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Touch ‘n Go eWallet, ShopeePay, GrabPay, Apple Pay: Comparing E-Wallets In Malaysia

Earn rewards to offset purchases when you pay with e-wallets.

 

Adoption of cashless payments has grown in the last couple of years, with more than 64% of Malaysians using e-wallets.  

Some of the benefits of using e-wallets include being able to make payments conveniently with just a few taps on your phone, without the need to carry large amounts of cash, and even earning reward points when you make transactions.  

Digital wallet providers also tend to have an ecosystem of services whereby you get to access not just payment solutions but also other cross-services more conveniently. 

#1 Touch ‘n Go eWallet 

Touch ‘n Go eWallet (TNG eWallet) is managed by TNG Sdn Bhd. It is the same company that offers TNG cards which are used for paying toll, parking and public transport fares in Malaysia. 

Read Also: Guide To Buying A Touch ‘N Go Card And What You Can Use It For

Due to its prevalent usage especially among road users, the TNG eWallet is one of the most used digital wallets in the country.  

There are three tiers to TNG eWallet’s subscription: Lite, Pro, and Premium.  

Types of eWallets  Wallet Size  Monthly Transaction Limit 
Lite  RM200  RM2,000 
Pro  RM5,000  RM5,000 
Premium  RM20,000  RM25,000 

Source: TNG 

You start out as a Lite tier user when you register for your e-wallet. Then, you can upgrade by completing certain actions like verifying your account through eKYC.   

Users of Pro- and Premium-tier eWallets are eligible for money-back guarantee protection, which fully compensates users should their balance be lost through unauthorised transactions.  

Meanwhile, only Premium-tier users can access the investment feature GO+, which potentially allows users to earn returns on their balance. 

#2 ShopeePay 

ShopeePay is a digital wallet introduced by e-commerce giant Shopee that allows you to transfer and receive payments to your contacts and withdraw funds to your bank account.  

You can also make online payments within Shopee and offline payments with merchants accepting ShopeePay. 

You can top up to RM2,999 for unverified accounts and up to RM4,999 for verified accounts. You can make a maximum transaction of RM4,999 each time, provided you have a sufficient balance.  

ShopeePay Account   Wallet Size  Monthly Transaction Limit 
Unverified accounts  RM2,999  RM4,999 
Verified accounts  RM4,999  RM4,999 

Source: ShopeePay 

If you shop often on the Shopee platform, using ShopeePay to make payments lets you earn Shopee coins, which is a form of cashback. The coins can then be used to offset your purchases on Shopee. 

#3 GrabPay 

GrabPay is a popular e-wallet offered by Southeast Asia’s leading super app, Grab. It allows you to make payments for a wide range of Grab services, like food delivery, grocery shopping (GrabMart), and rides.  

There are three types of GrabPay Wallets: Basic, Premium, and Business.  

The Basic GrabPay Wallet lets you keep up to RM500 in balance and has the basic function of making payments. Whereas, the Premium GrabPay Wallet lets you hold up to RM1,500 and transfer credits to others.  

GrabPay Wallet  Basic  Premium 
Daily Limit  RM500  RM1,500 
Monthly Limit  RM4,999.99  RM10,000 

Source: GrabPay 

Additionally, when you use GrabPay to make transactions, you will earn more GrabRewards Points compared to cash, which you can redeem for Grab vouchers and other attractive rewards.   

#4 Boost  

Boost is managed under the fintech arm of one of Malaysia’s biggest telcos Axiata. Touted as a lifestyle e-wallet, it is accepted by over 500,000 merchants, which includes e-commerce platforms, restaurants, and entertainment outlets.   

Furthermore, when you use Boost to make payments on qualified spending, you can accumulate Boost Stars that can be redeemed to pay Celcom phone bills and electric bills. There are also discount vouchers and items that you can redeem with Boost Stars. 

There are two types of Boost Wallets: Basic and Premium. In the Basic wallet, you can store up to RM1,000 and the monthly spending limit is set at RM2,000.    

Whereas, the Premium Wallet option comes with a higher wallet capacity of RM4,999 and a monthly spending limit of RM4,999. 

Boost Wallet  Basic  Premium 
Wallet Size  RM1,000  RM4,999 
Monthly Limit  RM2,000  RM4,999 

Source: Boost 

#5 MAE App 

The Maybank e-Wallet (MAE) offers an array of online banking services including paying bills, loans, credit cards, and transferring funds. Besides, you can also view your Maybank account and download statements for your budget planning. 

Other features include Tabung a savings pocket that lets you create up to 10 goals and track your progress in real time.  

You can even invite up to 5 of your family and friends to save in a group and motivate each other to achieve each other’s savings target. Furthermore, there are also Boosters that help you save up faster.  

If you activate the Spare Change Booster, MAE will round up your transactions to the amount you’ve set and put the balance into your Tabung. For example, you paid RM9.20 for a slice of cake. MAE will round up the amount to the nearest ringgit, which is RM10 and the extra RM0.80 will be placed into your Tabung.   

A MAE account has a balance limit of RM4,999 and monthly debit limit of RM5,000.  

MAE Wallet  Basic 
Wallet Size  RM4,999.99 
Monthly Limit  RM5,000 

Source: (MAE) 

#6 BigPay 

Operated by AirAsia, BigPay is designed to be a traveller’s companion. Aside from letting you pay bills, the account comes with a Visa card that lets you pay for items or services in the local currency at a real-time exchange rate when you travel overseas.  

You can also withdraw money from ATMs that accept Visa cards or make local or international bank transfers from your phone.  

Your spending with BigPay will entitle you to earn AirAsia rewards points, which you can use to redeem trips on over 150 AirAsia destinations. 

You can keep up to RM20,000 in your BigPay card. 

BigPay  Basic 
Wallet Size  RM20,000 
Daily Contactless Payment Limit  RM1,000 
Monthly Local Bank Transfer Limit  RM10,000 

Source: BigPay 

#7 Apple Pay 

For Apple device users, Apply Pay is another cashless option to make online and offline payments.  

To make payments, you can add debit or credit cards from banks such as Maybank, HSBC Bank, Standard Chartered Bank, Ambank and American Express to the existing Wallet App on your iPhone. There’s no need to download a separate app, and it is offered on all of the latest Apple devices, such as the iPhone, Apple Watch, Mac, and iPad.   

As long as you’re still using your bank cards, you can still retain and earn card rewards when making payments.  

The daily transaction limit is per the limit of the debit or credit card you add to the Wallet App on your Apple device. 

#8 Google Pay 

On the other hand, android device users can opt to pay via Google Pay by adding payment cards to the Google Wallet app. 

Currently, the banks that support Google Pay include Public Bank, Hong Leong Bank, CIMB Bank, Standard Chartered Bank, AmBank, HSBC Bank and Wise.    

You can make payments via Google Pay with several devices such as the Wear OS smartwatch and Fitbit. 

For smaller payments, you don’t even need to unlock your device but a transaction limit of RM250 is imposed on transactions made with a locked device. 

Securing Your E-Wallet Against Cyber Crimes 

Cybercrimes have been on the rise in recent years. As a digital wallet user, you can take some preventative steps to secure your digital wallet.  

For starters, access your account only through the official app or website. Do not click on hyperlinks or download the apps from unknown sources. When setting up your account, make sure to set a long and unique password.   

It’s important to not reveal details such as account password and one-time password (OTP) to anyone including people claiming to be a staff of the e-wallet provider company. 

You may also wish to avoid using public WiFi, which can be prone to hacking. If you need to access your account on the move, do so when you have secured internet access or VPN. Lastly, if you have any issues with the e-wallet provider, use the official communication mode (ie. contact number or email address) to reach out to them. These few steps can help ensure you have a safe and secure experience each time you use your digital wallets.  

Read Also: StashAway, MyTHEO, KDI Invest, Wahed Invest, Raiz: Guide To Investing In Robo-Advisors In Malaysia 

 

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