An e-wallet or also known as digital wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party for buying goods and services. With the rise of smartphone usage, so does the popularity of e-wallet in Malaysia.
Let’s check out the 3 most popular 3 e-wallet in Malaysia.
Boost
- Backed by Axiata Group
- One of the pioneers in the Malaysian e-wallet market
- Accepted at any UnionPay QR merchants
- BoostUp Reward Programme and CashUp Cashback Programme
GrabPay
- Backed by Grab
- Leverages the Grab Ecosystem for GrabFood, GrabRide and other provided services
- Partnership with Maybank for cross platform use
- Earn GrabRewards Points from every transaction
Touch ‘n Go e-Wallet
- Backed by Alipay and Touch ‘n Go
- Taps into the large existing user base of Touch ‘n Go cards
- PayDirect: link your Touch ‘n Go Card and pay toll fare directly with your e-wallet balance at participating highways
- Money-back guarantee: full refund within five working days if your e-wallet is charged erroneously
Each e-wallet in Malaysia comes with its own uniqueness. You should look at which is more convenient and brings the most benefits to you as a user.
In terms of benefits, here’s what you can expect from the 3 e-wallet in Malaysia as per below:
1. Convenience And Safety
What is the first thing you take when you head out? Your wallet or phone? Frankly speaking, I will often forget my wallet, but never my phone. We heavily rely on smartphones today and with the high adoption of e-wallets among merchants, we can easily make payments without cash on hand. Besides, I think everyone has faced the awkward situation of having to squeeze the notes and “syiling” back into your wallet after receiving your change. With an e-wallet, problem solved!
The safety of digital payments is also a concern for some, but data in the e-wallets are encrypted and some providers even provide money back guarantee features to ensure the safety of using their services. It can be also argued that e-wallets have helped to reduce theft cases, which usually occurs with physical cash!
2. Spending Tracker
Do you always get shocked when checking your bank balance? Clueless on where the money has gone? You can easily check your e-wallet where all transactions made are recorded. Gone are the days of forgetting where you spent your money. Keeping track of your daily spending is crucial to cultivating good financial habits. This provides an overview of your spending patterns and insight as to where you could improve.
3. Promotions And Rewards
While having many e-wallets has been confusing for some, the war to acquire users has been beneficial for us consumers. All e-wallets offer their own rewards, and it’s up to you to make the most of it:
- Boost allows you to earn BoostUp coins with every transaction and exchange for gifts
- GrabRewards Points comes with an extendable validity feature which technically makes it technically a “never expiring” points system (every point-earning transaction will extend the expiry date of your GrabRewards points till the last day of the 3rd month)
- Touch n’ Go e-wallet rewards frequent user with cashback vouchers for selected merchants
All the e-wallet players partner with various merchants to provide attractive promotions to users in a bid to increase their market share. So look out for where you can save and earn through regular activities like refueling your car, buying groceries or even reloading your mobile credit. But please don’t use these promotions as an excuse to spend more than you need to!
4. Private Assistant
Paying your utility bills? Use e-wallet!
Topping up your mobile credit? Use e-wallet!
Sending money to your spouse? Use e-wallet!
The utility of e-wallets is increasing by the day, and are no longer just avenues for sending or receiving money. Many can be used to pay for your parking, buy insurance, settling utility bills and more! There will be definitely more that an e-wallet can do in the near future.
About the Author
Ocean Pon is a Licensed Financial Planner and likes to help millennials make wiser financial decisions to achieve financial independence. He can be contacted at oceanpon@finwealth.com.my
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