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: Dec 2, 2018
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.
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
|Boost||Yes||Discounts||Yes (2% or max RM2)||5.0%|
|FavePay||Yes (Same merchant)||Discounts||N/A||5.0% - 10.0%|
|GrabPay / Gold||Yes (Points)||Reward Points||Approval Required||5.9% / 8.8%|
|BigPay||Yes (Points)||AirAsia; 0% Fee FOREX, P2P||Yes (RM6 / 8 overseas)||0.1% / 3.0%|
|Razer Pay||No||Razer Store, Virtual Currency, P2P||Yes (verified)||0.0% (10.0% for zGold)|
|Touch 'n Go App||No||TnG Card/Top-up||No||0.0%|
- 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
- Earnings: 5.0% (although kinda random)
- Verdict: Boost is arguably the leading e-Wallet and is widely accepted
- [showhide type=”ref-boost” more_text=”Show Referral Code” less_text=”Hide Referral Code”]RM5 Cashback: ste5fno[/showhide]
- 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!
- [showhide type=”ref-favepay” more_text=”Show Referral Code” less_text=”Hide Referral Code”]Free RM5: 882QJ[/showhide]
- 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.
- [showhide type=”ref-grabpay” more_text=”Show Referral Code” less_text=”Hide Referral Code”]RM3 Off: GRABMYPFRIDE[/showhide]
- 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.
- [showhide type=”ref-bigpay” more_text=”Show Referral Code” less_text=”Hide Referral Code”]Free RM10: CJMH6NBKMW[/showhide]
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.
- 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. However, many other functions including normal TnG Top-up, and expanded subway station coverage are still pending.
Which e-Wallets are you using and why?
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