Comparing e-wallets in Malaysia

E-wallets are starting to become one of the fastest trending payment methods in Malaysia amid the release of e-wallets such as Boost, GrabPay, Maybank E-wallet (MAE) and Touch ‘n Go eWallet just to name a few. With all these e-wallet platforms to choose from, which one should you use and which is the best? We’ve taken all the e-wallets in Malaysia into comparison so that you don’t have to, here is a verdict of the best e-wallets in Malaysia.

1) Maybank E-wallet (MAE)

– The Maybank payment platform serves both Maybank and non-Maybank customers; once registered on either the MAE or Maybank 2U app, users will have their own virtual Visa debit card along with a Maybank account number. 

– The e-wallet is pretty much usable anywhere that supports QR pay and can be topped up using any bank account. 

– MAE has a maximum wallet size of RM4,999.99 and a transaction limit of RM2,999.99.

– One of the more notable features is being able to split bills; just split it in the app and notify your friends via the app of how much they owe. It’s as simple as that!


2) GrabPay

– GrabPay integrates with GrabRewards to ensure points for every Ringgit spent. 

– Users go through the usual registration and can pay for cashless rides, food or shopping and also transfer GrabPay credits as part of its ecosystem. 

– The Grab app also helps wih topping up mobile phone credits for Celcom, Maxis and U Mobile. 

– GrabPay’s partnership with Maybank also allows cross-plaform use between users. 


3) Touch ‘n Go eWallet

– The first of it’s kind in Malaysia, the Touch n’ Go eWallet can be used to pay tolls at participating highways, thus reduced traffic congestion in the central region by 48.2% in 2019. 

– Other than tolls, users can pay for Apple Store and iTunes purchases, street parking, taxi rides and food delivery services.

– KLIA Express and KLIA Transit Tickets can also be purchased through the platform.

– Users can send up to RM5,000 per month to other Touch ‘n Go wallet holders.


4) Wechat Pay

– Malaysia holds the title of being the first foreign country outside of China to have WeChat enabled in a local currency.

– WeChat Pay allows payment through Quick Pay, QR Code, In-App Web-Based, or Native In-App Payments.

– It deals with the issue of cross-border foreign currencies. Users can pay in Chinese yuan but with the transaction being settled in a foreign currency.

– A fun party trick would be also to be able to send virtual money packets to family and friends during holidays such as Chinese New Year and Hari Raya.


5) Boost

– Launched in 2017, it boasts up to 7 million Boosties and is still growing as we speak. – Accepted at over 140,000 physical and online stores, it is recognize as one of the more widely notable competitors as it has partnerships with 17 banks across the country such as CIMB, Hong Leong Bank, RHB Bank and so on. 

– Users can pay for petrol at 800 Shell station countrywide and also pay for parking at Dewan Bandaraya Kuala Lumpur (DBKL) parking spots. 

– On top of that users can also pay bills for Astro, Syabas and Telekom.


6) Razer Pay

– Debuted in 2018, Razer Pay can be used at over 1,000 online stores.

– Participating banks include AmBank, Bank Islam, CIMB, Maybank and Public Bank,

– It benefits gamers and app streaming services through services such as being able to purchase zGold, MOLPoints, Steam Wallet, Garena, Sony PlayStation, Spotify, iFlix and more.

– Verified accounts are entitled to a transaction limit of RM3,000, and RM48,000 for annual transactions.


What is the difference between an e-wallet, credits cards and debit cards?

With the future seemingly more and more cashless, we have a vast number of options to pay for our dinner, ride to work and also online purchases. So, with all these payment methods in hand, we decided to break it down in this section.


Credit cards

With credit cards, you pay for a service via a borrow now and pay later method. Once you reach the end of every month, you’ll be required to pay the bank at least a partial of the money spent. It’s also important to know to not over use a credit card as it’ll show up on your credit score, which in turn affects you in the long run when renting a room or requesting a loan of any kind.


Debit cards

The way debit cards work is with the direct opposite of credit cards. Instead of paying with borrowed money, purchases are made with money that is in already present in your bank account.


E-wallets

If you have a mobile device, you’re already halfway through the steps of owning an e-wallet. In other words, a digital wallet requires you to add money in it first whether with an actual debit or credit card. It may seem that they functions intertwine at times, but the way they operate is completely different.

All in all, the e-wallet industry is a growing industry and one wouldn’t want to get left behind do they? With the world emphasizing social distancing at times like this, why not try your hand at e-wallets today!

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