Top 5 Best E-Wallets In Malaysia
Image: iPrice Group
Image: iPrice Group
Based on a study conducted by Southeast Asia Online price aggregator platform iPrice in partnership with mobile data and analytics platform App Annie Intelligence, GrabPay is the king of Malaysia's E-Wallet (for now). It is the most-used e-wallet though it arrived relatively late in the cashless payment race. Then again, it is able to achieve such feat thanks to its integrative services which include ride-hailing, food, hotels, and prepaid just to name a few. In other words, GrabPay is your all-in-one e-wallet for virtually everything.
Launched earlier than Grab, Touch n'Go has really gained a lot of ground in the past 2 years and it now boasts around 100,000 merchants and 5 million registered users. If GrabPay is merely a standalone e-wallet app, Touch n' Go would be the forerunner is this cashless battle right now. Do you know that you can use it to pay for your transactions on Lazada, Taobao and TMall? Yes the toll fees that you need to pay using Touch n' Go help it to prosper as well.
The third in the list is Axiata-backed Boost which now has around 4.8 million users and 115,000 merchants in its platform. In terms of branding and visibility, it does feel that Boost has the upper hand which will allow it to grow even faster and rise among the ranks to give booth Grab and Touch n' Go a run for their money.
One of the best e-wallet providers with a consistent strong showing is Fave which acquired Groupon Malaysia. Being a pioneer, Fave has something up its sleeves that others do not-the ability to use credit card, debit card and other e-wallets as payment methods. With 4 million users, Fave is definitely on its way to become one of the superapps in Asian region. Like Boost, Fave is also widely acceptable in many shops, proving that it has a lot of merchants on board.
Interestingly, BigPay by AirAsia made the cut for the Top 5 E-Wallet in Malaysia and pipped the likes of AliPay and vCash. It is a shame that Digi-backed VCash will be retired at the end of this month, confirming that Malaysia's E-Wallet industry is becoming more competitive. BigPay is the de facto wallet for those who love to travel abroad for their vacation. Users will get the best currency exchange rate, discounts on AirAsia.com and allowing you to earn Big Points to be redeem free flights just to name a few.
Are you ready to go digital with e-wallets?
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