Fintech

M’sia Has So Many E-Wallets—We Help You Decide Which Ones To Download

Editor’s Note: To resolve any confusion, this article has been edited since publication to arrange the e-wallets alphabetically. The previous list arrangement was also not a ranking, and was in no particular order. 

You can certainly have more than one e-wallet in your phone, but there’s only so many you can install before your memory fills up.

So how to decide?

The right wallet for you might be like the right credit card for you—it depends on your usual purchases and your lifestyle. So to make that choice easier for you, we’ve compiled a list of e-wallets already active and available in Malaysia, and what their functions are.

Do note that in many cases of visiting a physical store, even if merchants are on these e-wallets, they’re not necessarily familiar with the process of accepting payments using it.

This could be due to a few factors, so expect to add up to 15 minutes for every e-wallet payment, for the merchant to figure out—what is to them—a new and unfamiliar process. Or, as many of us have experienced, the merchants give up altogether, and ask for the more conventional cash or card instead.

1. Alipay

Apart from advising Touch ‘N Go, Alipay has been available in Malaysia for quite some time now, initially for the benefit of Mainland China tourists, though the e-wallet can be used by Malaysians as well.

Update: This article has been updated to clarify Alipay’s functionalities. 

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You’re a fan of Jack Ma and Aliababa’s efforts into cashless.
  • You want to buy things at merchants like Kenny Rogers, Starbucks, or Genting.
  • You prefer the convenience of QR codes, and for a more established wallet that helped build the cashless culture in China.
  • You want to use an e-wallet that has been available in Malaysia for a relatively long time.

Alipay is available on both Android and iOS devices. 

2. BigPay

Image Credit: BigPay

Tony Fernandes predicted that this could be one of his most valuable assets, and envisioned a future where there would be “no more cash on AirAsia”.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You fly on AirAsia often, as the wallet will waive AirAsia credit card processing fees.
  • You frequently travel overseas, as there are in-app currency converters.
  • You would like to transfer funds to friends and family with BigPay wallets.
  • You would also like to hold a physical card along with your mobile e-wallet.
  • You would like to collect BigPoints rewards points.

BigPay is available on both Android and iOS devices. 

3. Boost

Image Credit: Boost

This wallet has received a lot of praise for its growth-hacking strategies, and you can certainly find more and more stores offering them within quite a short period of time.

It does help expansion strategies when they have the backing of Axiata to tide them through the months of marketing.

Why you should use them: discounts, and being able to use them even in hawker stalls and even places like Ramadhan bazaars and pasar malams.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You already use a Celcom number, since you can make credit payments through the wallet.
  • You like the convenience of QR code payments.
  • You’d like to split the bill between friends.
  • You want to buy vouchers and send e-gifts.
  • Many of your family or friend groups are also on Boost.

Boost is available on both Android and iOS devices. 

4. GrabPay

Image Credit: Ken’s Kitcen-Kuching

Since its launch in Singapore, GrabPay has just found its way to Malaysia, in a bid to become more than just a ride-hailing service. Synced across their various offerings, now you’ll be prompted to use GrabPay even if you’re on GrabFood.

Use it if:

  • You like being able to use a wallet without having to deposit money into the wallet first.
  • You are already (or are intending to be) a frequent user of GrabFood.
  • You like paying using QR codes.
  • You’d also like the option to top up with cash at 7-11, which works similarly to topping up your prepaid phones.
  • You would like to collect rewards points to redeem things.
  • You are a frequent user of KLIA’s transportation services.

Grab is available on both Android and iOS devices. 

5. iPay88

Those who are frequent online shoppers are probably famililar with iPay88, especially if they prefer not to link their cards onto any online shopping channels. iPay88 allows Malaysians the ability to use online transfers as payments, and with their wallet, they want to offer a quicker and more seamless experience to users.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You’re a frequent online shopper who likes iPay88 with a less hassle.

Find out more about iPay88’s eWallet here.

6. KiplePay

Image Credit: Dickson Foo on YouTube.

Kiple is trying to embody a very similar space to what Fave is doing, although they’re specifically narrowing down their e-wallet focus onto restaurants.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You only need to store up to RM200 at a time.
  • You’d rather order on your e-wallet instead of calling for a waiter in selected stores.
  • You’d like to discover more eateries in your area.
  • You would like to transfer funds between friends and family.

KiplePay is available on both Android and iOS devices. 

7. Lazada E-Wallet

Right now, we’re not sure if Lazada will be opening up opportunities for use of their wallet outside of the Lazada platform, but it has been characterised as a reduction of the barriers for impulse online shoppers—especially with a wallet cap of RM4,999.

Currently, the wallet can only be used on the Lazada platform.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You’re a frequent Lazada shopper who likes e-wallets.
  • You would like the option of top-ups using cash through 7-11.
  • You want discounts and rebates on Lazada, though don’t expect all purchases to be discounted.

Lazada’s e-wallet can be activated using these instructions

8. Maybank Wallet

Image Credit: Rice Bowl

Back before e-wallets were the hot term in 2016, Maybank launched what they mainly called a mobile wallet, and marketed it as a way to consolidate your various cards, credit and debit, into one convenient tap and pay place.

Use it if:

  • You like being able to use a wallet without having to deposit money into the wallet first.
  • You own an Android.
  • You like to make tap and pay payments à la PayWave, on NFC-enabled phones.
  • You frequently use the following merchants: Aeon, AeonBig, Jaya Grocer, Krispy Kreme, TGV Cinemas, San Francisco Coffee, Mydin, Chatime, Watsons and Mcdonald’s

Maybank Pay is available on Android devices. 

9. MPay Walet

Image Credit: Mpay Walet

This wallet is affiliated with MasterCard.

Use it if:

  • You like being able to use a wallet without having to deposit money into the wallet first.
  • You want a physical card to go with your e-wallet.
  • You want a balance between online and physical shopping.
  • You like the ease of QR code payments.
  • You would like to transfer funds between friends and family with MPay Walet accounts.

MPay is available on both Android and iOS devices. 

10. Payfy (By Astro)

Astro has also jumped on the bandwagon, though for now it will probably mostly be used to pay your Astro bill. That being said, it seems like Astro has more in store for their e-wallet eventually.

Use it if:

  • You want the 2% cashback if you’re an Astro or NJOI customer, up until 30 September.
  • You also want the RM8 reward for registering for Payfy, also up to 30th September.
  • You would like to use Payfy as a channel to more easily use up to 5 credit cards.
  • You are willling to wait for more options to become available, as Payfy is only able to pay Astro bills as well as top up Njoi prepaid credit for now.

Payfy is available on both Android and iOS devices. 

11. Samsung Pay

Samsung Pay entered the Malaysian market when e-wallets were just becoming a global curiosity, and it was intended to be an extra service that would attract users to existing Samsung products, particularly the Samsung Smart Watches.

Use it if:

  • You have a Samsung phone, and a Samsung smartwatch.
  • Would like to just wave your device at the cashier instead of taking a photo of a QR code. Think of it as similar to PayWave.
  • You have an active PayPal account since Samsung Pay might eventually allow PayPal transactions.

Samsung Pay is available on Android devices. 

12. Sarawak Pay

Sarawak has big plans into turning the state into a cashless one, and is even considering the platform as a starting point to introducing digital identities for Sarawakians.

Use it if:

  • You live or spend a lot of time in Sarawak.
  • You would like to pay your bills through the app.
  • You want to be an early adopter of a technology Sarawak hopes to transform how Sarawak as a state relates to cash.
  • You would like to transfer funds to other Sarawakians or other users of Sarawak Pay.

Sarawak Pay is available on both Android and iOS devices. 

13. TaPay

In May of 2017, Cyberview signed an MoU with Fullrich Beijing (which runs TaPay) in a bid to turn Cyberjaya into a regional FinTech hub, starting with the introduction of TaPay as its localised e-wallet.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You live in Cyberjaya, as TaPay is meant to be its localised e-wallet.
  • You want to transfer funds between friend and family who have a TaPay wallet.
  • You want to pay using QR codes.
  • You would like to collect points for rewards.
  • You don’t mind using an app that’s still in beta.

TaPay is available on both Android and iOS devices. 

14. Touch ‘N Go (in collaboration with Alipay)

Image Credit: TNG

Arguably, they were one of the first homegrown e-wallets in Malaysia. With the plethora of Malaysians with a Touch N Go card, they certainly have adoption in the bag, provided that they offer a service that will satisfy a Malaysian’s needs.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You’re a fan of Jack Ma and Alibaba’s efforts into cashless.
  • You don’t mind wading through the wallet’s growing pains until their issues are fixed.
  • You are looking forward to eventual features like buying movie tickets, flight tickets, bills and utilities all on the wallet itself.

TNG is available on both Android and iOS devices. 

Update: The text has been updated to reflect TNG’s offerings. 

15. vcash

Image Credit: Hitech Century

This Digi-based e-wallet has close to 2,000 payment touchpoints, but it already had a sizable 500 at the time of launch, in partnership with some well-known brands in Malaysia like Fish & Co., Life Juice, Manhattan Fish Market, Mydin, and etc.

Use it if:

  • You’d like to use your e-wallet for online shopping, since MOLPay and iPay88 have signed to adopt vcash.
  • You prefer the convenience of QR codes.
  • You want a physical location to top up cash into the wallet. Consumers can either walk into a Digi store to deposit cash over the counter, or online banking via FPX or JomPAY.
  • Would like to transfer cash among friends and family, as long as they have a Malaysian phone number.

vcash is available on both Android and iOS devices. 

Update: The text has been updated to reflect vcash’s offerings. 

16. WeChat Pay

Image Credit: WebCertain TV

In anticipation of their Malaysian launch, WeChat Pay has been beta-ing the ringgit version for two years now for its recent entry in June.

While not officially launched yet, WechatPay has been made available in the wallets of WeChat users in something of a soft launch.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You’re one of the 20 million existing WeChat users in Malaysia.
  • You want to transfer cash between yourself and another existing WeChat user.
  • You prefer the convenience of QR codes, and for a more established wallet that helped build the cashless culture in China.
  • Don’t mind that there’s no official launch yet, nor finalised merchants list.

WeChat is available on both Android and iOS devices. 

17. XOX e-Wallet

Image Credit: XOX Mobile

XOX Wallet is a part of the XOX Mobile offerings, a phone line operator that seems to have a particular niche in offering Steam gift card purchases.

Use it if:

  • You’re willing to deposit money into the wallet first before you can use it.
  • You’re a Steam gamer, since you can use the wallet to buy Steam gift cards.
  • Have an XOX mobile line.

MyXOX is available on both Android and iOS devices. 

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There are some e-wallets that have been announced but have yet to launch at the time of writing include Fasspay and AEON Pay, though we anticipate their entry into the market soon.

You might have also noticed that we did not include Malaysian-born FavePay, which has many of the e-wallet hallmarks. However, they do not consider themselves an e-wallet as the app cannot store any money.

Feature Image Credit: Compilation between Technode, Boost & MPay.

 

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