QUOTE(fruitie @ Mar 13 2019, 03:22 AM)
From first page regarding premium wallet: "**Beginning 1 September 2018, you can send up to RM500 monthly. Should you successfully complete the KYC process as determined by Boost, you'll be able to send money to your friends & family up to RM4,500 monthly."
What's this KYC process? I recalled I did my verification long time ago, should be before 1st September. So how can I know if I can transfer to my contacts up to 4.5k without testing water? I'm already having premium wallet but a bit confused on this KYC process.
all ewallet have KYC (know your customer) process, that's the usual registration processes that we dont realize it
usually, for simple features/small wallet, kyc requirements are basic. if more critical features are required (e.g. withdrawal, increase purse size to higher limit, etc), then more details required like IC scan, facial scan, etc.
remember, higher wallet size/limit, the higher the risk exposure, so, more work/due diligence by the issuer to perform in order to manage it.
p/s: more advanced kyc is called e-KYC. even more details it will collect, query, and profiling about you.
compare to traditional banks, when open accounts or other products, there are tons of docs and questionaires to fill? that's the traditional bank's kyc with you.