Five Best E-Wallets Available in Malaysia in 2021

If you are yet to use an e-wallet, you must be wondering, what is it and how does it work? As its name indicates, it is an electronic wallet that keeps track of your payment information. Make a purchase? Paying for a service through a web store or app? E-wallets instantly provide the information needed to complete that transaction.

With e-wallets in Malaysia, you don’t need to use a physical card, pay with cash, or make bank branch transactions. The payment details typically stored in an e-wallet include credit card data, debit card data, bank account details, and other payment platforms. Providers implement strict online security measures to ensure that all transactions and user information are safe and secure.

The e-wallet industry has actually been booming in the country. In fact, Fintech Malaysia reported a total of 53 platforms in 2019. Therefore, it can be challenging to go through each and choose just one or two. To help you narrow down your options, here are some of the best e-wallets in Malaysia to consider.

1. CIMB Pay

From leading ASEAN universal bank CIMB comes CIMB Pay, a scan and pay app that allows users to link their CIMB cards and pay seamlessly through their phones. With this e-wallet in Malaysia, there’s no need to make credit top-ups since it’s funded straight from their CIMB cards.

CIMB users can simply scan a QR code or tap their device on the payment terminal to pay on the go. They will also get real-time notifications to help them track their expenses. Multi-layered security features include a password or fingerprint authentication so users can pay with total peace of mind.

Find #JobsThatMatter at CIMB Group here.

2. GrabPay

One of the leading e-wallets in Malaysia is GrabPay by Southeast Asian ride-hailing company Grab, which has also ventured into food delivery and cashless payment solutions.

Aside from rides, users can pay for in-store purchases, GrabFood, bills, prepaid reloads, and many others through the “Payment” tab of the Grab app. Each transaction will also earn them GrabRewards points to redeem exciting deals or discounts for their purchases.

Find #JobsThatMatter at Grab here.

3. AEON Wallet

AEON Wallet by AEON Credit Service Malaysia also allows users to store payment cards electronically on a dedicated mobile app, which they can use for in-store payments at AEON merchant outlets. As with CIMB Pay, AEON Wallet is a card-based e-wallet and can only store cards issued by AEON Credit Service Malaysia. Users only need to open the AEON Wallet App to scan the QR code at payment terminals for secure payments. They can also check their balance and transactions in real-time through the app, and earn AEON Points which are convertible to cash.

Find #JobsThatMatter at AEON Credit Service here.

4. Boost

A go-to e-wallet in Malaysia, Boost is owned by telecommunications group Axiata. It prides itself in revolutionising the way locals make transactions in today’s digital and mobile world. Users can utilise the app’s Scan & Pay feature at over 200,000 merchant touchpoints across the country. They can also top up game credits, reload mobile prepaid credits, buy vouchers, pay for online shopping, and settle utility bills using the app.

Boost is also a convenient payment option for various transportation needs. Users can pay for booking rides, parking fees, fuel, car maintenance services, et cetera. Other than these, Boost also has fun features that make it a popular lifestyle e-wallet platform. Malaysians can enjoy Boost Protect insurance plans, Boost Missions for fast-tracking rewards and cashback, and e-Ang Pow for safely sending money during the festive season.

Find #JobsThatMatter at Axiata here.

5. Touch ‘n Go

Last but not the least, Touch ‘n Go. TNG Digital’s e-wallet promises to shape the future of digital payment for Malaysians. It aims to enable locals to go completely cashless with just one app.

Touch ‘n Go users can use the app to make payments at over 300,000 merchant outlets. They can also pay for toll fees and street parking, and avail of deals and rewards. On top of that, users can also get referral bonuses for referring friends and families to sign up for the Touch ‘n Go e-wallet service.

Find #JobsThatMatter at TNG Digital here.

These are just five of the leading e-wallets in Malaysia that offer safe, secure, and convenient payment options for purchases and bills. Don’t forget to do extensive research about these platforms, compare their features, and ask friends and family for their recommendations before signing up for one. With an e-wallet that best serves your needs and requirements, you can enjoy the advantages of e-commerce technology at your fingertips.

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