With the continuous growth of technologies in the 21st Century, society has progressed past the need for physical cash – to cashless options. Nobody wants to go through the hassle of digging through their wallet anymore. Moreover, ever since the outbreak of coronavirus, it’s best to keep physical contact to the minimum. Thankfully, we are blessed with a variety of ewallet options to choose from here in Malaysia.
However, the real question remains unanswered; which ewallet in Malaysia reigns supreme? If you’re still new to the world of ewallets; then it’s vital for you to find the one that suits you best.
Therefore, for today’s article, we will be talking all about ewallet in Malaysia for the year 2021.
We will be comparing all the famous ewallets, so you can figure out which one would be the right one for you! Without further ado, let’s get started.
First & Foremost: What is an Ewallet?
Ewallet is a method of payment which is carried out digitally. It functions as an app on smartphones; you’ll have to load “cash” or funds into it through debit card, credit card or online banking.
You can then use the loaded “cash” in the app to make payments on your services or goods. Another exciting feature of an ewallet is that you can also transfer money to other ewallet users.
Meaning to say, if your friends need to make payments but do not have enough balance in their ewallets; you can transfer some from your ewallet into theirs!
So, what makes ewallets better than the ordinary wallet that we all have right now? Well, some ewallets actually offer benefits such as rewards and cashback for every transaction! Just the thought of cashback and rewards gets most Malaysians so excited.
And not to mention, with the use of ewallet; you won’t have to get stressed out about where to find the nearest ATM to withdraw your money.
The Types of Ewallets
In Malaysia, there are two types of ewallets. The types are as follows:
- Most ewallets in Malaysia are open-loop. For an open-loop ewallet, it is typically prepaid where it isn’t directly linked to your credit card or bank account. In simpler words, you’ll first have to top up your ewallet in order to use it.
- This type is perfect for those who do not have a limit on their spending. Thus, you can top up the balance in your ewallet anytime, anywhere. Most merchants now also accept open-loop ewallets; hence, you can always shop in different locations.
- For closed-loop ewallets, they are the total opposite of open-loop ones. For closed-loop, you are only allowed to use it for a specific type of retailer. Meaning to say, you won’t have the freedom in using it at any merchants of your choice. Closed-loop ewallets often offer reward points for every transaction made by the users.
How to Use Ewallet?
Using an ewallet is easy – it takes less than a minute! To use the ewallet, you can scan a QR code at the retail or via the card’s NFC technology. With the existing NFC technology; laptops, smartphones and tablets are able to share data with other NFC-equipped devices.
All you have to do is put your smartphone at least four inches from another NFC device. You will then receive a pop-up on your ewallet to make a confirmation on your payment. The process is quick because unlike Bluetooth, you won’t need to pair the devices manually. There are also physical or prepaid cards available for some ewallets.
List of Popular Ewallets in Malaysia 2021
Here is a list of ewallets popular among locals. Read on to find out which ewallet in Malaysia suits you best:
When one mentions the word ‘ewallet’, everyone can agree that one app will come to their minds first – Boost. Boost remains the preferred ewallet option for many people in Malaysia.
What makes Boost so popular are its range of features and never-ending rewards. Considering how popular it is, there are over 140,000 merchants who accept Boost as one of their payment methods.
You can earn coins when you spend with Boost, and it also has a loyalty programme called BoostUp. BoostUp allows its users to shake for each transaction and rewarding them with various surprises.
Many favour this ewallet because they can use it almost everywhere – even at Pasar Malam (night markets in Malaysia) vendors! Moreover, Boost also collaborates with other companies such as Telekom Malaysia, SYABAS, Astro and Shell.
Through its partnerships, users of Boost can even use the app to pay for utility bills, petrol and even parking. These features are all very convenient for a lot of people.
- Payment Method: In-app Payment & QR Code
GrabPay is also one of the most popular ewallets in Malaysia. We’re sure many of you have already heard of GrabCar and GrabFood – now we’ll be informing you about GrabPay.
With the Grab app, you can basically get access to almost everything; rides, food, groceries, you name it! GrabPay is part of this platform’s ecosystem – customers can pay for Grab’s services with it.
Besides paying for the services from the Grab app itself, some merchants also accept GrabPay as part of their payment methods.
Moreover, you can top up your mobile phone credits as well. The service is available for all leading telcos in Malaysia such as Maxis, Digi, Celcom, Tune Talk and U Mobile.
Not to forget, Grab also has a partnership with Maybank. This partnership allows the use of cross platforms with merchants which use Maybank Pay.
- Payment Method: In-app Payment & QR Code
3. Touch ‘n Go eWallet
The Touch ‘n Go eWallet, also better known as TnG eWallet, is most famous for its RFID and PayDirect features. If you’re living in places which have tolls, this ewallet might be beneficial for you. The PayDirect feature allows user to connect their TnG Cards with their TnG eWallet directly.
With the PayDirect feature; drivers would still have to stop and tap their cards at the toll, but it will deduct the fares from their TnG eWallet. This can avoid any embarrassing moments of having insufficient balance in their cards; and forced to change lanes to top up. For cars which have the RFID feature installed, fares will also be deducted from your TnG eWallet.
Also, there are a total of over 150,000 merchants who accept this ewallet as their payment methods. Just scan the QR code provided by the merchants and your payment is complete!
- Payment Method: QR Code
4. Lazada Ewallet
As to what we mentioned in the earlier part of the article, the types of ewallet are open-loop and closed-loop. Well, Lazada Wallet is one of the examples of a closed-loop ewallet.
As to what the name suggests, it is only exclusive for Lazada – one of the top e-commerce platforms in Malaysia. Hence, if you’re a frequent customer of Lazada, then this ewallet might be the right one for you.
When you make payments on Lazada with the Lazada Wallet, you’ll get to enjoy a faster and hassle-free checkout. To add to that; you will also get cashback for every purchase that you make.
- Payment Method: Online
5. Razer Pay Ewallet
We’re calling out on all hardcore gamers! We might have found the perfect ewallet for all of you – Razer Pay. It currently operates in Malaysia and even Singapore. The debut of Razer Pay was all thanks to the collaboration between Berjaya Group, MOL and Razer.
To top up your Razer Pay account; you may do so at any 7 Eleven stores or through online banking and debit card. Then, with the loaded funds, you can buy any gaming peripherals from the online store of Razerzone.
Through Razer Pay, gamers are also able to purchase PIN codes. They can then use the PIN Codes to buy services like Steam Wallet, Garena, Spotify, Sony Playstation, iflix and more.
If you’re not a gamer, fret not – you can still use the ewallet. A few online merchants have also started using Razer Pay as one of their payment methods. Examples of the merchants are JD Sports, Hermo, Fashion Valet, Uniqlo, FOS, Easy Parcel, BloomThis and Decathlon.
Besides that, transferring money to your family and friends and telco top-ups are also possible via Razer Pay.
- Payment Method: QR Code
Well, that wraps it up. There you have it, a list of the best and most trusted ewallets in Malaysia! There are, of course, more ewallets available in Malaysia which are not in the list; but the article will never end if we list them all out.
We hope this article helped you in your decision! Hop on to LokaPost for more finance-related articles.