BELIEVE it or not, electronic wallets (e-wallets) are one of the best inventions of the 21st century. They’re quick and easy, allowing people to make payments with a single tap. An e-wallet can be defined as an electronic or online device that allows transactions to be made via a computer or smartphone. Most e-wallets, like credit or debit cards, are linked to the individual’s bank account to make payments. They’re also usually protected with passwords or identification. The usage of e-wallets also opens the door for many discounts and promotions from merchants, which Malaysians appear to be particularly inclined towards. The more the usage, the more one stands a chance to claim and win coupon codes, vouchers and gift cards for particular products or services.

E-wallet technology has also proven to be one of the more secured transaction processes, despite concerns from some parties as it does not require sharing personal information such as one’s date of birth and phone number.

Touch ‘n Go eWallet

Figure 1: Touch ‘n Go e-Wallet

Touch ‘n Go’s e-Wallet was mainly introduced to make toll payments convenient. It’s in fact, one of the easiest ways to pay for tolls in Malaysia. To use the service, users must download the app, create an account and register their contact number. A six-digit pin is required to perform transactions. The “PayDirect” feature allows users to link their Touch ‘n Go account with the e-wallet to pay for tolls immediately. For top-ups, a minimum of RM10 and a maximum of RM200 or RM500 can be reloaded into the wallet depending on its type. However, the money reloaded cannot be withdrawn, unless the user’s account has been terminated.


Figure 2: Boost e-Wallet

Boost is a dedicated e-wallet which allows users to make payments without the hassle of carrying physical cash. It can be used almost anywhere, even in night markets. Once the app has been downloaded onto one’s smartphone, one can reload money, scan the Quick Response (QR) code and pay for their product or service. The payment can then be confirmed by entering the Boost 6-digit transaction pin. A unique feature of Boost’s e-wallet is bill splitting, which allows users to help divide group payments. A minimum of RM10 and a maximum of RM200 or RM1,500 can be reloaded into the wallet, depending on wallet type. Premium Wallet users can transfer money from their e-wallets into their bank accounts.


Ride-hailing app Grab has joined the e-wallet bandwagon in Malaysia, with any user of Grab pretty much owning an e-wallet too. Users can easily top up their Grab e-wallet and start paying for Grab rides, GrabFood (food delivered by Grab) and in-store items. For Grab Pay, no pin is required to perform transactions. Each transaction enables users to earn points which can be used to get free Grab rides and discounts on Grab Food. A minimum of RM10 and a maximum of RM500 or RM1,500 can be reloaded into the Grab wallet. Money loaded into the wallet cannot be withdrawn at any cost.

MAE (Maybank Anytime, Everywhere)

Figure 4: MAE e-Wallet

A short form for ‘Maybank Anytime, Everywhere,’ the MAE e-wallet is open to non-Maybank customers as well. Upon registration, users will get a Maybank account number and a virtual debit card.  Due to the valid Maybank account number that comes with the e-wallet, you can also receive money through traditional methods including instant online bank transfers and cash deposit machines. There’s no need to download a new app because the MAE app is integrated right in the Maybank2U app.  MAE allows you to transfer cash to your friends, split and pay bills or pay via QR code at over 200,000 QRPay merchants, as well as book movie tickets and flight tickets. MAE has a maximum wallet size of RM4,999.99 and a limit of RM2,999.99 per transaction.

WeChat Pay

Figure 5: WeChat Pay

One of the most popular instant messaging services in China, its financial offshoot landed on local soil in 2019 making Malaysia the first foreign country outside of China to have WeChat Pay enabled in a local currency.  Like most other apps, it allows you to make payments easily and quickly. All you have to do is flash the generated QR code to the participating merchant. Their merchant list includes AmBank, Hong Leong Bank, iPay88, MOL and Revenue Monster. KK SUPER MART is the first chain store in Malaysia to accept WeChat Pay MY.  To top up your e-wallet, just attach any number of Mastercard or Visa debit cards issued by local banks to the platform. The platform also allows you to transfer money to friends and family via their Money Packet feature as well as pay prepaid plans for telco brands like Altel, Celcom, Digi, Friendi, Maxis, Merchantrade, Tune Talk, U Mobile and XOX.

Razer Pay

Figure 6: Razer Pay

Razer Pay claims to be an e-wallet designed for youth and millennials. It was introduced specifically to make gaming, entertainment and cinema purchases. Users can start using the e-wallet by downloading the app and topping up their wallet with funds, or by linking it to their preferred credit or debit card. No pin is required to perform transactions. A minimum of RM10 or a maximum of RM3,000 can be reloaded into the wallet. Users can also top up at physical merchant stores like 7-Eleven. Users can withdraw cash from their e-wallet through their bank account at any point in time.

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