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The transfer of money can be done either by scanning a QR code or through the card’s NFC technology. This can be done by filling up the wallet with cash via credit cards, debit cards and online bank transfer.Į-wallets can be used to pay for services or goods at participating merchants, or to transfer money to other fellow e-wallet users. Similar to regular wallets, e-wallets will need funds to function and perform transactions. What is an e-wallet?Īn e-wallet is the digital equivalent of a real wallet, with the exception that money is digital and it functions as an app on a smartphone. The industry will only continue to flourish as demands rise, particularly after the government announced an allocation of RM750 million last year to promote the adoption of e-wallets in Malaysia as part of a series of economic stimulus under the PENJANA recovery plan to revitalise the economy crippled by the COVID-19 pandemic. Bank Negara Malaysia (BNM) even established a blueprint emphasizing their aim to increase the number of per capita e-payment transactions from 44 to 200 transactions. This upward trend doesn’t seem to be slowing down anytime soon, especially as the accelerated growth of e-wallets in the country is in line with the central bank’s aim to transform Malaysia into a cashless society by 2020. To date, there are a total of 53 e-wallets in the country, with the industry occupying 19% of Malaysia’s fintech space, according to a 2019 report by Fintech Malaysia ( Fintechnews.my). You can find many mobile wallets available such as Touch 'n Go eWallet, GrabPay, Boost, Maybank E-Wallet (MAE), and more, but which one is the best? Read this guide and find out the perks of each e-wallet.Į-wallets have been mushrooming in Malaysia over the last few years, with new platforms surfacing every now and then.
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E-wallets are one of the fastest growing payment trends in Malaysia.
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