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: Jul 31, 2019


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


  • 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.


  • 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-WalletCashbackFeaturesWithdrawalEst Cashback/Savings
BoostYesDiscountsYes (2% or max RM2)5.0%
FavePayYes (Same merchant)DiscountsN/A5.0% - 10.0%
GrabPay / GoldYes (Points)Reward PointsApproval Required5.9% / 8.8%
BigPayYes (Points)AirAsia; 0% Fee FOREX, P2PYes (RM6 / 8 overseas)0.1% / 3.0%
Razer PayNoRazer Store, Virtual Currency, P2PYes (verified)0.0% (10.0% for zGold)
Touch 'n Go AppNoTnG Card/Top-upNo0.0%


  • 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: Cashback (shake it!), Discounts, Top up using AmEx (for cashback!)
  • Earnings: 5.0% (although kinda random)
  • Verdict: Boost is arguably the leading e-Wallet and is widely accepted


  • 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!


  • 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.


  • 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, 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)
  • Earnings: 0.0%
  • Verdict: Required for the new TnG RFID and new integration of TNG card and its digital payment platform. However, some functions such as expanded subway station coverage are still pending.


Other e-Wallets


Which e-Wallets are you using and why?