Also known as Digital Wallet or Mobile Wallet, eWallet is a new payment method that basically allows you to make various payments instantly and effortlessly through an app, provided you link your bank accounts, credit or debit card to the eWallet app. Settle your bills, reload, top-up or pay for an item or service online or offline within a minute (or even seconds).
Despite the conveniences it offers, eWallet usage is still low among Malaysian consumers. According to a Nielsen survey, 50% of Malaysians think eWallet is not secure enough. 34% are worried they might overspend, while 27% think it’s pointless to pay with eWallet as not many merchants accept it.
Many eWallets in Malaysia feature QR code interoperability, which functions under the Interoperable Credit Transfer Framework (ICTF) supported by PayNet’s Real-Time Retail Payments (RPP) system. Besides the QR code, some eWallets use Internet transactions and even perform transfers using Near Field Connection (NFC) technology.
Under the ICTF policy, which came into effect about a year ago, consumers are able to transfer money from one digital wallet to another, from one bank to another digital wallet or vice versa. Additionally, these are the new features that consumers can expect from their eWallet:
- Real-Time Debit
This feature allows consumers to make online purchases without giving third-party merchants access to their sensitive banking information.
This feature is for those who make recurring payments such as utilities, insurance or loans. If you trust business, you can agree to an e-mandate that allows the company to automatically collect recurring payments from your accounts periodically.
This feature allows consumers to send a request for payments to another account owner, which may come in handy if you’re dining out with colleagues and would like to split the bill.
Even with the low usage among Malaysian consumers, eWallets are steadily on the rise. These are 10 popular eWallets in the country that you can use, depending on your needs and lifestyle:
Available at all PETRONAS stations across Klang Valley, Setel allows you to pay for fuel without queuing, and there is no RM200 hold when you use debit or credit card.
- AEON Wallet
Available at AEON affiliated stores, this eWallet complements the AEON Member Plus Visa Card. Make payments, check balance and access the loyalty programme easily.
- Razer Pay
Targeted for Millennials, particularly gamers, this eWallet allows you to buy games and gaming accessories online. Razer Pay is also accepted at over 10,000 merchants such as 7 Eleven, 99 Speedmart, TeaLive and Starbucks.
BigPay would be great for travellers as it can be used worldwide. Created by AirAsia, it allows you to pay for an item or service, get discounts and earn BIG Points.
- Touch ‘n Go Wallet
The eWallet not only allows you to reload your Touch ‘n Go card easily, you can also use it to make purchases and pay for movie tickets or flights and receive rewards.
Among MaybankPay’s merchants include McDonald, Watson’s, Mydin, TGV Cinemas and Jaya Grocer.
GrabPay lets you shop, pay for rides, top up your prepaid and transfer GrabPay Credits easily. You can earn GrabRewards to redeem deals and track every transaction
Boost is widely accepted in Malaysia and is available at over 100,000 merchants. Aside from the common features, Boost also lets you send money, request money and split the bill. It also offers rewards like cashback and vouchers.
Powered by Digi, Vcash lets you make purchases, reload top-ups, pay bills, transfer money and split the bill instantly
- Lazada Wallet
Lazada Wallet is specifically used to purchase products and service from Lazada. It offers exclusive benefits like cashback, easy and fast checkout, and seamless refund.