eWallet Usage in Malaysia

eWallet is a digital form of wallet you use for online transaction with, i.e. Online shopping where you pay, send and receive money through smartphone apps.

During current pandemic condition, eWallet payment is on a steep upward curve, aside being faster, more secured and efficient. Additionally, it is a safer mean from a public health perspective. According to the Mastercard Impact Study 2020 quoted by Malay Mail, Malaysia leads other Southeast Asian countries when it comes to e-wallet usage, at 40 per cent, even ahead of Singapore who came in 4th. In addition, the survey also found that cash usage among Malaysians has declined 64 per cent since the COVID-19 pandemic started.

There is currently 53 registered eWallet issuers in Malaysia (consists of 6 banks and 47 non-banks) and the more popular one are GrabPay, Boost, Touch ‘n Go eWallet, Fave. Users pick over them for reasons of convenience (utility bills or certain e-hailing/delivery services), earn reward points, attractive discounts, cash back besides known as a large merchant base to name a few.