The Ultimate eWallet Guide for Malaysians (2022)
An eWallet is a digital wallet, a software program in your smartphone that allows you to make an online payment. This article is an eWallet guide to help you make sense of it all.
Upon entering any store or food establishment, you’d probably notice several QR codes on the counter. These are the available eWallets you can pay with.
The eWallet options in Malaysia are overwhelming, so which one should you use?
Don’t fret! Here’s an eWallet guide for you to decide which eWallet suits your needs best.
Here’s our eWallet guide featuring the five best eWallets in Malaysia!
1. Touch ‘n Go eWallet
It’s no exaggeration to say every Malaysian knows Touch ‘n Go. Either as a road toll-paying card or the widely popular eWallet.
Touch ‘n Go eWallet is one of the companies that spearheaded eWallet usage in Malaysia at the start of the pandemic. It’s not only convenient for making transactions in physical stores, but you can pay for bills and other items as well.
For example, you can pay for your online shopping, street parking, and toll fees all in one app. To do so, you’d need to link your debit or credit card to your TNG eWallet account, then load money into your account and pay from that amount.
Meanwhile, to pay for toll fees via the TNG eWallet, link the eWallet to your TNG card with the TNG PayDirect system.
Lastly, TNG offers GO+, a built-in investment feature where money kept in your GO+ account can receive low-risk returns. With the GO+ feature, you can also cash out your balance directly to your bank account or TNG eWallet.
2. GrabPay
There’s no eWallet user out there that doesn’t know GrabPay. In fact, there might not be one that doesn’t have GrabPay.
Grab might’ve started as a company offering e-hailing services, but now it offers food delivery, in-store and online transactions, and funds transfer services. With Grab’s eWallet, GrabPay, you can complete transactions in any participating physical store. You’d be able to pay for bills, and prepaid reloads too.
What’s more, it offers a points system where you can collect points as you use GrabPay. You can exchange these points for discounts and rewards.
3. MAE
If you’re a Maybank user, you’d probably know MAE, Maybank’s eWallet feature. You can load money into this eWallet via the Maybank app, online banking or cash deposit machines.
MAE has a distinct feature that sets it apart from its competitors. This feature encourages you to save by limiting your spending to your MAE account funds. Therefore, you’d be using your monthly budget deposited into the MAE instead of your bank account.
If you have leftovers from your budget, you can move them back to your account. It’s definitely handy in helping you track and control your spending.
MAE also has a goal-based saving feature for individuals and groups called Tabung. The group saving feature allows multiple users to jointly contribute towards saving for a trip abroad, groceries or even group meals.
4. Boost
Boost is another popular eWallet loved and used by many Malaysians. You can carry out in-store and online transactions, pay for parking and bills, donate, execute funds transfers, and even buy vouchers.
One of Boost’s most attractive features is its cashback rewards. By participating in its loyalty program, you can earn Boost coins. What’s more, this eWallet has Boost Mission, where you can gain more rewards to unlock cashback.
Lastly, this eWallet app also offers Boost Protect insurance plans where you can enjoy low insurance premiums. With Boost Protect, you can enjoy credit card coverage, hospital cash, and car insurance coverage.
5. WeChat Pay
Did you know WeChat isn’t just a messaging and social media app? It now has an eWallet feature called WeChat Pay. You can now make transactions and send money to your WeChat friends.
To use WeChat Pay, you must link your Malaysia-issued debit or credit card and top up your balance. Not to mention, you can withdraw your WeChat balance directly to your preferred bank account whenever you want, free of charge.
However, remember that you can only make transactions in Malaysian Ringgit, so you’d be unable to make any transactions in foreign currency.
The eWallet of Your Choice!
eWallets are becoming a popular paying method as the public steers away from cash due to the pandemic. Moreover, some merchants opt for eWallets over card machines due to their affordability. We hope this eWallet guide will help you decide which eWallet to utilise and integrate into your daily spending.
Share this eWallet guide with your friends and family so that they can enjoy the convenience and benefits of eWallets! Visit PriceShop for more guides, tips, and the latest tech news.
