List of eWallet in Malaysia: Compare & Find the Best

An electronic wallet, also known as a digital wallet, e-wallet or mobile wallet, refers to an electronic device or online service that allows users to make electronic transactions such as paying bills, buying products and transferring money.

In Malaysia, digital wallets have gained significant popularity in recent years as more people adopt cashless and online payment methods. Some key things to know about digital wallets in Malaysia:

  • Digital wallets in Malaysia store users’ payment details and bank account information to enable contactless and online payments for goods and services. They allow users to link their credit/debit cards and bank accounts.
  • Popular digital wallet providers in Malaysia include Touch ‘n Go eWallet, GrabPay, Boost, Maybank Pay and ShopeePay. These e-wallets can be used to pay bills, transfer money to others, pay for purchases in-store or online.
  • The Malaysian government has implemented initiatives like the National ePayment Framework to promote greater financial inclusion and digitization through the use of e-wallets and other digital payment methods.
  • E-wallets in Malaysia are regulated by Bank Negara Malaysia and must comply with guidelines on security, interoperability and consumer protection.
  • Digital payment adoption in Malaysia is growing steadily with increasing smartphone and internet penetration.

List of eWallet in Malaysia

Digital wallets, also known as e-wallets or mobile wallets, are electronic applications that enable users to store, manage, and make various types of financial transactions securely through their mobile devices or computers. These transactions include payments for goods and services, money transfers, bill payments, and investment management. Here some the list of eWallet providers in Malaysia:

Touch ‘n Go eWallet

In the digital finance landscape in Malaysia, Touch ‘n Go eWallet has emerged as a revolutionary platform, offering an array of services that seamlessly integrate into daily transactions and activities.

Developed by TNG Digital Sdn Bhd, this eWallet system caters to a broad spectrum of financial needs including online shopping, bill payments, and transportation expenses among others.

A notable feature is its interoperability with multiple payment gateways and platforms, thus ensuring convenience for users.

The application prioritizes security by employing advanced encryption technologies. In addition to this, it offers rewards and cashbacks on transactions which further attract users towards its adoption.

Therefore, Touch ‘n Go eWallet represents a significant stride in Malaysia’s transition towards a cashless society.


Undeniably, GrabPay has emerged as a popular digital payment platform, offering users the convenience of seamless transactions for a variety of services. Developed by the ride-hailing app company Grab, this eWallet is embedded within the application and primarily used to pay for Grab services.

  • GrabPay facilitates cashless payments for multiple services such as food delivery, ride-hailing, parcel delivery and even payment at physical stores.
  • Furthermore, it extends its utility by allowing users to make peer-to-peer transfers with ease.
  • An additional feature includes rewards points accumulation which can be redeemed for various discounts or perks.
  • Security measures are prioritised in GrabPay; implementing top-notch encryption technologies to ensure user data safety.

GrabPay’s user-friendly interface coupled with its versatility contribute significantly towards its popularity in Malaysia’s digital economy landscape.


Boost offers a wide range of services that caters to the evolving needs of its user base. Launched by Axiata Digital Services in 2017, this mobile wallet is widely accepted across Malaysia. It boasts a user-friendly interface that allows seamless transactions at more than 140,000 touchpoints nationwide. Beyond payment services, Boost’s features include bill payments, prepaid top-ups, and cashless donations to charitable organizations.

The application also provides an innovative rewards program called ‘Shake Rewards’, where users can earn points by shaking their smartphones after making a payment. These points can be redeemed for various incentives including discounts and cashback offers.

With its diverse offerings and strong presence in the market, Boost has significantly contributed to Malaysia’s transition towards digital economy.

MAE Maybank

Another significant player in the digital payment arena is MAE Maybank, launched by one of Southeast Asia’s largest banking conglomerates. Developed with a focus on enhancing financial inclusivity and broadening digital adoption, MAE Maybank has rapidly gained traction across Malaysia.

  1. Extensive Reach: With its robust network, the e-wallet services are accessible to both Maybank and non-Maybank customers.
  2. Versatility: The platform offers a comprehensive range of services including bill payments, mobile top-ups, online shopping, and fund transfers.
  3. QRPay Feature: Users can make cashless transactions at participating outlets simply by scanning QR codes.
  4. Tabung Feature: It encourages users to save money through gamified saving features.

This innovative platform incorporates user-friendly technology to simplify financial transactions and promote greater economic engagement among Malaysians.


Setel has emerged as a unique platform redefining convenience for motorists. Developed by Petronas, Malaysia’s national oil company, it is designed to facilitate seamless fuel purchases at petrol stations.

The application allows users to bypass traditional payment methods by directly paying from their mobile devices without leaving their vehicles. This offers safety and simplicity during fuel transactions.

The e-wallet also integrates loyalty rewards program Mesra in its interface, enabling consumers to earn points with every transaction made through the app.

Besides fuel-related services, Setel provides features such as locating nearby Petronas stations and viewing current fuel prices.

In summary, Setel combines payment solutions with value-added services to enhance user experience in the Malaysian digital payments ecosystem.


ShopeePay, an integrated mobile payment platform developed by Southeast Asia’s leading e-commerce company Shopee, has seen rapid growth and acceptance among consumers.

This digital wallet is widely accepted in Malaysia and offers a seamless payment experience for online transactions on the Shopee platform as well as offline purchases at partnering retail outlets.

A major factor contributing to its popularity is the range of incentives offered such as cashback rewards, discounts and exclusive deals which enhance user value.

Furthermore, it provides a secure environment for transactions with encryption measures ensuring data safety.

ShopeePay also supports cross-border transactions facilitating international purchases.

Its user-friendly interface and extensive functionalities underscore its position as a significant player in the Malaysian e-wallet landscape.

Lazada Wallet

Lazada Wallet, developed by one of Southeast Asia’s e-commerce giants – Lazada, has carved its own niche in the digital payment space. This e-wallet is designed to provide a secure and seamless shopping experience for consumers in Malaysia.

Lazada Wallet offers an array of versatile features such as instant top-up, cashback opportunities, and exclusive deals that cater to the evolving needs of modern users.

Its user-friendly interface enables easy navigation and simplifies online transactions, thereby reducing time spent on making payments.

The wallet also places paramount importance on security measures which include OTP verification and fingerprint recognition.

These key attributes have positioned Lazada Wallet as a preferred choice among Malaysian consumers for various types of transactions ranging from purchase of goods to bill payments.


Another significant e-wallet service in Malaysia is BigPay. Developed by AirAsia Group, BigPay is an alternative payment method for online transactions and physical stores. It distinguishes itself through its integration with AirAsia’s services, offering customers the advantage of earning points to redeem on flights.

Integrated with AirAsia ServicesEarn points for flight redemptionLimited to AirAsia ecosystem
Cross-border paymentsConvenient international transfersMay involve currency conversion fees
Expense tracking featureEases budget managementNot fully comprehensive
Physical Card AvailabilityCan be used like a debit card at any MasterCard accepted outletPotential risk of loss or theft
No monthly feeAffordable usageTransaction limits apply

Thus, BigPay offers numerous benefits but also has limitations that users should consider before choosing it as their primary e-wallet.


Pivoting to another digital payment platform, KiplePay emerges as a noteworthy contender in the realm of cashless transactions. Established by Green Packet Berhad, KiplePay is a licensed e-money issuer regulated by Bank Negara Malaysia.

Its innovative features include:

  • Peer-to-peer transfer
  • Prepaid top-ups
  • Bill payments

It also supports online shopping and dining payments through QR code scanning, indicating its versatility in various spending categories.

Furthermore, it offers unique services such as parking payment solutions that eliminate the need for physical tickets or coins. Additionally, business owners can utilize KiplePay’s white-label solution to customize their own digital wallets, demonstrating its adaptability to diverse needs.

Overall, KiplePay presents itself as an accessible and user-friendly option within Malaysia’s burgeoning e-wallet landscape.


Wise, formerly known as TransferWise, emerged as a formidable player in the digital financial services sector. Rooted in London, it has extended its services to various countries, including Malaysia. Providing more than just an eWallet function, Wise offers cross-border transactions at competitive rates.

  • Wise aims to make international money transfers cheaper and easier through its peer-to-peer platform.
  • It supports over 50 currencies, enabling users from different regions to transact effortlessly.
  • The platform operates on real exchange rates without hidden fees – a transparent practice that wins customer trust.
  • In addition to personal usage, Wise also caters to businesses with features like batch payments and integration with accounting tools.

Merchantrade Money

Another prevalent eWallet in Malaysia is Merchantrade Money. This digital wallet, developed by Merchantrade Asia Sdn Bhd., offers a variety of services to its users.

Notably, it functions as a Visa prepaid card that can be utilized for both local and international transactions. It allows customers to conduct contactless payments, online purchases, and ATM withdrawals globally.

Additionally, an important feature of this eWallet is the ability to hold up to 20 currencies concurrently. This multi-currency functionality makes it particularly advantageous for travellers or those conducting international business.

Furthermore, users can track their spending and manage their finances through the app’s user-friendly interface.

Thus, Merchantrade Money offers a comprehensive financial management tool through its digital wallet platform.

AEON Wallet

AEON Wallet, developed by the prominent retail corporation AEON Co. Ltd. This electronic wallet offers myriad features that make financial transactions easier for its users, thereby enhancing their overall shopping experience in Malaysia.

AEON Wallet provides several key features:

  • The ability to make payments at any AEON store and other selected partners nationwide
  • A QR code scanning system for quick and secure transactions
  • The option to receive exclusive coupons directly within the e-wallet application
  • A seamless top-up feature via linked bank accounts or at any AEON counter

These attributes have contributed significantly to the growing popularity of AEON Wallet as one of the preferred e-wallets among consumers in Malaysia.


MCash, a promising digital finance platform, has been designed to simplify monetary transactions for its users. It is a Malaysian-born eWallet service that provides an easy and secure way to make payments, transfer money, and even purchase mobile phone top-ups. MCash strives to be more than just a payment system by integrating lifestyle services within the application.

1Payment SystemMCash allows users to make payments at partnered retailers simply by scanning QR codes.
2Money TransferUsers can securely send money to others with an MCash account instantly.
3Mobile Top-UpThe platform also offers mobile phone top-up services for various telecommunication providers in Malaysia.
4Lifestyle Services IntegrationIncludes features such as booking tickets for transportation or movies directly from the app.


SarawakPay, a digital financial platform conceived in the heart of Borneo, offers an innovative approach to handle monetary transactions, aiming to improve users’ experience with its multifaceted features. As a product of the Sarawak Government’s initiative towards digitization and financial inclusion, SarawakPay serves as an e-wallet that provides seamless and secure transactions.

  1. The platform is designed for ease of use, enabling quick access to funds and transaction history.
  2. It adheres to high standards of security measures ensuring safe online payments.
  3. SarawakPay facilitates various types of payments such as bill payments, mobile reloads, and fund transfers.
  4. It can be accessed through mobile devices or computers anywhere at any time providing convenience to its users.

What is the Best eWallet in Malaysia?

There is no definitive “best” e-wallet in Malaysia as different digital wallets may be preferable based on individual needs and usage. However, some of the most popular and full-featured e-wallets in Malaysia include:

  • Touch ‘n Go eWallet – One of the largest e-wallet providers in Malaysia with over 10 million users. It allows bill payments, cash withdrawals, P2P transfers and can be used at retailers accepting Touch ‘n Go payments.
  • GrabPay – Owned by the popular ride-hailing app Grab, it is widely used for transportation, food delivery and online shopping. Provides cashback rewards and integration with other Grab services.
  • Boost – It offers bill payments, cash withdrawals and money transfers. Users can earn Boost points from spending.
  • ShopeePay – Popular e-wallet from Shopee with cashless payment features for shopping on Shopee and other online/offline merchants. Offers Shopee Coins as rewards.
  • Maybank MAE – Digital wallet from Maybank that allows online banking, bill payments and P2P transfers. Has tie-ups with various merchants.

The best e-wallet depends on individual needs like which merchants are frequently used, cashback/rewards preferences, banking tie-ups and other value-added services. All major e

Growth and Adoption of Digital Wallets

Statistics on the Growth of Digital Wallets in Malaysia

The adoption of digital wallets in Malaysia has been on a steady rise in recent years. According to a report by Statista, the number of users of digital payment services in Malaysia reached approximately 19.5 million in 2021, a substantial increase from previous years. This growth can be attributed to several factors.

Factors Contributing to Increased Adoption

The increased adoption of digital wallets in Malaysia can be attributed to several key factors. Firstly, digital wallets provide a convenient and efficient method for making payments, eliminating the need to carry physical cash or cards.

Many digital wallet providers in Malaysia offer appealing promotions, cashback rewards, and discounts, which incentivise users to conduct transactions through their platforms. The widespread use of smartphones in Malaysia has also played a significant role in the adoption of digital wallets, as it has made these apps easily accessible to a large portion of the population.

The COVID-19 pandemic has accelerated the transition to digital payments, as people have increasingly sought contactless options to minimise the risk of infection.

Key Players

Major Digital Wallet Providers in Malaysia

Several digital wallet providers have established a significant presence in the Malaysian market, including:

  1. GrabPay: Grab’s mobile wallet, initially known for ride-hailing services, has expanded its offerings to include payments for food delivery, shopping, and more.
  2. Boost: Boost is a popular e-wallet that offers a wide range of services, from mobile top-ups to bill payments and online shopping.
  3. Touch ‘n Go eWallet: Touch ‘n Go’s e-wallet is widely used for various transactions, including toll payments, public transportation, and retail shopping.
  4. MAE: Maybank offers its digital wallet, providing users with convenient access to their banking services.

Government Initiatives

Regulatory Framework

The Malaysian government has introduced a regulatory framework to oversee digital wallet operations and ensure consumer protection and financial stability. Regulations include Know Your Customer (KYC) requirements, transaction limits, and reporting obligations.

Initiatives to Promote Digital Payments

The government has actively promoted digital payments and e-wallet usage through various campaigns and incentives. These initiatives aim to reduce the reliance on cash, enhance financial inclusion, and drive economic growth.

Use Cases

Common Use Cases

Digital wallets are versatile and widely used across various sectors in Malaysia, including:

  1. Retail: Users make payments at retail stores, both physical and online, using digital wallets.
  2. Transportation: Digital wallets are integrated with public transportation systems, allowing users to pay for rides on buses, trains, and even tolls.
  3. Food Delivery: Ordering and paying for food through delivery apps is a common use case for digital wallets.

Integration Across Industries

The adoption of digital wallets extends to multiple industries, streamlining payment processes and enhancing user experiences. For example, users can book and pay for rideshares, purchase movie tickets, and even pay for groceries using digital wallets.

Challenges and Opportunities

Security and Privacy Concerns

While digital wallets offer convenience, they also raise security and privacy concerns. Users must safeguard their personal information and financial data from potential cyber threats. Providers must invest in robust security measures to protect users.

Opportunities for Expansion

The digital wallet market in Malaysia continues to evolve, presenting opportunities for expansion and innovation. New features, partnerships with businesses, and international collaborations can fuel further growth.

Future Outlook

The digital wallet industry in Malaysia is poised for continued growth. Predicted trends include the expansion of contactless payments, integration with emerging technologies like blockchain, and the introduction of more user-friendly interfaces.

Impact on the Malaysian Economy and Society

Digital wallets are expected to contribute significantly to Malaysia’s economic development by reducing the reliance on cash transactions, increasing financial inclusion, and improving overall efficiency in the payment ecosystem. Moreover, they align with the government’s vision of becoming a cashless society.

As the adoption of digital wallets continues to grow, we can anticipate further innovations and positive transformations in Malaysia’s payment ecosystem.

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