Malaysians love our savings, don’t we? We love them so much that according to findings from our Best eWallet in Malaysia for 2020 survey, 54% of Malaysians use eWallets mainly for the cashback, promotions and rewards. Now, Malaysians can jump for joy with a new initiative that will enable us to earn even more cashback and rewards just for shopping with our eWallets – the Shop Malaysia Online initiative. What do I need to know about the Shop Malaysia Online initiative?The Shop Malaysia Online initiative is an e-commerce initiative under Pelan Jana Semula Ekonomi Negara (PENJANA) or the National Economic Recovery Plan. This initiative was rolled out to stimulate the economy through online consumption. Specifically, it sees the government collaborating with various eWallets and e-commerce platforms such as Boost to promote online shopping amongst Malaysians. About Shop Malaysia Online with BoostBoost is one of the official e-Wallet partners for the PENJANA Initiative. Boasting the widest merchant network nationwide to date with over 170,000 merchants nationwide, Boost has long been in favor of supporting local businesses, with over 60% of their merchants comprising small and micro-SMEs such as mom and pop convenience stores, public market traders and hawker stall owners. Throughout the Shop Malaysia Online campaign, Boosties can now shop and enjoy savings from over 5,000 participating online merchants! It’s not just savings either, paying with Boost has never been more convenient with their “Tap and Pay” feature. With this new feature, all you need to do is enter a 6-digit PIN to verify your transaction. No usernames, no passwords, no waiting for the TAC/OTP. From now till 30th September 2020, the rewards just don’t stop if you’re a fellow Boostie as you could get up to RM100 worth of cashback and more! In total, there are 4 main ways users can benefit from using Boost throughout this Shop Malaysia Online campaign. 1- Shop online and earn up to RM10 cashback with Boost Partner WalletBoost Partner Wallet is the perfect feature for loyal users as you can Shake for instant cashback and save on the next transaction! A ‘Partner Wallet’ is a sub-wallet within a user’s Boost account that automatically stores cashback for dedicated merchants and each user can have multiple Partner Wallets. This helps ensure users don’t miss any savings and is especially useful for when users shop at their favourite merchants. Any cashback a user has in a Partner Wallet will be automatically deducted in the next transaction made at the respective merchant. Who are these Featured Boost partners, then? At the time of writing, there are 15 merchants spanning from locally-grown Jobbie Nut Butter to online grocer Potboy, and even major pharmacy Watsons. Users only need to spend a minimum of RM50 on selected partners to get up to 10% cashback (depending on the merchant). Each user is entitled to a maximum of 3x cashback capped at RM10 each. Make sure to use your precious cashback before 30th September 2020 too, as unused cashback balance will expire afterwards. This means that if you find yourself spending at a particular merchant particularly often, this feature can help you save on every purchase – and all you have to do is use the respective Boost Partner Wallet to pay! 2- Get up to 6x Coins during 8.8 Online Boost DayIf you haven’t heard of the 8.8 Online Boost Day, you’re in for a treat! This month would be Boost’s biggest Online Boost Day and the rewards are gonna get a little out of control. From 6th to 8th August 2020, spend a minimum of RM150 in one transaction and enjoy up to 2x the amount of coins for all local Boosted online partners! With over 5,000 online partners, get ready to get your online shop on! Transactions made at key online partners such as PrestoMall, Jocom, HappyFresh and even Durian Bear would even earn you up to 6x the amount of coins. Thought that was it? Boost will also #KasiTambah an extra RM5 Online Boost Day Surprise Shake that would be credited into a random Partner Wallet. Users are limited to 2 redemptions throughout the entire 3 days of the August Online Boost Day. 3- Special discount vouchers of up to 20% for selected partnersWhat’s a campaign without discounted online vouchers? On top of extra cashback and coins, Boost is also handing out more voucher goodness and even more savings with special discounted vouchers of up to 20% across F&B, travel and online shopping categories. Some notable vouchers to get your hands on include Lazada, Hermo, MPH Online Bookstore, Vouk Hotel and Vivatel Kuala Lumpur. 4- Fulfill Boost’s Special Shop Malaysia Online Mission and be rewarded with 500 coinsThe more you spend, the more you get rewarded. Boost’s Shop Malaysia Online campaign ties up with a bang with their special Shop Online Boost Mission. Spend a cumulative total of RM500 on Boosted online partners within 5 days to stand a chance of winning an additional 500 coins! Join the mission now here! What do I need so many Boost coins for?Avid Boosties probably already know how precious Boost Coins are. Essentially, Boost coins are akin to reward points. Users earn coins after every transaction made with Boost. Of course, this means that the more coins you earn = the more rewards you stand to gain. Unlike most other eWallets, Boost Coins can not only be used to redeem vouchers and gifts, but can also be redeemed as cashback and credited directly into your Boost eWallet! From there, you can use your cashback however you like – to pay for utility bills or for your weekly grocery trip. To add to that, here’s a tip just for the savings-savvy – use your Boost coins to redeem gifts or cashback from Partner Wallets instead! This will help you get more bang for your buck as the conversion rates for these are much more preferable compared to redeeming just plain old cashback. Partner Wallet categories range from Groceries, Prepaid, Postpaid and even Petrol. They essentially work just like your normal Boost cashback too. More than just savings with BoostSo far, all we’ve mentioned are cashback, vouchers and discounts. While savings play a huge part in our decision-making as Malaysian consumers, an eWallet that offers an easy, uncomplicated payment experience is equally key. With Boost, online shopping just got a whole lot easier. The online payments feature allows users to pay for their transactions without the fuss of remembering usernames/passwords, or waiting for the TAC/OTP number. All you have to do is select “Tap and Pay” on the payment page. From there, a 6-digit pin or quick scan of your fingerprint is all you need to verify your transaction. Click here to find out if your favourite merchant accepts this handy function. Don’t forget to pay with Boost when you shop online!From coins to cashback to vouchers, this period is the best time to do all your shopping since Boost will help to shave a little off the bill. Even if you may not be an avid shopper, use this opportunity to grab all your necessities online! Download, register and verify your account with Boost now so you can enjoy a seamless spending experience throughout this campaign. Another initiative under PENJANA that you might have already benefited from is the Free RM50 eWallet credit. If you haven’t claimed yours yet, our guide here spells out exactly how to claim it your free RM50 eWallet credit! From https://blog.ewhallet.com/boost-latest-online-campaign/ From https://kimberlyroberts0.blogspot.com/2020/08/love-savings-youll-love-boosts-latest.html from https://kimberlyroberts0.wordpress.com/2020/08/08/love-savings-youll-love-boosts-latest-online-campaign/ from https://marlodubreuil.blogspot.com/2020/08/love-savings-youll-love-boosts-latest.html
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Malaysia is well-known (at least amongst ourselves) for being a country jam-packed full of eWallets. In recent years, the top few contenders have managed to pave a path for themselves towards the summit of the cashless scene, each carving a well-earned spot for themselves at the top – Touch ‘n Go eWallet, Boost, GrabPay, ShopeePay etc. But which one is truly the best of the best? In our recent article where we compared the top eWallets in Malaysia for 2020, we had the opportunity to find out right from the user’s mouth. Below, we’ve summarised the juiciest findings from our Best eWallet in Malaysia for 2020 Survey. Read on to find out what fellow Malaysians had to say! Survey IntroductionThe Best eWallet in Malaysia for 2020 Survey was held for a period of slightly less than a month, with the total number of respondents amounting to 245 (n = 245). The 245 respondents surveyed can then be further categorised by gender, age, marital status and income level.
Touch ‘n Go eWallet leading the game in 2020.Touch ‘n Go eWallet comes out on top as the firm favourite for Malaysians overall. In the survey, TNG eWallet triumphed over all other Malaysian eWallets throughout all categories – groceries, online shopping, in-store purchases, petrol and dining in. The only exception is food delivery, where GrabPay proved to be the more popular option. This comes as no surprise since food delivery isn’t a primary service established within Touch ‘n Go (although TNG is partnered with DeliverEat). On the other hand, Grab holds the upper hand with their GrabFood feature which also incentivises users to pay using the Grab eWallet. As for which eWallet respondents thought was best? More than half (55%) voted for Touch ‘n Go. 55+ age group most loyal fans of Touch ‘n Go eWallet.Behind Touch ‘n Go eWallet’s success seems to be a loyal backing from older users. As an overarching theme, users in the 55+ age group consistently showed a preference for using TNG eWallet for all purchases. To be exact, 80% of respondents aged 55+ voted TNG eWallet as the best eWallet. 76% of respondents aged 55 and above prefer to use TNG eWallet to pay for groceries. In comparison, 43% of 18 – 34 year olds and 46% of 35 – 54 year olds voiced a similar opinion. A similar landslide difference can be seen in the preferred eWallet of choice for all other categories too. For online shopping, 62% of users who voted for TNG eWallet belonged to the 55+ age group. Similarly, 75% of users who voted for TNG eWallet as their preferred eWallet for in-store purchases were 55 years old and above. Boost trails behind as Malaysians’ second favourite eWallet.While TNG eWallet won the hearts of most respondents, Boost doesn’t lag too far behind. We were also able to glean a closer look at Boost’s user demographic from the survey. For starters, Boost was the only eWallet where a clear difference in gender preference can be seen. Compared to women, 10% more men prefer to use Boost for their online shopping needs and found it to be more rewarding. Men’s preference for using Boost is also reflected throughout all other categories as well. Men aside, singles and middle-aged users (aged 35 – 54) proved to be stronger fans of Boost too. The older the user, the less diversified their eWallet portfolio.While we know that committing to a single eWallet can be more convenient, this doesn’t seem to be the case for most Malaysians. Respondents of all age groups tend to use multiple eWallets at once, where 78% of respondents opted to use different eWallets when paying for different categories. However, one group in particular preferred to stick to the bare minimum – the 55+ age group. The survey found that younger users tend to diversify their eWallet portfolio more. Meanwhile, only 22% of respondents use the same eWallet to pay for all their purchases – a type of user we like to call super users. Malaysians are generally satisfied with what eWallets have to offer.A congested eWallet scene means that for us users, there’s little left to be desired. We’re spoiled with a plethora of features, cashback galore and so many promotions one can hardly keep track. For the most part, Malaysians seem to echo this fact in that 37% of respondents are satisfied with the functionality of current eWallets, and don’t expect anything more. Of course, there’s always room for improvement. Some functionalities other respondents expressed a desire for include public transport payments and more options for utility payments. Check out some other features respondents thought would be a good addition:
Most Malaysians use eWallets for the cashback and promotions.Among the various usage drivers, cashback and promos stood out as the main draw for users – having garnered 54% of all respondents votes. Does this come as any surprise? Not really. We Malaysians love our rewards, and we’re always on the hunt for the eWallet we can reap the most from. Knowing this, TNG eWallet’s leading position as the most popular choice for respondents can be well explained for, since it’s also perceived as the most rewarding eWallet. The findings above are just the tip of the iceberg. Subscribe to our mailing list to be notified when we publish other interesting statistics. From https://blog.ewhallet.com/malaysia-best-e-wallet-2020/ From https://kimberlyroberts0.blogspot.com/2020/07/touchn-go-ewallet-leading-ewallet-war.html from https://kimberlyroberts0.wordpress.com/2020/07/21/touchn-go-ewallet-leading-the-ewallet-war-by-a-mile/ from https://marlodubreuil.blogspot.com/2020/07/touchn-go-ewallet-leading-ewallet-war.html
So far in our eWallet 101 series, we’ve covered everything from the pros and cons of eWallets to how safe your money is when held by eWallet companies. This time around, we’re starting off on a more serious note by looking into the legalities of things. What are the laws and regulations governing eWallets in Malaysia? Do we even have any in the first place? E-Wallet laws and regulations in MalaysiaIn recent years, the Malaysian government, Bank Negara Malaysia and other relevant authorities have made their stance on the push for a cashless society clear. They’re all for it! One of the areas we can see this is in the comprehensive regulatory framework put in place for eWallets, particularly those looking to apply for authorisation. The awesome team of editors, lawyers and researchers at Payments Compliance have looked into this extensively. Read their full guide to e-money licensing here.
That’s a lot of documents to go through! Below, we’ve extracted some key points that may be most relevant to you as an eWallet user. Applying for Licensure
Operational and Compliance Requirements
Management of Funds
Risk ManagementE-Wallets are obliged to implement a robust security risk management framework that will address:
What isn’t covered by our existing eWallet laws and regulations?According to Payments Compliance, Malaysia’s current regulatory framework does not extend to closed-loop eWallets. We’ve addressed open-loop vs closed-loop eWallets before, but closed-loop eWallets are essentially eWallets that are exclusive to a specific retailer. A prime example would be Starbucks’ loyalty cards. Does PIDM protect my money in eWallets?PIDM is a government agency which protects our deposits in banks. Outside of banks however, perhaps the biggest concern for users using other forms of financial services (such as investment apps or eWallets) is whether or not our money is protected in the same way. The answer? Yes! PIDM protects eWallet users indirectly by protecting the funds that are placed by eWallet companies in PIDM member banks. However, remember that non-bank eWallets such as Grab and Boost are not PIDM member institutions, hence PIDM does not directly protect e-money which is being used as a payment instrument. What does this mean for me as an average eWallet user?In a nutshell, the eWallet landscape in Malaysia is a pretty safe and secure place for users. Thanks to efforts from relevant authorities pushing the transition to a cashless economy, we’re lucky to have a comprehensive regulatory framework in place for eWallets applying for licensure. If there’s one thing to take away from this article, it’s to never use unauthorised eWallets – no matter how irresistible their offers! Remember that these laws and regulations only apply to licensed eWallets. Click here to view the full list of non-bank e-money issuers. Now that you’ve got the basics of eWallet laws and regulations in Malaysia down pat, check out our other eWallet resources to make the most of your eWallet usage. From https://blog.ewhallet.com/e-wallet-laws-and-regulations-in-malaysia/ From https://kimberlyroberts0.blogspot.com/2020/07/e-wallet-laws-and-regulations-in.html from https://kimberlyroberts0.wordpress.com/2020/07/15/e-wallet-laws-and-regulations-in-malaysia-heres-what-you-need-to-know/ from https://marlodubreuil.blogspot.com/2020/07/e-wallet-laws-and-regulations-in.html It’s often said that the biggest barrier to eWallet adoption is security. It’s a proven fact too. In Nielsen’s report last year on Malaysia’s shifting payment landscape, security proved to be the biggest reason why non-users aren’t using eWallets.
While eWallets are arguably receiving much better response now, security still remains a huge concern. Is this worry justified? How safe are eWallets really? Where are my funds stored when I use eWallets?As mentioned in our article on how eWallets work in Malaysia, all the funds that users load into their eWallet are deposited by the respective eWallet company into a trust account with a licensed financial institution. From here, what the eWallet company can or can’t do with those funds is highly regulated. How is my money kept safe when I use eWallets?When it comes to our money, it’s only wise that we’re wary and skeptical. In the case of eWallets however, we can let our guard down to a certain extent – knowing that there are safety and security measures in place. 1- eWallets are heavily regulated by Bank NegaraBNM’s Guideline on Electronic Money is a guideline which outlines the minimum standards and operational requirements for e-money issuers in Malaysia. Most importantly, it’s stated that the funds can only be used for: i) Refund to users ii) Payment to merchants With such a large pool of funds at the disposal of eWallet companies, who wouldn’t be concerned about improper usage? Fret not though, as the usage and management of funds by eWallet companies is heavily regulated. Below, we’ve summarised just a few regulations from the document concerning this.
2- Less risk, better traceabilityRegulations aside, eWallets allow complete traceability of all transactions. In comparison, cash leaves almost no footprint. Leaving behind traceable records is important in the unlikely case you become a fraud victim, where being able to easily view your past transaction footprint is helpful. Remember also, that your bank account is not directly linked to your eWallet account. This means that in the unlikely case of fraud, loss is limited to the funds you already have in your eWallet, which is also capped by the eWallet provider’s imposed transaction limit. 3- Your identity mattersTo sign up as a new eWallet user, you have to start by registering an account – but it’s not as simple as creating a username and a password. Once again, we can thank BNM’s Guideline on Electronic Money for this. Among the four security measures highlighted in the document include “authentication”, where an authentication process is required to validate the user’s identity. How eWallet providers choose to do this isn’t stipulated, and they’re free to choose whatever tools and methods they like – hence why the registration procedure for eWallets in Malaysia tend to vary across the board.
How can I stay safe when using eWallets?
Oh no! There’s an unauthorised transaction on my eWallet. What can I do?If you detect a transaction you didn’t make, most eWallets such as Grab and Boost will first advise you to check your recent transactions. It might also be worth checking with friends or relatives who may have had access to your account and used it to perform the transaction. Suppose you suspect your eWallet may have been compromised. If so, you will have to submit a request to your respective eWallet to have your case investigated. Last year, Touch ‘n Go eWallet announced an interesting feature to address users’ security concerns – their Money-back Guarantee. TNG’s Money-back Guarantee promises full compensation within 5 days if your TNG eWallet is charged with any unauthorised transactions. A feature like this certainly gives TNG eWallet a competitive edge, especially for non-users who still avoid eWallets for security concerns. From https://blog.ewhallet.com/is-it-safe-to-use-e-wallets/ From https://kimberlyroberts0.blogspot.com/2020/07/is-my-money-safe-when-i-use-ewallets.html from https://kimberlyroberts0.wordpress.com/2020/07/07/is-my-money-safe-when-i-use-ewallets/ from https://marlodubreuil.blogspot.com/2020/07/is-my-money-safe-when-i-use-ewallets.html So many eWallets, so many choices… No one wants to be switching to and fro between different eWallets in their phone. More than two at any one time, and you’re not only reaping the full benefits of either app – but you’ll probably forget about the money you stored in each of them to begin with. In our never-ending search to find the eWallet that suits us best, we’ve written this article covering a few key factors that you should consider when deciding on which eWallet to use in the long run. Let’s look at the bigger picture firstBefore we list out the factors in detail, let’s take a look at the 3 overarching factors that all these factors fall under.
This is quoted from our very own Malaysian academics at the International Islamic University of Malaysia, who published their paper on the Factors Influencing the Use of E-wallet as a Payment Method among Malaysian Young Adults just earlier this year. In their paper, the perceived usefulness, perceived ease of use as well as privacy and security all contribute to consumers’ behavioral intention for eWallet usage. Expanding off these 3 factors, let’s explore more on some of the most important factors Malaysians should consider when choosing an eWallet. Factors to consider when choosing an eWallet in Malaysia.
1- How many merchants do they have?What’s the point of a fantastic, well-developed eWallet if you can’t use it anywhere? In our ultimate guide where we compared the top eWallets in Malaysia for 2020, we listed the merchant count for some of the top eWallets in the market. Touch n’ Go eWallet boasted a whopping 150,000, while closed-loop eWallets like Setel can only be used at a single merchant by design. It’s also important to note that many eWallets don’t have independent merchants but partner with credit card networks. GoPayz for example, is accepted wherever UnionPay, Visa and Mastercard is accepted. On the flipside, this rules out smaller merchants who don’t have a credit card terminal. Even more important than the number of merchants however, is who those merchants are. If you’re someone who tracks your every expenditure, you may notice certain patterns arise in where you’re spending your money. An eWallet which is accepted at all (or most) of the merchants you typically spend with is one to look out for! 2- Do they charge any fees?EWallets can charge fees for either the merchant or the user. But don’t worry users – you can breathe easy. Most Malaysian eWallets in general are free to use (key: most). Most Malaysians aren’t willing to commit to an eWallet if they know they’ll be charged a fee, no matter how small that fee is. We’re willing to bet you feel the same way too. Hence, always do your due diligence and keep an eye out for possible fees you’ll be charged. Some examples include withdrawal fees, currency conversion fees, and fees to upgrade your account or expand your eWallet limit. Read more on our article here where we delve more in-depth into the types of fees eWallets charge. 3- What rewards will you get?When choosing which eWallet to use, rewards tend to be the primary factor most Malaysians consider first. Rewards may come in the form of cashback, promotions with selected merchants, or reward points which are the most ubiquitous. Note that most eWallets in Malaysia have more than one layer of rewards in place. We explain the reward schemes for Boost, GrabPay and Touch ‘n Go eWallet in detail here. 4- How protected is your money and personal data?As concluded by our Malaysian academics in their paper earlier, privacy and security is crucial to eWallet adoption. But what does this mean to you as a user? While there are no specific parameters set out by Bank Negara for a user to assess the risk of an eWallet, the Guidelines on Electronic Money does state that issuers must ensure proper risk management is in place. So be wary of eWallets which are not licensed by Bank Negara, read through all the T&C, and comply with the lengthy registration procedures some issuers may require. 5- Other features which may be relevant to youThe above are the most important factors to consider when choosing an eWallet. These 4 key factors aside, you should also base your decision on features which are important for you.
An eWallet’s global presence and currency conversion fee are worth noting.
Look out for an auto-debit feature.
An instant transfer feature will not only be convenient, but rewarding too.
Utility bill payments will be a lifesaving feature for you, and luckily aren’t that uncommon. The best eWallet to use in Malaysia according to these 4 features.
Did we miss anything? Which factor is most important to you when choosing an eWallet to commit to? Let us know in the comments below. To read more on what features eWallets in Malaysia have, check out our recent article linked here. From https://blog.ewhallet.com/important-factors-to-consider-when-choosing-e-wallet/ From https://kimberlyroberts0.blogspot.com/2020/06/important-factors-to-consider-when.html from https://kimberlyroberts0.wordpress.com/2020/07/01/important-factors-to-consider-when-choosing-an-ewallet/ from https://marlodubreuil.blogspot.com/2020/06/important-factors-to-consider-when.html With all the choices we have when it comes to eWallets in Malaysia, what else matters aside from rewards? With more and more eWallets in Malaysia gravitating towards the path of a lifestyle app rather than for purely eWallet purposes, we see a rise in helpful features sprouting up in eWallets both big and small. These days, you can use your eWallet to pay bills, buy insurance and do almost everything else under the sun. The original purpose of eWallets (to store funds and make payments) has almost become secondary for many users! Let’s explore some common features of eWallets…and some a little less common. Common eWallet features in MalaysiaStore fundsNot so much a feature per se, but essentially the basic premise for most eWallets. No matter what eWallet you use, you should be able to treat it like a virtual wallet and store funds. How you upload the funds is a different question. With most eWallets, you upload through FPX online banking or with your credit/debit card. You can even set up monthly auto-debits to automate this process. Do note though, that almost all eWallets will have a cap on the maximum amount of funds you can store at one time. Touch ‘n Go eWallet for example, only permits a maximum of RM200 as a default, but the eWallet size can be upgraded to RM5000 upon successful account verification. Pay for purchases both online and offlineIt would be unexpected to say the least, if an eWallet doesn’t permit merchant payments. With any basic eWallet, you should be able to make transactions physically in-store, as well as pay for purchases made online. Some eWallets will triumph in this area, with an extensive list of hundreds of thousands of merchants. Others might lack here, limiting your usage, and thereby reducing your capability to reap rewards too. Rewards, deals, discounts and more!Coupons, cashback, vouchers, discounts…these are typically a “nice to have”, but are very much expected when it comes to eWallets. An eWallet with no rewards whatsoever provides little incentive for the average user to use it for their daily purchases. And while most eWallets in Malaysia don’t lack in rewards, there are the rare few whose rewards hardly add up too much – so keep that in mind when comparing which eWallet to use. Instant transfer to other usersEncouraging a cashless economy doesn’t stop at merchants alone. Transferring allowance to your parents? Paying someone for a service rendered? Online banking isn’t your only option – especially not when you would otherwise get rewarded for it. Most eWallets offer instant transfers as a feature to users, where they can transfer funds to other users of the same eWallet. To encourage this, eWallet providers will typically reward both parties (or just the party who transferred the funds) with reward points. If you’re lucky, your eWallet might even allow you to make instant transfers to other eWallets and bank accounts! Less common eWallet features in MalaysiaWithdraw cash from ATMATM withdrawal is an eWallet feature that’s typically only seen in card-based eWallets for obvious reasons. This can be an especially helpful feature when overseas. With the physical BigPay card for example, you can withdraw at any ATM globally for a fee of RM10.00. Pay for toll and parkingEven on-the-road transactions are made more convenient. Another feature that some eWallets provide is the ability to pay for parking, tolls (namely Touch ‘n Go eWallet) and even petrol. Pay for utility billsThat’s right. If you didn’t know already, bill payments are a popular feature in many eWallets in Malaysia! Alongside telco reloads, such features position eWallets as all-rounded lifestyle apps which help to streamline payments in all aspects of life – rather than just a tool to store and transfer funds. Click here for a step-by-step guide on how to pay utility bills with eWallets. Buy various financial productsMalaysians can now use eWallets to get insured and even buy investments. Just recently in May 2020, Securities Commission Malaysia (SC) announced that capital market products can now be sold through e-service platforms. This isn’t an entirely new concept. GoPayz is one example of an eWallet which builds their concept mainly around insurance products. GoPayz users can pick from various life insurance, motor, travel and personal accident insurance. Users can also easily invest in unit trusts directly from the app. Touch ‘n Go eWallet has also expressed enthusiasm following SC’s announcement, claiming that they will be rolling out a suite of financial management products of their own. Certainly something we can look forward to! International remittanceJust cause an eWallet is based in Malaysia doesn’t mean users can only use it within the country alone. In addition to domestic transfers, many eWallets allow users to send money to their loved ones across the globe. International bank transfers incur hefty costs, and are subject to unfavourable exchange rates. On the other hand, eWallets such as BigPay offer cheaper, fixed transaction fees and competitive exchange rates. For users who often have to remit money across borders, using eWallets can shave off some of the costs (and headache) in the long run. Do note that BigPay is limited to 9 countries at the moment – each with varying fees. What features do Malaysian eWallets have?![]() If you found this article on eWallet rewards in Malaysia helpful, check out our other eWallet 101 guides and resources! Comment below and let us know what’s the most important feature for you when choosing which eWallet to use. From https://blog.ewhallet.com/what-features-do-e-wallets-have/ From https://kimberlyroberts0.blogspot.com/2020/06/what-features-do-ewallets-have.html from https://kimberlyroberts0.wordpress.com/2020/06/25/what-features-do-ewallets-have/ from https://marlodubreuil.blogspot.com/2020/06/what-features-do-ewallets-have.html Let’s be honest, shall we? If eWallets didn’t come with any rewards whatsoever, few of us would be using them to begin with. But that’s all fine and well. After all, rewards such as cashback and vouchers benefit all parties involved – users, merchants and providers. Read on to find out how to earn and use your rewards, and why eWallet providers are competing neck and neck to offer users the most value for their transactions. How do eWallet rewards work in Malaysia?
The entire premise for offering rewards is to encourage Malaysians to load more funds into their eWallet and carry out more transactions with merchants. The funds are deposited into a trust account with a licensed financial institution as per requirement by Bank Negara. Here, providers typically reap from funds accumulated in said accounts, partnerships with merchants, as well as merchant fees (among other things). The concept of earning rewards is simple, but various eWallet providers usually have different types of reward programmes to know of. We explore more on this below. Types of eWallet rewards
Most eWallets layer on multiple programmes for a more rewarding experience. A general starting point is rewards points, where a certain amount of RM spent awards you with points in exchange. From there, these points can then be accumulated and used for various purposes depending on the eWallet provider. This could mean purchasing cashback, buying vouchers or using your reward points to claim products/promotions. How Boost rewards worksBoost has various layers to their rewards, starting off with their Boost Loyalty Programme. Via this programme, users accumulate coins and use them to redeem vouchers and gifts of their choosing. While new Boosters will be given free 50 coins at the start of their membership, the exact number of coins users received per transaction is dependent on Boost. The Ringgit-to-points conversion isn’t made publicly available, but we do know that it depends on:
There also tiers within the Boost Loyalty Programme (BoostUP levels). Your level is determined based on how much you have spent and the number of transactions you have made in the last 30 days. The more you spend, the higher you level up, and the more coins and rewards you will receive. ![]() That’s not all. Boost also employs more straightforward programmes such as CashUP, where users earn cashback when they shop online from Boosted partners through the Boost app itself. Think ShopBack. What’s interesting here is that users can pay with other payments methods and still get to enjoy the cashback. The cherry on top? Shake Rewards. For every transaction made, users are entitled to a Shake Reward, a lucky draw of sorts where you quite literally shake your phone. Among the prizes to be redeemed include extra coins, prizes or the grand Golden Ticket, which act as a single lucky draw entry to a Golden Giveaway. Shake rewards are applicable for the following transactions types only:
Rewards expiry. Cashback from the CashUP programme does not expire. Coins from the BoostUP programme are valid for 1 year. How Grab rewards worksWhile Grab may not boast as many types of reward programmes as Boost does, the system is simple to grasp and almost equally rewarding. More importantly, the entire Grab ecosystem including GrabRides, GrabFood, GrabExpress and GrabMart all intertwine so that users can reap rewards from almost every aspect of their daily spending. Day-to-day conveniences have never been more rewarding. Grab’s rewards points conversion at the time of writing is as below. Do note that GrabRewards points will only be rewarded for cashless payments. Utility bill payments aren’t included either.
These points can then be accumulated to redeem vouchers to be used within Grab, and everything else from air miles to concert tickets. As with most eWallets, a rewards points programme means one can expect tiers. Accumulating 200 points and above grants you Silver status, 900 grants you Gold, while 3500 and above puts you at Platinum. Rewards expiry: GrabRewards points are valid for 3 months. *Tip: Keep your points alive by making at least one transaction every 3 months. How Touch ‘n Go eWallet rewards worksTouch ‘n Go eWallet isn’t exactly known for their extravagant rewards. There simply aren’t any clearly defined programmes for users to earn rewards consistently. Instead, TNG eWallet relies primarily on promotional campaigns with partnered merchants. Most of their promotions entail a certain amount of cashback that will be credited into their TNG eWallet. The bottom line is, with Touch ‘n Go eWallet, it’s pertinent to stay updated so you don’t miss out on exciting deals which are relevant to you. Use our site here to discover all the latest eWallet deals in Malaysia! From https://blog.ewhallet.com/how-do-ewallet-rewards-work-in-malaysia/ From https://kimberlyroberts0.blogspot.com/2020/06/how-do-ewallet-rewards-work-in-malaysia.html from https://kimberlyroberts0.wordpress.com/2020/06/17/how-do-ewallet-rewards-work-in-malaysia-boost-grab-tng/ from https://marlodubreuil.blogspot.com/2020/06/how-do-ewallet-rewards-work-in-malaysia.html
You may recall the RM30 e-Tunai Rakyat campaign that was announced by the Ministry of Finance earlier in January. Perhaps that RM30 has benefitted you with a few extra meals, or even kickstarted you on your cashless journey. In a recent announcement by our prime minister, it was announced that eligible Malaysians can now look forward to even more free eWallet credit to come! As part of the PENJANA economic recovery plan, eligible Malaysians will be given RM50 worth of eWallet credit. To top it off, partnering eWallet providers will also be matching up that amount with RM50 worth of vouchers or cashback. This initiative is set to benefit up to 15 million Malaysians, with RM750 million allocated for this purpose. Here’s what else you need to know to claim your RM50 eWallet credit. Do you check all the boxes?“Do I need to be a certain age to receive this credit?” “Am I eligible if I’m not a local?” To be eligible for this benefit, you must be a Malaysian aged 18 and above earning less than RM100,000 per annum. This benefit is not applicable for Permanent Resident (PR) holders. Furthermore, Senior Minister Datuk Seri Ismail Sabri Yaakob has also revealed that you must download the MySejahtera App to be eligible. The MySejahtera App is a contact-tracing app developed to assist health authorities in monitoring COVID-19 in the country. Even if you don’t plan on redeeming this benefit, it’s best to download it anyways. As life picks up for you entering RMCO, you’ll come across merchants who will require customers to check in via the MySejahtera app before entering their store. ![]() How do I claim the RM50 eWallet credit?This program will run from July through to September 2020. At present, the application procedure to apply for this benefit has not yet been made known. Do bookmark this page as we’ll be updating it with all the relevant info once it’s been revealed! It is, however, expected that the RM50 eWallet credit may be directly credited into your eWallet account if you’re eligible. We’re still kept in the dark about which eWallet provider will be selected under this campaign – but we can expect Boost, GrabPay and Touch ‘n Go eWallet to be among those shortlisted. For that reason, stay one step ahead and make sure to verify your account on either one of these eWallets (or all three!) so you don’t miss out. There are limits to what you can do with your RM50The RM50 eWallet credit is only applicable for physical purchases in-store. That means no online shopping or food deliveries. But don’t fret! As mentioned previously, the selected eWallet provider will also be giving out an additional RM50 worth of cashback/vouchers, totaling the final sum to an extra RM100 in Malaysians’ pockets. Why are we receiving this RM50 eWallet credit?The recently unveiled PENJANA economic recovery plan is aimed at revitalising the economy in our post-CMCO society. Through this initiative, the government is looking to encourage contactless spending and boost eWallet usage within the rakyat. If you didn’t already know, this is in line with our mission here at eWhallet – to get Malaysians embracing a cashless economy with open arms! Furthermore, limiting the RM50 eWallet credit to offline purchases only is done in hopes of jumpstarting the economy and getting local businesses back on their feet. For now, just sit back, make sure you have a verified account on either Boost, GrabPay or Touch ‘n Go eWallet – and wait for more news to come! From https://blog.ewhallet.com/penjana-ewallet-rm50-credit-initiative-mysejahtera/ From https://kimberlyroberts0.blogspot.com/2020/06/penjana-rm50-ewallet-credit-heres-what.html from https://kimberlyroberts0.wordpress.com/2020/06/11/penjana-rm50-ewallet-credit-heres-what-you-need-to-know/ from https://marlodubreuil.blogspot.com/2020/06/penjana-rm50-ewallet-credit-heres-what.html Take one look at our name, and it’s pretty evident that we’re obsessed with eWallets. Fortunately, we as Malaysians are spoiled with a broad, diverse range of eWallets to pick and choose from. GrabPay, Boost, Touch ‘N Go…the options are endless. But it’s that very overload of options that has become a barrier to our adoption of eWallet usage. If there’s one thing we’ve come to notice over the few years that eWallets have been around, it’s that Malaysians aren’t so much against the idea of eWallets, but simply can’t be bothered with finding the right one for them. We’d rather just stick to what we know best. After all, old habits die hard. Despite all that, eWallets seem to be enjoying significant growth still. Comparing Q1 2019 to Q1 2020, the total value of e-money transactions has seen an increase of over 85%! In other words, Malaysians went from transacting 3.4 billion ringgit in Q1 2019 to 6.3 billion ringgit in Q1 2020 via eWallets. Through our in-depth comparison on 2020’s top eWallets in Malaysia, we hope you can make an informed choice on which eWallet is most suitable for you – and start reaping the benefits you’ve been missing out on. First things first. What are eWallets?You may already use eWallets on the daily, but understanding how they work will provide you with some basic info on making better informed transactions. An eWallet is a digital version of a traditional wallet. To load funds or “cash” into your eWallet, you have to transfer it over from your bank account via debit card, credit card or online banking. You can then use the funds in your eWallet for anything a traditional wallet might, but with the added benefit of cashback and rewards for every transaction (depending on the eWallet). Now, eWallets in Malaysia are either network-based or card-based. Network-based eWallets typically function on a prepaid basis and aren’t directly linked to your bank account. These are eWallets you have to manually top up (or set up automatic deduction). Think GrabPay and Boost. Card-based eWallets on the other hand, partner with credit card networks such as Visa or Mastercard. As with BigPay, you might have a physical card that comes along with it so you can swipe away as you would with a debit card. EWallets can also be classified according to their types. We’ve previously written on the pros and cons of using eWallets, as well as a beginner’s guide on how to use eWallets. Check these out along with the other resources in our eWallet 101 series to start you off on the right track. How to choose the best eWallet for your needsWe don’t all want the same thing in life. The same goes for eWallets too. While you might prioritise one with maximum cashback, another user might use it for convenience’s sake. Very simply, ask yourself “What do I use eWallets most for?” Be realistic!
Is it cashback, rewards, convenience, range of features or ease of use? Some fancy features may seem like a good idea, but they should make no difference to you unless you’re actually going to make good use of it. Someone who’s always on the go and spending with multiple different merchants will benefit from an eWallet provider with a large breadth of merchants. On the flipside, you might prefer to use eWallets as a one-stop platform where you can pay for most of your obligations. That’s right! These days, you can pay for everything from your utility bills to insurance and even donations and zakat.
Once you’ve identified what you’re looking for in an eWallet, set forth and find out which eWallet has it! Or…you can just scroll down further to check out our recommendations. We’ve saved you all that trouble.
Say you run a small business selling baked goods, and your ingredients supplier happens to accept Boost. You’re going to want to use Boost when making your orders to take advantage of the large volume of orders you’re making on a consistent basis. Likewise, if you shop for groceries at Giant but your eWallet is only accepted at Jaya Grocer, you’re losing out on a significant chunk of would-be rewards. The bottom line is – factor in not only the merchant count, but also specific merchants you often find yourself spending at. Malaysia’s Top 10 eWallets of 2020To date, there are 43 non-bank e-money issuers in Malaysia as listed by Bank Negara. That’s quite a number. To effectively compare amongst some of the most popular eWallets here in Malaysia, we’ve selected the cream of the crop from well-known favourites like GrabPay to niche contenders such as Setel. These are ranked randomly and in no particular order. While they each have their respective unique selling points, we’ll first start off by summarising their available features and merchants, before placing them head to head in our comparison table below so you can compare at a glance. At the very end, we’ll be recommending which eWallets you may find most suitable for you. ![]() 1- BoostAxiata Group’s popular network-based eWallet has made a remarkable mark for itself on the Malaysian eWallet map with its core emphasis on two things – rewards and range of features. While most eWallets happily grant reward points and the occasional promo code, Boost makes every transaction feel like drawing a lottery. On top of earning Boost coins whenever you spend, their loyalty programme BoostUp allows users a Shake per transaction to earn surprise rewards. The exact amount of coins you receive depends on various factors. The secret formula isn’t made publicly available but we do know that the number of coins you earn depends on:
But that’s just on the rewards end. Most notably, Boost provides users with a range of valuable features you wouldn’t expect from a mere eWallet. These include:
Core strengths: Multiple rewards systems, wide range of useful features, accepted by small merchants such as hawkers Notable features: Bill payments, make donations, CashUp (cashback), Shake Rewards, UnionPay QR payment Number of merchants: 140,000+ 2- GrabPayIntroduction needed? We think not. Arguably the most used eWallet in Malaysia, where GrabPay triumphs is in their convenience and popularity. If you can’t be bothered with multiple different apps, Grab’s all-in-one digital ecosystem makes life that much easier. We’d also like to point out that GrabPay actually boasts award-winning anti-fraud technology and in 2016, won the Best Fraud Prevention Innovation 2016 award. You might have noticed this when registering with Grab for the first time – their registration procedure alone is one of the most comprehensive around. Core strengths: Easy-to-use interface, wide adoption nationwide, emphasis on safety and security Notable features: GrabRewards points, credits transfer, prepaid top up Number of merchants: 3000+ 3- Touch ‘n Go eWalletSince its launch in 2018, TNG eWallet has quickly expanded to become a major contender in the local playing field. With TNG eWallet, the biggest draw for most users is its PayDirect and RFID feature. PayDirect still requires you to use your Touch ‘n Go card at the toll, but the fares will be deducted directly from your TNG eWallet. This means that users need not worry about finding themselves with insufficient balance and having to shamefully switch lanes (yes, we’ve all been there). If you have your car fitted with RFID, your toll fares will be deducted from your TNG eWallet too. Unlike many other eWallets, TNG eWallet also provides you the option to link your debit/credit card – eliminating a common problem with many eWallets where users find themselves ready to pay at the counter, only to have to top up at the very last minute. Core strengths: Seamlessly pay for toll, broad selection of merchants Notable features: Link debit/credit card, abundance of promotions, PayDirect, pay for street parking, Apple services Number of merchants: 150,000+ 4- GoPayzIn a recent article we published on how to pay zakat with eWallets, we featured GoPayz alongside Boost as these 2 eWallets were the only eWallets in Malaysia who provided this feature. But…what is GoPayz? Launched just last year, GoPayz is the brainchild of U Mobile and their first foray into the Fintech ecosystem. The app emphasises on offering affordable digital financial services and is targeted to the everyday Malaysian. Such services include GoLife – their life insurance product with premiums as low as RM13 for up to RM76,000 coverage. Through the app, users are also able to invest in unit trusts from as low as RM100 as well as perform currency exchange. In that sense, GoPayz is very much an all-rounded lifestyle app rather than what one would expect from a traditional eWallet. But make no mistake, it still functions just like one. Users can still spend at merchants, pay bills, and earn rewards points. There’s even a Shake rewards feature similar to that of Boost’s. You might think that a newbie like GoPayz may lack of merchants, but you’d be glad to know that you can use your GoPayz card at all domestic and international merchants that accept UnionPay, VISA, Mastercard! Core strengths: Makes financial services accessible to all, physical card allows withdrawal from ATM Notable features: Card-based, affordable financial services, widely accepted Number of merchants: All domestic and international merchants that accept UnionPay, VISA, Mastercard 5- BigPayAirAsia’s BigPay was one of the very first card-based eWallets around. BigPay operates on the premise of having a physical card for users to use as they would with a debit or credit card. Of course, that doesn’t mean that users are limited to physical transactions alone – but it’s a handy feature to have. Where BigPay really stands out is its affordable international bank transfers. For a fixed fee of between RM5.00 – RM13.00 (depending on country), users can send money to Vietnam, Bangladesh, India, Indonesia, Nepal, Singapore, Thailand and the Philippines. How about currency exchange fees? Unlike banks which typically charge 2-3%, BigPay doesn’t charge any mark-up fees on currency exchange, but do expect to incur a fee of RM6.00 for local ATM withdrawals with your BigPay card. Core strengths: Ease of use internationally Notable features: Card-based, international bank transfers Number of merchants: All domestic and international merchants (except North Korea and Israel) that accept Mastercard 6- RazerPayNot to be mistaken with RazorPay (the payment gateway based in India), RazerPay is an eWallet primarily in the gamer’s niche and a result of the partnership between the gaming giant and Berjaya Corp. At present, RazerPay operates in both Malaysia and Singapore. Users can top up their RazerPay at any 7-11 store or use their online banking account to add funds. Other features are basic eWallet features you’d expect to see – top up telco accounts and transfer money to friends and family for example. We can’t talk about RazerPay without mentioning how they benefit their target demographic of gamers. Users can use the eWallet purchase PIN codes for services such as Razer Gold, Steam Wallet, Garena and Sony PlayStation. Core strengths: Gamer-centric Notable features: Top up at 7-11, purchase gaming credits Number of merchants: 10,000 + 7- MAE (Maybank eWallet)Maybank Anytime Everyone, or abbreviated as MAE is Maybank’s spanking new eWallet launched just a year ago. You can find it directly in your Maybank2U app. The eWallet is mainly beneficial to non-Maybank users as it allows the same access to Maybank’s QRPay feature. In other respects, it’s a pretty basic version of an eWallet. This is in contrast with MaybankPay. MaybankPay is a mobile wallet where you pay by scanning your phone at merchant card terminals, and funds are deducted from a linked Visa Debit, Visa Credit or Visa Prepaid card. On the other hand, MAE is a traditional network-based eWallet. Users have to top up funds from their bank account into their MAE eWallet and spend from there. This is marketed by Maybank as a budgeting feature, where users can set aside their monthly budget into MAE and spend from there. Any leftover balance can be transferred back into their Maybank savings account. Core strengths: Large breadth of merchants (anywhere that accepts Maybank QRPay) Notable features: Top up at cash deposit machine, split bills, send and request money Number of merchants: 250,000+ 8- SetelSetel makes paying for petrol at Petronas stations a breeze. Without having to leave their car (except to actually pump the petrol, of course), users can:
This is especially useful for those with young children in tow and can’t leave their car unattended. Obviously, this is a very different concept from other eWallets, but an interesting one nonetheless. Note that not all Petronas stations are Setel-enabled. Find one near you here. Core strengths: Pay for petrol conveniently Notable features: Keep track of petrol expenditure, redeem Mesra points Number of locations: 700+ 9- Lazada WalletJust as with Setel, Lazada Wallet also functions on a closed-loop basis. You can read more about open-loop vs closed-loop eWallets here, but basically – closed-loop eWallets are exclusive to a specific retailer. Meaning, you can only use Lazada Wallet to purchase on the Lazada platform. Is this a disadvantage? Not necessarily. As with eWallets in general, the best one for you is the one that you’ll use most often. If you purchase very frequently on Lazada for personal or business purposes, using Lazada eWallet means you not only enjoy faster, hassle-free checkouts, but also get to reap more rebates as and when offered by Lazada. Core strengths: Faster checkout at Lazada Notable features: Top up at 7-11 outlets, receive refunds directly into your Lazada eWallet Number of merchants: Lazada platform only 10- ShopeePayNot a Lazada fan? Prefer Shopee instead? ShopeePay is the exact equivalent of Lazada eWallet but for the Shopee platform. The same premise applies – faster checkout, easy refunds and more rebates. Users won’t have to go through the process of having to log in to their online banking portal and waiting for the one-time password (OTP). Core strengths: Faster checkout at Shopee Notable features: Receive refunds directly into your ShopeePay Number of merchants: Shopee platform only Head to Head: Comparing the top eWallets in Malaysia (for consumers)![]() Which eWallet should I use?The best eWallet for the frequent flyerBigPay. As mentioned, BigPay is the no-brainer choice if you have to travel often, be it for work or leisure. With the physical BigPay card, you can withdraw at any ATM globally for a fee of RM10.00. Merchant-wise, BigPay is accepted wherever Mastercard is accepted. Since the eWallet is a product of AirAsia, you can also expect plenty of savings there too. For every RM10 spent with BigPay, you earn 1 BIG Point, which can then be redeemed for discounted flights on airasiabig.com According to BigPay’s FAQ page, you can also:
The best eWallet for the utilities-heavy familyTouch ‘n Go eWallet. TNG eWallet is the only eWallet which can be used to pay for your TNB bills through 7-11. Aside from PBA and SADA, this e-Wallet also supports all other water suppliers. For all your hefty grocery bills, you’d be glad to know that you can use your TNG eWallet to pay at 12 different grocery chains nationwide from Mydin to Jaya Grocer. Full list here. The best eWallet for the long distance driverSetel and Touch ‘n Go eWallet. For obvious reasons, these two eWallets are the most sensible choices for someone who’s often bound to the seat of their car. For all the petrol you consume, there’s Setel to help you save time when the queue gets long and claim more Mesra points (1 point for every 1 litre of petrol, to be exact). We’re also going to make a guess and assume that you often buy water, snacks and other refreshments while stopping to pump petrol. If so, make sure to pay with Setel to enjoy an extra Mesra point for every RM1 spent at accepted Kedai Mesra. The Touch ‘n Go eWallet also makes all the long drives that much easier as you won’t have to make the extra effort to tambah nilai at the toll. The best eWallet for the savings-savvyBoost. Boost is by and large the best all-rounder eWallet. In particular, it wins us over with how rewarding it is. Cashback, vouchers, promos, Shake rewards…Boost users get the most bang for their buck. The sheer variety of rewards and ways to redeem them makes spending with Boost feel like every penny spent was absolutely worth it. The best eWallet for the shopaholicGrabPay. Whether you shop online or in-store, GrabPay is accepted at most fashion merchants nationwide from Zalora to FashionValet. While Boost is also accepted at many of the same stores, GrabPay seems to be more ubiquitous within the Klang Valley. That said, avid Lazada shoppers may find Touch ‘n Go eWallet to be the better choice, as it’s the only eWallet accepted on the platform (apart from Lazada’s own, which provides no exciting rewards or cashback). Shopee on the other hand, only accepts their own eWallet. In the end, it all boils down to where you shop most often. The best eWallet for the foodieBoost. While this eWallet might not boast the most number of touchpoints as compared to MAE or GoPayz, the overall experience is a much more rewarding one. At present, MAE provides no rewards or cashback, and you won’t find much promotions here either (though it’s rumored that Maybank will be cooking up something soon in this area). GoPayz may be acceptable at merchants who accept UnionPay, VISA and Mastercard – but this rules out many smaller restaurants. Boost on the other hand, doesn’t overlook our local food scene. The eWallet is accepted at most foodie hotspots and even at certain pasar malams and hawker stalls. Wrapping upWe’re starting to sound like a broken record here, but once more – the best eWallet is the one that you’ll get the most use out of. But if there’s one thing we can all agree on, it’s how much we love a good deal. Whichever eWallet you’re using, check out our comparison page where we list out all the eWallet deals in Malaysia so you can get double the savings! And for more useful eWallet guides and resources, our eWallet 101 series has everything you need to know about eWallets in Malaysia and more. Got a favourite? Vote for your preferred eWallet below!Get your opinion heard! Let us know which is your favourite eWallet in Malaysia in this poll, or comment your experience with any of the aforementioned eWallets in the comments section below. From https://blog.ewhallet.com/top-ewallets-in-malaysia/ From https://kimberlyroberts0.blogspot.com/2020/06/top-ewallets-in-malaysia.html from https://kimberlyroberts0.wordpress.com/2020/06/09/top-ewallets-in-malaysia/ from https://marlodubreuil.blogspot.com/2020/06/top-ewallets-in-malaysia.html The basics: What are eWallet fees?If you’ve ever found yourself wondering where eWallets actually derive their profits from (especially when they’re giving away so much cash-back), one of the ways is through fees charged to users and/or merchants. Such fees could include merchant fees, withdrawal fees or fees for premium accounts. We’ll explore these further below. Do note that such fees typically only make up for a small percentage of revenue for eWallet providers. Hence why most Malaysian eWallets completely waive it off – allowing users and merchants both to use their eWallet completely for free! What type of fees do eWallets typically charge?eWallet fees and charges in Malaysia
Deposit feesDeposit fees may also be known as top up fees, and are imposed when you top up funds into your eWallet. Most eWallets in Malaysia don’t charge this fee, but most do have a maximum limit on the amount of funds you can store in your eWallet at any one time. Withdrawal feesWithdrawal fees are charged when you choose to retrieve funds from your eWallet and transfer them into your bank account. Boost refers to this as Cash-Out, and charges 2% of the Cash-Out amount (up to a maximum fee of RM2 for each request) ATM Withdrawal feesCard-based eWallets like BigPay sometimes allow you to withdraw cash from select ATMs, similar to a debit or credit card. These may incur separate fees from withdrawal to your bank account. Internal transaction feesInternal transaction fees are also known as remittance fees. In recent years, many eWallets have introduced the feature to perform fund transfers to other users of the same eWallet. As handy of a feature as it is, you may incur a fee to send money via this feature. Currency conversion feesYou might not associate this with eWallets, but bigger eWallets which accept cross-border transactions will typically have this fee. The best example? PayPal. PayPal charges between 3.5% – 4.0% depending on the currency into which the amount is converted Account upgrade feesEarlier, we mentioned how most Malaysian eWallets will place a cap on the maximum balance you can have in your eWallet. If you’re wondering why, such limits are imposed to mitigate any possible fraudulent transactions. Premium account fees are one-time fees that you can opt for to upgrade your eWallet balance size if you find yourself in need of larger capacity. You’d be glad to know though, that most Malaysian eWallets will not charge you to upgrade your account. Instead, you might be asked to provide extra authentication of your identity (as with Boost). TNG eWallet also allows you to increase your maximum eWallet size from the default RM200 to RM1500 upon linking your credit/debit card, or up to RM5000 once you register as an RFID user. Transaction fees (MDR)While eWallet users in Malaysia aren’t usually charged fees, this is where merchants get the short end of the stick. Merchants looking to partner with certain eWallet companies may be charged a transaction fee or merchant discount rate of approximately 0.5 – 3.0% of every transaction made from customers using the respective eWallet. Joining feesJoining fees or signup fees are one-time fees merchants may be requested to pay in order to partner with an eWallet company. What fees are Malaysian eWallets charging? (for users only)
These fees aside, look out for annual fees, account cancellation fees, or even fees to retrieve account info from your eWallet provider. All in all though, us Malaysians sure are lucky! Most eWallets in Malaysia don’t charge any fees for users at all. Knowing that, let’s use the eWallets that are available to us to our advantage. If you’re keen for more info on eWallets, check out our previous eWallet articles! From https://blog.ewhallet.com/ewallet-fees-and-charges/ From https://kimberlyroberts0.blogspot.com/2020/05/what-type-of-fees-do-ewallets-charge.html from https://kimberlyroberts0.wordpress.com/2020/05/28/what-type-of-fees-do-ewallets-charge/ from https://marlodubreuil.blogspot.com/2020/05/what-type-of-fees-do-ewallets-charge.html |