10 Top E-Wallets in Malaysia and How They Work

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10 Top E-Wallets in Malaysia and How They Work

Deepening of technological penetration is enabling rapid tectonic shifts in our society, setting the stage for more cashless transactions. In fact, the digital economy, one of the major contributors to Malaysia’s GDP, is expected to achieve a target of 20% by 2020.

The country is already witnessing a growing number of people embracing cashless modes of payment like e-wallets over traditional methods like using cash.

Malaysia has already hit the cashless path, but there’s still a long way to go. E-wallet payments constitute half of the total cashless payments made in Malaysia, which only make up 20% of the total payments made in the country.

However, with substantial information being rolled out to the consumers on how such platforms work and they realising many of its benefits, it is rather safe to say that more and more Malaysians will adopt convenient digital transactions in the future.

Let’s check out 10 top e-wallets in Malaysia (in no particular order), how they work and what they offer to make your daily transactions convenient and rewarding.

1. vcash

This easy-to-use mobile payment platform curated by Digi has garnered rave reviews since its introduction in 2017. You can not only make payments but also transfer or request money through the platform.

How it works and other features

  • You just need to scan the QR code to initiate payments
  • Transfer to or ask for money from anyone with a valid Malaysian phone number
  • Put a customised text like SMS while making money transfers
  • Set a reminder for those who are supposed to pay you. vcash will remind them through push notifications
  • Secured transactions with a PIN or finger impression
  • Deposit money into your vcash wallet through online banking, JomPAY, vcash-supported stores, and more
  • The vcash app is available in 3 languages — English, Bahasa Malaysia and Mandarin

Things to remember

  • Basic, Enhanced, and Premium vcash customers can store RM500, RM2,500, and RM5,000 in their mobile wallets respectively
  • Enhanced users can transfer RM50 per day while Premium customers can transfer up to RM1,000 per day
  • Premium users can withdraw RM500 per day
  • The app supports both Android and iOS
  • You can see vcash-supported shops in the app
  • vcash is absolutely free
  • No minimum balance required to keep your account active

Related: 4 Major Benefits of Going Cashless!

2. Samsung Pay

Another easy-to-use payment gateway, Samsung Pay uses Near Field Communication (NFC) and Magnetic Secure Transmission (MST) to carry out safe and secure online payment transactions. While MST catches magnetic signal to facilitate transactions, NFC uses a tap-to-pay method to make payments. Most retailers in Malaysia accept Samsung Pay.

How it works and other features

  • You need to download the app from the Samsung Galaxy Apps store and then sign in to your Samsung account
  • Put your finger impression on your phone to get registered
  • You can also register using the iris scanner or by PIN authentication
  • Register your debit or credit cards by scanning them through the camera
  • You need to further validate your identity by keying in a code sent to you through a phone call, SMS, or email
  • You just need to tap the device at the payment terminal to facilitate transactions
  • Samsung Pay uses Tokenization and Samsung KNOX for protection against malware and other internet-linked threats

Things to remember

  • NFC and MST terminal payments are limited to up to RM250
  • Samsung Pay supports the following banks – Citibank, HongLeong, RHB, Public Bank, Standard Chartered, and Maybank.
  • It supports the following devices – Galaxy S9 and S9+, Galaxy Note FE, Galaxy Note8, Galaxy S7 and S7 edge, Galaxy S8 and S8+, Galaxy A8 and A8+, Galaxy Note5, Galaxy S6 edge+, Galaxy A9 Pro, and Galaxy A5 and A7 (2016 & 2017)
  • You can register your bank cards even if you are outside the country
  • You can also link barcode-based loyalty cards to Samsung Pay

Related: 10 Awesome Budgeting Apps to Help You Manage Your Money Better

3. Visa Checkout

Visa Checkout allows you to enjoy a hassle-free shopping experience. This digital payment gateway not only supports cards offered by Visa but also accepts other types of debit and credit cards. It is accepted by various merchants across Malaysia.

How it works and other features

  • You can save your Visa credit and debit cards along with your shipping details on the platform to facilitate easy payment
  • You don’t need to fill in forms every time you make a purchase as your card details are already saved on the app
  • You can use this facility from your phone, laptop or desktop
  • It has multiple layers of security to facilitate secured payment

Things to remember

  • You just need to enter your personal and card details once
  • It is a free service
  • It is accepted at more than 200 outlets in Malaysia

Related: 8 Mobile Apps You Can Use to Make Money on the Side in Malaysia

4. CIMB Pay

With CIMB Pay, you can use your mobile phone as an e-wallet. You can register all your CIMB credit, debit, and prepaid cards on this app to carry out transactions on-the-go. It is integrated with NFC and Masterpass technology to help you make payments in a safe and secure manner. It can also be used as a complete lifestyle app.

How it works and other features

This app has a two-way payment process – one for in-store payments and another for online payments.

In-store payments:

  • Place the app near the payment gateway
  • Use passcode or fingerprint to use the app
  • Tap your mobile at the payment terminal to initiate the transaction

Online payments:

  • Tap Masterpass at the time of checkout
  • Put your email id, choose the CIMB Pay wallet, and key in your passcode to authenticate the use of the app
  • Select a card and your shipping address

Other features

  • Discover latest deals and offers rolled out by CIMB cards
  • Make purchases on-the-go
  • It follows a simple three-step registration process
  • Multi-layered security facilitates safe and secure online transactions

Related: 8 Free Fitness Apps to Get Instead of Gym Memberships

5. Masterpass

Masterpass by Mastercard offers fast and secure online payment transaction. You can store your credit, debit, and even loyalty cards under one roof. Its working mechanism is quite similar to that of Visa Checkout, where you just have to register your cards and shipping details only once.

How it works and other features

  • You need to confirm your identity and choose a password
  • Just add your cards along with your loyalty information
  • While checking out, tap on Masterpass to sign in
  • Select your desired card to complete the purchase
  • You don’t need to pay any fee to use this app

Things to remember

  • If you want to receive notifications regarding your Masterpass account, you need to pay messaging fees
  • Cards you can include are debit, credit or prepaid cards issued by Visa, MasterCard, Diners Club, American Express, and Discover
  • You can only use it wherever you see the Masterpass button

Also check out: 7 Top Rewards Credit Cards that Make Spending More Fun!

6. PayPal

PayPal is probably the most common payment gateway used by small businesses. You can create three types of accounts on PayPal – Personal, Premier, and Business. You can link your debit or credit cards to carry out transactions.

How it works and other features

  • Sign up for PayPal for free
  • While making a purchase choose PayPal at the time of checkout
  • You have the facility to pay on-the-go
  • Protected by Buyer Protection, which covers almost all online purchases

Things to remember

  • You don’t have to pay any fees while making payments through eChecks or PayPal balance on a Personal account
  • Transaction fees will be charged if someone transfers money using a debit or a credit card to your account
  • If you don’t have sufficient balance in your account, the amount will be deducted from your credit card that’s linked to PayPal
  • You will get the top-up service only if you have an RHB account

Also read: How Credit Healthy Are You? 7 Signs You Have a Good Credit Score

7. Boost

Boost is another e-wallet that lets you scan the QR code to pay for their purchases. A relatively new player in the market, the app can be used at certain locations in and around the Klang Valley area.

How it works and other features

  • Use the “Scan & Pay” function to make payments
  • Send money to friends and family from your boost wallet without any additional charges
  • Enjoy great deals and discounts on online shopping, gaming, movies, music, etc.
  • Top up your mobile credits in 5 seconds
  • 17 banking partners, including M2U, CIMB Clicks, and more.

Things to remember

  • You need to add money to your Boost wallet before using it
  • You can also earn cashback when you top up your prepaid mobile with Boost.
  • A single Boost account can be linked to one mobile number and not multiple numbers

Also read: 10 Important Tips to Steer Clear of Credit Card Debt

8. WeChat Pay My

WeChat, the popular Chinese mobile chat giant, launched its digital payment gateway WeChat Pay My in Malaysia in June in a phased manner. The e-wallet can be used for peer-to-peer money transfer as well as to make payments to offline merchants through its Quick Pay functionality.

Hong Leong Bank Bhd has already received a green signal from Bank Negara Malaysia to offer online payment services through WeChat Pay My.

“The digital wallet lets locals make payments and transfer money in ringgit once a Malaysian debit card has been linked. It also offers a range of everyday functions – such as mobile phone top-ups, and bus and plane ticket booking – although the depth of services is still limited compared to those available in China,” TechinAsia reported in August.

Related: Must Check Out: 5 Free AKPK Financial Education and Debt Management Programmes

9. GrabPay

Well, popular ridesharing operator Grab has come up with its own digital wallet GrabPay, and it offers way more than just paying for your cab rides!

Features you’ll love:

  • Top up your GrabPay Credits with your debit card, credit card, internet banking or using cash at 7-Eleven (MOLPay CASH)
  • Use your Grab Credits to pay for your rides, to make purchases at a number of partnering stores (view the full list here), to order food through GrabFood, for prepaid top up and to transfer Grab Credits to your loved ones
  • You’ll also earn GrabRewards points on your GrabPay payments which can be redeemed for attractive deals
  • Award-winning wallet security with partnerships with trusted tech companies, encryptions and protection with a 24×7 fraud detection team

Things to remember

  • You can set up your Grab Wallet with entering your full name, email address, phone number and MyKad/Passport number
  • Set up a difficult Grab PIN and do not share it with anyone else. Reach out to Grab helpdesk immediately if you face any issues

Must read: How Do Alternative E-hailing Services Compare to Grab?

10. DuitNow

Image: A screengrab of the DuitNow website

This instant money transfer service has probably created the biggest buzz in the country! PayNet’s DuitNow has already partnered with 44 banks in Malaysia and is all set to roll out on December 8, 2018.

With DuitNow, Malaysians can instantly send/receive money on a 24/7 basis to mobile numbers, NRIC numbers or business registration numbers.

To register, log on to the internet banking website/app of your bank and look for DuitNow under “Funds Transfer” or “Send Money” menu. Perform a one-time registration for DuitNow by linking your IDs (e.g. mobile number, NRIC number or business registration number) with your bank accounts to register. You can then enter the recipient’s id, confirm the transaction detail, and voila, the amount will be transferred to the recipient’s account instantly!

DuitNow transfers are free for up to RM5,000. For transactions above RM5,000 a fee of 50 sen may apply. Consumers may transfer up to RM 50,000 per transaction at banks and businesses may transfer up to RM 10,000,000 per transaction at banks. That said, the limit may vary according to the policies of particular banks.

Also, you can register multiple IDs, as long as your IDs have been verified by your bank. However, one ID can only be registered to one bank account.

Future dated transfers, recurring transfers and a feature to save favourite recipients for faster transfers are other notable features.

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