E -wallets are one of the fastest-growing payment trends in Malaysia, with over 53 e-wallets now available in the country.
E-wallet, a digital version of your wallet. You can use it to pay for things online, in stores, and in apps without carrying cash or credit cards. To use an e-wallet, just download an app and create an account. Then add your payment information to the app. To pay for something, you simply scan a QR code or tap your phone on a contactless payment terminal. According to a survey in 2023, 55 per cent of respondents in Malaysia used their e-wallet for toll, parking, or transportation purposes. This was followed by usage in food and beverage outlets. As more and more Malaysians have chosen to go cashless. e-Wallets have become more and more integrated with local vendors and services. You can also use your e-wallet for food delivery, sending and receiving money, remittance, buying movie tickets, paying bills, buying mobile top-ups, sending deliveries, buying insurance, investing in unit trust, hiring service providers, book hotels and travel packages, make donations and more.
This month we will look at some of the many payment apps or e-wallets available in Malaysia. Apart from the ones provided by the banks, such as MAE by Maybank2u and CIMB Tap n Pay, there are indeed many ways to pay your bills without taking out cash – just use your phone.
There are a few classes of e-wallets – the open loop that can be used to make payments to any merchant that accepts e-wallets, prepaid e-wallets, closed loop that can only be used to make payments to merchants that are affiliated with the e-Wallet, and bank e-Wallets. There’s no single best e-wallet in Malaysia. Which one suits you will come down to the services and features you need to use.
*The Big Three e-wallets in Malaysia
• TnG e-wallet
• Grab e-wallet
• Boost e-wallet
TOUCH ‘N GO eWallet
Touch ‘n Go e-Wallet is a Malaysian digital wallet and online payment platform, established in Kuala Lumpur, Touch ‘n Go is one of the best-known and longestestablished e-Wallets in Malaysia, with over 1.4 million merchants nationwide and a linked payment card if you’d like one. It allows users to make payments across 280,000 touchpoints nationwide. It’s also an all-purpose app. Pay for Touch ‘n Go toll and parking charges, reload prepaid cards, and make online payments. TNG has a Money-back guarantee policy that promises full compensation within five days if your e-wallet is being charged with unauthorised purchases or reload.
Touch ‘n Go e-Wallets can be used to hold an MYR balance, make payments to others, pay in stores by scanning a QR, and also offer a wide range of other features like bill pay and phone top-ups. You can send local MYR payments using DuitNow or manage overseas transactions in select locations through TNG’s link up with Alipay. TNG points for every transaction can be redeemed for rewards.
GRAB PAY
GrabPay e-Wallet allows you to easily make payments and get more from Grab’s services, including ridehailing and food orders.
Grab offers a pretty broad range of services in Malaysia, and the GrabPay e-Wallet lets you access many of them easily. Top up your wallet or add a card, then use Grab to spend in person and online, or to pay when you top up your phone, order food, or more. You’ll be able to continue to earn Grab rewards as you use your GrabPay wallet and can transfer credits to others too. Grab is available in several countries in the region – if you’re able to use your Grab wallet internationally you may find fees are applied, either by Grab or by your card issuer.
BOOST
Boost is a prepaid e-wallet you can top up in advance in MYR, for easy spending in Malaysia. Scan and pay in Malaysia, and shop online. Pay bills and set up automatic account top-ups so you never run out of money.
Boost e-wallets can be used pretty extensively in Malaysia, with a huge merchant list for QR payments, and ways to pay your bills and top up phones. You can also use Boost to earn rewards and buy insurance. There’s no Boost card, and as international merchants might not accept Boost QR payment you might find this e-wallet can’t be used particularly widely overseas.
*INTERNATIONAL e-WALLET
PAYPAL
PayPal dominates the digital payment scene. It has upwards of 360 million active users in more than 200 countries.
PayPal is an online payment system that allows you to send and receive money around the world. You can link your bank account, credit card, or debit card. You can also have a balance in your PayPal account. Cash can be transferred to any email address or phone number, whether or not the recipient has a PayPal account. PayPal serves as a middleman between your bank and merchants and keeps your payment information secure. You can also use PayPal to securely send money to friends and family as well as receive money from people. This feature is useful for splitting rent with roommates, for example, or receiving money for your birthday.
You can use PayPal on your web browser, tablet or via the app on a mobile device.
*E-WALLETS FOR VERY SPECIFIC TARGET AUDIENCES/USE CASE
INSTAPAY
Instapay is a financial institution regulated by Bank Negara Malaysia with the latest security protocols including fingerprint and facial recognition to verify your identity. Every financial transaction is authenticated by a transaction PIN – mPIN for the app and ATM card PIN for Mastercard. It is used for employers to pay salaries to foreign employees
Instapay eWallet with linked Mastercard can be used for receiving salary, cross border remittance, loading money from bank account, withdrawing cash from ATM, making purchases globally at Mastercard merchants or online, top-up mobile – domestic or international, P2P money transfers and scan QR codes and pay merchants.
*E-WALLETS FOR CERTAIN LOCATIONS/SERVICES
SETEL E-WALLET
Setel is an e-wallet that allows you to pay for your petrol transactions at participating Petronas stations. However, Setel doesn’t function just as a method of payment; it’s an app that allows you to select your petrol, the amount of fuel you need, and pay for it, all from inside your car. Setel’s main benefits lie in the convenience and safety it adds to the petrol-pumping process. At the petrol station, you don’t need to get down to use the card machine at the pump or walk over to the counter to make payment. With Setel, your whole transaction can be done in three steps in the comfort and safety of your airconditioned car. Whether it’s fuel, parking, motor takaful or insurance, road tax, EV charging, 24/7 auto assistance, in-store or online shopping, everything is housed in one mobile app — standing by as your reliable companion on the road.
Moreover, you can even collect Mesra points and keep track of your points history through your Setel app. Once you’ve linked your Mesra card to the app, it automatically collects rewards points for you when you pump so that you don’t even need to bring your physical Mesra card.
A few more e-wallets would be:
*E-wallets by e-commerce platforms such as the ShopeePay e-wallet.
*E-wallets that come with debit/prepaid cards like Visa or Mastercard such as BigPay and Wise. Use them for travelling, transferring money, better currency exchange rates (good for buying stuff priced in USD etc), budgeting interface and expense tracker.
If you’re still going to the ATM for cash, perhaps it’s time to go cashless!
