment providers must address the need for convenient payment methods while also inspiring confidence in the safety and security of digital wallets,” said Ashraf.
There are top five factors that drive e-wallet usage in Malaysia, according to Ashraf and they are trust, promotions, no fees required, availability and convenience. As for the barriers, security is the biggest barrier alongside other barriers such as the ease of paying by cash and a lack of understanding on how e-wallets work.
“We hope that today’s dialogue has provided deeper insight on the current payment landscape, along with a better understanding of the drivers and barriers to the adoption of digital payments,” Ashraf concluded.