What are the best mobile wallets (e-Wallets) in Malaysia? Learn how to save while you spend digitally. Know the benefits and learn the risks associated with an e-wallet.

Updated: July 2, 2022

 

e-Wallet 101

A mobile/e-wallet is an electronic/virtual wallet you carry in your smartphone. Most e-wallets require you to load money into the e-wallet app which you can then use to make purchases. Many e-wallets throw in some bonuses like discounts and/or cashback to encourage you to use your digital wallet.

Malaysia is #1 for total number of e-wallets with over 40 options available! Beating even populous countries like China. e-wallet providers need to consolidate & only a few service providers will be able to sustain in the long run.

 

e-Wallet Pros and Cons

Pros

  • Convenience of carrying less cash (re: less bulky wallets).
  • Security of not losing your cash if you lose your wallet (or phone).
  • Offers, discounts and cashback benefits.

Cons

  • Risk of e-wallets getting hacked, breached or involved in fraud.
  • Too many e-wallets with different merchants accepting different e-wallets.
  • Forgetting your e-wallet password, losing your phone or running out of juice.
  • Discontinued e-wallets may cause you to lose/unable to retrieve money stored in the wallet.

How do e-Wallet Providers Make Money?

  • Commission from businesses for transactions using the e-wallet.
  • Funds deposited by users gain deposit interest.
  • Advertising/marketing fees for promoting merchants and businesses.

 

Most Popular e-Wallets in Malaysia

e-WalletCashbackEst Cashback/SavingsFeaturesWithdrawalAuto TopupTx Protection
FavePayYes (Same merchant)5.0% - 10.0%DiscountsN/AN/ANo
BigPayYes (Points)0.1% / 3.0%AirAsia; 0% Fee FOREX, P2PYes (RM6 / 8 overseas)NoNo
Razer PayNo0.0% (10.0% for zGold)Razer Store, Virtual Currency, P2PYes (verified)NoNo
Touch 'n Go AppYes (Promos)0.0% - 20% (promo only)TnG Card/Top-upNoYesYes
GrabPay / GoldYes (Points)5.9% / 8.8%Reward PointsApproval RequiredYesNo
BoostYes (Points)1.0% - 5.0%DiscountsYes (2% or max RM2)YesNo

Boost

  • Use: Mobile Top Up, F&B, Shopping, Pasar Malam, Food Trucks, Events, KLIA Ekspres, Parking
  • Withdrawal: Yes (Premium wallet users) 2% fee capped RM2
  • Features: Points, Discounts, Top up using AmEx (for cashback!)
  • Earnings: 1.0%-3.0% (Boost changed from cashback to points which can be changed for cashback/vouchers)
  • Verdict: Boost is among the leading e-Wallet and is widely accepted; The latest Boost changes in 2019 reduced the effective cashback. Points also have an expiry and require increasing levels to improve bonus points.

FavePay

  • Use: F&B, Shopping, BIG Points
  • Withdrawal: No (N/A as payments done through your Credit Card)
  • Features: Linked to Fave discount app/site; Cashback usable at the same merchant
  • Earnings: 5.0% – 10.0%
  • Verdict: FavePay isn’t really an e-wallet as it doesn’t store cash but is more of an extension of Fave (previously Groupon). However, it does give cashback/freebies with merchants. Also you can link your AmEx card!

GrabPay

  • Use: GrabCar, KLIA Ekspres, F&B, Shopping, Entertainment
  • Withdrawal: Case-by-case basis (you can transfer though)
  • Features: Reward Points, Tiered Reward Memberships
  • Earnings: 5.8% – 8.8% (Gold)
  • Verdict: If you Grab regular, grab GrabPay.

BigPay

  • Use: AirAsia Flights, Big Points, Competitive Exchange Rates, Free P2P transfers
  • Withdrawal: RM6 (Malaysia), RM10 (overseas)
  • Features: Works like Prepaid MasterCard, P2P transfers (daily limit RM2,000)
  • Earnings: ~0.1% cash equivalent in Big Points from top up/spending. ~3.0% with 0% fees on MasterCard exchange rates
  • Verdict: Since you can now fly with AirAsia, BigPay helps you save on AirAsia credit card fees and oversea purchases.

Razer Pay (formerly MOLpay/One2Pay)

  • Use: Mobile Top Up, Virtual (Gaming) Currency, F&B
  • Withdrawal: Yes (for verified users)
  • Features: Razer Store, P2P transfer
  • Earnings: 0.0% (But if you convert to Razer’s own digital currency zGold, you get approximately 10.0% extra zGold for purchases on Razer Store)
  • Verdict: Mainly beneficial if you are a Razer fan/gamer. The recent free RM10 launch promo was pretty buggy too.

Touch ‘n Go e-Wallet

  • Use: TNG RFID, F&B, Mobile Top Up, Utilities, Postpaid Bills, Movies, Retail, MRT/LRT
  • Withdrawal: No
  • Features: TnG RFID usage, TnG Top-Up (via a physical terminal), Subway LRT/MRT (limited stations), unauthorised transaction protection.
  • Earnings: 5.0%-20.0% on selected promotions
  • Verdict: 1st e-wallet with unauthorised transaction protection. Required for the new TnG RFID and new integration of TnG card and its digital payment platform. Allows for TnG GO+ which offers higher returns by investing into a money market fund. TnG has also launched their enhanced Touch ‘n Go card where you can reload your physical card via the e-wallet.

 

Other e-Wallets

 

Which e-Wallets are you using and why?