Best e-Wallet in Malaysia: Guide to digital wallet apps - 2024
Using a digital wallet app can be a convenient way to manage your money, whether you need to make a payment, send money to someone, convert currencies, or manage a physical payment card. There are many different e-wallet options in Malaysia, which all have their own features, fees, benefits and drawbacks. This guide, which includes a list of e-wallets in Malaysia, is here to help you pick the best e-wallet for your specific needs.
Table of contents
- What is an e-wallet?
- Type of e-wallet
- How to choose the right e-wallet in Malaysia
- Best e-wallets in Malaysia
- Advantages and Disadvantages of e-wallet
e-Wallet Comparison: overview
To find the best e-wallet in Malaysia for your spending habits, you’ll need to compare a few different options. We’ll walk through what the different e-wallet types are in more detail in a moment, but to give you a flavour, here’s an overview of the key features of the digital wallet apps we’ll look at:
| Provider name | Features | Debit/Prepaid card available? | Payment method |
|---|---|---|---|
| Wise | Hold and exchange 40+ currencies and send money to -160+ countries Convert currencies with the mid-market exchange rate | Yes - the Wise card | Send to banks and to other Wise accounts, in 160+ countries shop online and in person with your Wise card |
| TouchnGo | Pay on and offline, including road tolls and parking Local and overseas transfers and bill pay services available | Yes - classic and enhanced TnG cards | Duitnow, overseas transfer, scan and pay, plus options to pay in select retailers with a physical TnG card |
| BigPay | Spend at home and abroad with you physical or virtual card Send local and international transfers to banks | Yes - BigPay card | Pay on and off line, split bills, send money to others, pay by scanning a QR |
| MAE by Maybank | Access many Maybank banking features including payments and budgeting Make ATM withdrawals even without your physical card | Yes - you can use your MAE card or link another Maybank card to your app | Pay others, transfer money locally and internationally, top up prepaid accounts and add airtime to your phone |
| ShopeePay | Spend on and off line, with scan and pay features Earn rewards when you shop on ShopeePay | No | Scan and pay with QR codes, pay later with instalment plans and get credit |
| GrabPay | Spend in Grab and in stores by scanning Duitnow QR codes Earn Grab rewards | No - Grab physical cards are being marketed as ‘coming soon’ | Scan and pay with QR codes, send Duitnow transfers - other services will be added in future |
| Boost | Boost Bank’s e-wallet which can be used alongside their transaction and saving accounts Interest earning opportunities available | Yes - Boost Bank debit card | Pay on and offline with your Boost card, scan and pay in stores, access Boost banking features through the app |
| CIMB Octo | Replacing the existing CIMB Clicks service Manage your card, view transactions and payments, get a flexible payment plan | Yes - use with your linked CIMB bank account | Send local and international transfers, spend with your CIMB card |
| Alipay | Very popular for payments in China and many other countries regionally Make secure payments online or using QR scan and pay | No | QR code payments, online shopping |
| GoPayz | Prepaid cards on various networks for on and offline spending Extras including insurance, savings and Takaful | Yes - several different card options | Send remittances, get foreign currencies in cash delivered to your door, spend on and offline with your linked card |
| AirAsia Pocket | Intended for use in the AirAsia ecosystem mainly Earn rewards and discounts when you spend from your AirAsia Pocket | No | Use for AirAsia and in specific Santan branches |
| Setel | Petronas product which allows you to pay for fuel conveniently and with discounts Earn rewards which you can convert to cash | No | Scan and pay in select stores, pay direct from the wallet for driving-related costs such as petrol, insurance and road charges |
What is an e-wallet?
An e-wallet offers digital payment methods, such as ways to send money to others, pay bills, and scan and pay in stores. You may also find your e-wallet offers a linked physical or virtual card which you can also use for on and offline spending.
E-wallets are very popular in Malaysia, with a reported 40% of the population using them. The exact features of different e-wallets does vary - but there are a huge number of popular e-wallet services available here which should mean you can find one to suit your specific requirements. We’ll look a little more closely at some of the best e-wallets in Malaysia throughout this guide.
How do e-wallets work to make digital payments in Malaysia?
Your e-wallet is managed through an app on your smartphone. In some cases you can hold a balance in your wallet in MYR or other currencies, and in other cases you’ll link your wallet to a bank account or card, and use this to fund your spending.
E-Wallets can often be used to spend money to others using Duitnow or international transfers, and to scan and pay in stores. You can also often choose to use your e-wallet at the checkout when you shop online.
Type of e-wallet
1. Open-loop e-wallets:
An open loop e-wallet is not directly linked to your bank account, so you’ll need to top up your card before you can use it for payments. Open loop e-wallets are flexible and can work similarly to prepaid cards. Add some money to your linked card account to then spend on online and offline purchases at merchants that have partnered with the e-wallet issuer.
Some of the open loop e-wallets we’ve featured in this guide include Wise and BigPay.
2. Closed-loop e-wallets:
Closed loop e-wallets are typically linked to a specific platform or ecosystem. That means that you can only use your wallet to make payments within that platform or with merchants affiliated with it. In return you’ll often find you can get rewards and benefits specific to the platform the card is associated with.
Some of the closed loop e-wallets we’ve covered in this guide include the AirAsia Pocket and the Setel wallet from Petronas.
Additional types:
You might also find that you can get an e-wallet which is linked directly to your bank account. This might be embedded in your mobile banking app for example, and offer easy ways to spend and make payments by opening your banking app. Some options come with their own cards and can be downloaded and used even if you don’t have another transaction account with that bank.
We’ve looked at MAE by Maybank and CIMB Octo in this guide.
How to choose the right e-wallet in Malaysia
Choosing the right e-wallet will mean doing a bit of research. Different options appeal to different customer needs, so you’ll want to compare a few to work out what’s the best match for you. Some things to think about include:
Do you need a debit or prepaid card to be linked to your ewallet for easy spending and cash withdrawals? If so, choosing an option like Wise or Boost might be handy.
Do you want to be able to hold and exchange foreign currencies, or to spend when you’re abroad with competitive exchange rates? Here, Wise or a travel optimised card like BigPay might help.
Do you want to earn rewards or get discounts when you spend? You might decide to look at services like Setel for driving costs, or ShopeePay for example.
Does a platform you use often already have its own payment and e-wallet service? If you use Grab or ShopeePay already, it may make sense to add on the e-wallet services there as well.
Many people find that they’d prefer to have more than one e-wallet which then allows them to pick the best payment method for a specific purchase. You would get a Wise account and card for overseas use, for example, and also use GrabPay to boost your Grabpoints when you spend locally. Or choose to add your bank’s e-wallet option to your phone, alongside other standalone e-wallets, perhaps. The right provider - or combination of providers - is unique to you. This guide to the best e-wallets in Malaysia should give you some ideas to pick the right match.
Best e-wallets in Malaysia
Let’s look at some of the best e-wallets in Malaysia in more detail to help you choose one.
Wise
Good for travel and online shopping when spending foreign currencies
Wise lets you hold and exchange 40+ currencies, and spend in 150+ countries with your Wise card
Fast local and international payments, with fees from 0.33%
| Main Features |
|---|
|
Read more: Wise Review
TouchnGo
One of the first and most popular e-wallets in Malaysia, offering a range of services including toll and road tax payments, parking and more
Several different TnG services and card options available depending on your needs and preferences
Cards can be linked to your bank for automatic top-ups of your balance
| Main Features |
|---|
|
BigPay
Physical and virtual payment cards, with easy ways to add money in MYR and spend at home and abroad
Send payments to others or split a bill with friends
Competitive exchange rates - learn more about BigPay here
| Main Features |
|---|
|
MAE by Maybank
MAE is Maybank’s digital wallet app which you can get as a standalone product or use alongside other Maybank accounts
Use MAE to view and manage your Maybank accounts, to make payments, send transfers to others and withdraw cash
Apply digitally in just a few minutes
| Main Features |
|---|
|
ShopeePay
e-Wallet offered through SEA Money and Shopee
Top up your holding account and use to scan and pay on and offline, and to pay when you use Shopee
Earn rewards and cashback when you spend with Shopee and select retailers
| Main Features |
|---|
|
GrabPay
Earn Grab rewards when you spend, including spending on Grab and using Duitnow QR payments in stores
Send payments locally to others (international payments are coming in future from Grab)
Different account types with their own wallet limits
| Main Features |
|---|
|
Boost
Use the Boost e-wallet features with your Boost card and savings or transaction account
Level up your account to get extra rewards and benefits
Link the e-wallet to your account for automatic top ups which are more convenient than manually adding money
| Main Features |
|---|
|
CIMB Octo
CIMB Octo is being rolled out to replace CIMB Clicks - full features access isn’t yet available at the time of research, but it will have more functions than Clicks and promises to be a user friendly interface
Use CIMB Octo to manage your cards, make payments, access banking services and spend with partner merchants
Special deals available for CIMB customers with some merchants when you pay
| Main Features |
|---|
|
Alipay
Very commonly used in China and in many other countries in the region - scan and pay with Alipay QR codes or use for online shopping
Link a bank account or card to Alipay to spend directly from your account
Look for the Alipay option at the checkout when you spend
| Main Features |
|---|
|
GoPayz
Suite of financial and lifestyle features in the GoPayz app, including prepaid cards
Spend on and offline and send remittances
Online order services for foreign currencies which can be delivered to your door in cash
| Main Features |
|---|
|
AirAsia Pocket
Offered in partnership with BigPay, and intended mainly for use with AirAsia
Scan and Pay services offered for use on and offline in specific stores
Activate your AirAsia Pocket in the AirAsia app to start spending
| Main Features |
|---|
|
Setel
Petronas product which offers a large range of payment solutions for vehicle use, including petrol, tolls, parking and insurance
Scan and pay with QR code available in select stores
Earn Mesra points then use Setel to redeem points for cashback when you pay
| Main Features |
|---|
|
Advantages and Disadvantages of e-wallet
Different e-wallets have their own advantages and disadvantages, which is another reason that many customers choose to use more than one e-wallet, so they can pick the best payment option for specific purchases. Common advantages include ways to earn rewards and cashback, provider discounts and competitive costs - but disadvantages can include fees to top up your account, or when you spend abroad.
| Pros | Cons |
|---|---|
| ✅ Convenient payment options which live in your phone - often with no need to carry a physical card ✅ Lots of different providers which cater for varying customer needs ✅ E-Wallets often offer discounts with specific mechants, reward schemes and cashback | ❌ Some e-wallets can only be used in specific circumstances, or with specific merchants for example ❌ Fees are likely to apply to your e-wallet which can include top up and ATM costs ❌ Not all e-wallets offer a linked card which can be used for ATM withdrawals or to make chip and PIN purchases |
Conclusions
As you can see, there’s plenty of choice when it comes to e-wallets in Malaysia. Depending on what you want to use your e-wallet for you might find you can get extra rewards or discounts with certain providers, or you might choose a digital account with a linked card which lets you spend and make withdrawals around the world.
Different e-wallets have their own pros and cons so comparing a few to find the right provider or providers for your specific needs is essential. If you’re thinking of an e-wallet for global use, you may want to check out Wise for example, while options like GrabPay and ShopeePay are great for giving your rewards a boost when you spend with that platform. Compare a few of the e-wallets we’ve investigated in this guide to pick out which might suit your specific needs.
FAQ
E-wallets are extremely popular in Malaysia, with dozens of different services. Common options include local providers like TouchnGo and BigPay, or global services like Wise.
E-wallets can be used in Malaysia for on and offline payments, including QR scan and pay transactions in many cases. Some e-wallets also have virtual and physical payment cards which you can use at an ATM. Different e-wallets have their own features to compare a few to pick the right one for you.
E-Wallets often offer discounts with specific mechants, reward schemes and cashback, and are also convenient payment options which live in your phone - often with no need to carry a physical card.