A mobile/e-wallet is an electronic/virtual wallet you carry in your smartphone.
Most e-wallets require you to load money into the e-wallet app which you can then use to make purchases.
Many e-wallets throw in some bonuses like discounts and/or cashback to encourage you to use your digital wallet.
e-Wallet Pros and Cons
PROS:
• Convenience of carrying less cash (re: less bulky wallets).
• Security of not losing your cash if you lose your wallet (or phone).
• Offers, discounts and cashback benefits.
CONS:
• Risk of e-wallets getting hacked, breached or involved in fraud.
• Too many e-wallets with different merchants accepting different e-wallets.
• Forgetting your e-wallet password, losing your phone or running out of juice.
• Discontinued e-wallets may cause you to lose/be unable to retrieve money stored in the wallet.
How do e-Wallet providers make money?
• Commission from businesses for transactions using the e-wallet.
• Funds deposited by users gain deposit interest.
• Advertising/marketing fees for promoting merchants and businesses.
Most popular e-Wallets in Malaysia
• Use: Mobile Top Up, F&B, Shopping, Pasar Malam, Food Trucks, Events, KLIA Ekspres, Parking
• Withdrawal: Yes (Premium wallet users) 2% fee capped RM2
• Features: Cashback (shake it!), Discounts
• Earnings: 5.0% (although kinda random)
Verdict: Boost is arguably the leading e-Wallet and is widely accepted
• Show Referral Code
FavePay
• Use: F&B, Shopping, BIG Points
• Withdrawal: No (N/A as payments done through your Credit Card)
• Features: Linked to Fave discount app/site; Cashback usable at the same merchant
• Earnings: 5.0% – 10.0%
• Verdict: FavePay isn’t really an e-wallet as it doesn’t store cash but is more of an extension of Fave (previously Groupon). However, it does give cashback/freebies with merchants. Also you can link your AmEx card.
• Show Referral Code
GrabPay
• Use: GrabCar, KLIA Ekspres, F&B, Shopping, Entertainment
• Withdrawal: Case-by-case basis (you can transfer though)
• Features: Reward Points, Tiered Reward Memberships
• Earnings: 5.8% – 8.8% (Gold)
• Verdict: If you Grab regular, grab GrabPay.
• Show Referral Code
BigPay
• Use: AirAsia Flights, Big Points, Competitive Exchange Rates, Free P2P transfers
• Withdrawal: RM6 (Malaysia), RM10 (overseas)
• Features: Works like Prepaid MasterCard, P2P transfers (daily limit RM2,000)
• Earnings: ~0.1% cash equivalent in Big Points from top up/spending. ~3.0% with 0% fees on MasterCard exchange rates
• Verdict: Since you can now fly with AirAsia, BigPay helps you save on AirAsia credit card fees and oversea purchases.
• Show Referral Code
Razer Pay (formerly MOLpay/One2Pay)
• Use: Mobile Top Up, Virtual (Gaming) Currency, F&B
• Withdrawal: Yes (for verified users)
• Features: Razer Store, P2P transfer
• Earnings: 0.0% (But if you convert to Razer’s own digital currency zGold, you get approximately 10.0% extra zGold for purchases on Razer Store)
• Verdict: Mainly beneficial if you are a Razer fan/gamer. The recent free RM10 launch promo was pretty buggy too.
Touch ‘n Go App
• Use: Mobile Top Up, Utilities, Postpaid Bills, Movies, Retail, MRT/LRT
• Withdrawal: No
• Features: TnG Top-Up (via a physical terminal), Subway (limited stations)
• Earnings: 0.0%
• Verdict: Skip this until the most important functions for mobile TnG Top-up, and expand subway station coverage are fixed.
Other e-Wallets
• Alipay
• CIMB Pay
• kiplePay
• Lazada Wallet
• Maybank Pay
• Samsung Pay
• WeChat Pay
• vcash (by Digi)
This article first appeared in https://mypf.my