E-wallet users have been growing in Malaysia, due in part of our country’s 2020 budget plans. But also because of the increase availability and accessibility to mobile internet that makes it so much easier to use e-wallet.
So in preparation of our cashless future, here are the top 5 e-wallet apps in Malaysia right now (as researched by App Annie as well as iPrice Group).
The e-hailing app has certainly evolved itself over the years, with the addition of GrabPay, the company has certainly hit all the digital service sweet spots. It also helps that we can access the popular food delivery service in GrabFood via the standard Grab app. In addition, no pin or fingerprint scan is required for the transaction and the points gathered from purchases can also be exchange with Grab Rewards. No wonder the popularity of the service has remained among the best since its debut.
2. Touch ‘n Go
Touch ‘n Go is synonymous with convenient toll payment around the country. But there has been a visible shift in focus recently within the company, with their focus now on expanding their e-wallet service.
The most interesting part of this app is that, you can directly link your TNG e-wallet account to your TNG card through a system they call TNG PayDirect System. This would allow users to pay tolls directly through the app, so you wouldn’t need to worry if you are short on cash.
TNG currently has more than 5 million registered users and has over 100,000
merchants on its platform.
The Axiata owned e-wallet service is certainly up there among the best e-wallet experience any app can offer. The dedicated e-wallet service seemingly thought of everything, with bills sharing and shop-finding services built into the app. Furthermore, premium users can transfer back money into the their bank account.
Boost has more than 61,500 merchant and 3.5 million users on its platform.
FavePay, an e-wallet service with a twist. The twist being, that the company does not classify themselves exclusively as an e-wallet company. The app also allows users to use their credit or debit cards within the app itself along with the usual e-wallet service.
They have been pushing very hard to widen their users base for both merchants and customers alike. Thus, currently the app has around 4 million users (3 million in Malaysia) and ranks as the 4th most used e-wallet app in the country.
Owned by AirAsia, BigPay is said to be the next big thing according to the company. There are many unique advantages to Tony Fernandes’s new venture, with the most obvious one being the inclusion of a Mastercard. BigPay also makes it so that it’s practically free to use their Mastercard function.
For frequent travellers, BigPay also boost one of the best exchange rate at any market. Allowing ease of mind when using the card on anything that involves foreign currency. Functionality wise, the app has an inbuilt breakdown of spending habits, so you can see your transactions. Unfortunately though, BigPay doesn’t offer much promotions and deals like the other apps in the list.
Update (December 2019):
Here’s how you can redeem your RM30 eWallet credit between 15th January 2020 and 14th March 2020 (thanks to the government’s e-Tunai Rakyat programme):
- Who? All eligible Malaysians (aged 18 years and above with an income of less than RM100,000 per annum)
- How? Claim it from either Touch ‘n Go, Boost or Grab. Verify it with your IC number.