E-wallet has become part of life of Malaysians where does cashless society more preferable and efficient for the public. Every time one is buying foods, paying for the bills or even ordering foods, the e-wallets are among the best means of financial management. Here is a brief of the most used e-wallets in Malaysia and the comparative advantage and disadvantage of using the wallet.
1. Touch ‘n Go eWallet
Pros:
Pros: This company has been in operation for more than fifteen years and has been able to extend its services in over 1. 4million merchants the list include Tesco, Watsons Giant TNG eWallet is one of the most accepted e-wallets by consumers in Malaysia.
Toll and Parking Payments: TNG eWallet is very compatible with RFID toll system and PayDirect which makes it very easy for the drivers to use.
Security Features: TNG has also what is known as Money-back Guarantee for all the transactions that have been conducted without the user’s authorization.
Cons:
Cons: TNG eWallet poorly compares to its competitors as it lacks a systematic work of rewarding points however at times it does provide for cash back offers.
2. GrabPay
Pros: Super App Integration: GrabPay can easily be accessed by any Grab’s app users for paying for transport, takeaways, as well as groceries. GrabRewards: You also get points which GOPOS on the application and can be used to get rewards.
Broad Utility: GrabPay is therefore convenient to various countries within the Southeast Asia region thus can easily be used most especially by travelers.
Cons: Limited Wallet Size: The Basic GrabPay Wallet has the termed limit of the balance which can only be up to RM500; this might not favour some users who use lots of money.
3. Boost
Pros: Extensive Merchant Network – with April 2016 results, Boost is purchased via 500 000 registered merchants, through internet shops and physical stores too. It also has the Boost Stars that can exchanged to get several kinds of discount and vouchers.
Versatile Payments: Boost enables you to pay bills, complete prepaid card recharging and even establish automatic recharging, making Boost as an ideal, one stop solution.
Cons: Limited Wallet Capacity – still, it is worthy to note that the Premium Wallet can only support transactions of up to 4,999 Ringgit, this may prove restrictive to users with large transactions requirements.
4. MAE by Maybank
Pros: Banking Integration – as for integration with Maybank online banking it is as natural as it could be: one can manage one’s bank accounts, monitor expenditures, and set savings targets all in one MAE application.
Budgeting Tools: MAE contains additional, such as “Tabung,” which allows rounding up transactions helping to budget and save money; this was created for people who want to better perform financial operations.
Cons: Merchant Network – although MAE is well received, its merchants acceptance is not as large and extensive as TNG eWallet or GrabPay
5. ShopeePay
Pros: Integrated with Shopee this is particularly suitable for frequent shoppers on Shopee since it will provide a set of promotions including cashback on the app. It is also more accepted in various the physical and online stores.
Easy Top-ups: Currently, ShopeePay is linked with bank accounts where users can directly add funds to the wallet or through the company’s cash on delivery services.
Cons: Limited Use Outside Shopee – consequently, the use of ShopeePay has strong dependence on the Shopee market and it is less used in other fields.
6. BigPay
Pros: International Use – BigPay is perfect for travellers as it provides competitive exchange rates and an option to withdraw cash in any ATM of the world. I also get value for every spend for AirAsia rewards points.
High Wallet Limit: For high frequency of transaction, BigPay comes with wallet size of up to RM20000 as compared to Boost wallet size limit of RM8000.
Cons: Limited Cashback Offers – in contrast with other e-wallets providers, BigPay has fewer cashback and promotional offers
It can be seen that the strengths and weaknesses of the e-wallets in Malaysia are also varied and they are designed in order to suit the needs of the users. If the user considers the vast acceptance and flexibility as the priority factors, then Touch ‘n Go eWallet and GrabPay will be the best solution; for those who prioritize tools to track their expenses and save money, MAE and Boost are worth choosing. BigPay is great especially for those who travel internationally while ShopeePay is handy for Lite users who shop frequently on Shopee.
Choosing an e-wallet, one has to look for the spending patterns, the accepted merchants, and the additional bonuses such as rewards and saving options.
