eWallets: The Future of Digital Payments

April 25, 2023 in Latest News, Shinjiru All, Shinjiru Tip Sharing by Nadhira ZA

As the world becomes increasingly digital, traditional methods of payment are rapidly being replaced by more convenient and secure alternatives. One of the most popular of these alternatives is the eWallet, a digital wallet that allows users to store and use their payment information online.

eWallets are gaining popularity among consumers because they offer a fast, safe, and convenient way to pay for goods and services online. They also offer added security features like two-factor authentication and encryption to protect user information and transactions from fraud and hacking.

Moreover, eWallets provide an easy way for consumers to manage multiple payment methods and store their payment details in one place. They are also becoming more widely accepted by merchants, making it easier for consumers to pay for goods and services at online stores and retail locations.

This blog will explore the benefits of eWallets in more detail, discuss the different types of eWallets available, and provide tips for choosing and using an eWallet that best suits your needs. Whether you’re a business owner looking to expand your payment options or a consumer looking for a more convenient and secure way to pay, this blog will provide valuable information on eWallets and their benefits.

What are eWallets?

eWallets, also known as digital wallets or mobile wallets, are digital versions of traditional wallets that allow users to store and use their payment information for online and offline transactions. eWallets typically store payment information like credit card numbers, bank account details, and other payment methods, allowing users to make purchases or transfer money with just a few clicks on their smartphones or computers.

eWallets work by securely encrypting and storing a user’s payment information on a server or on their device. When a user wants to make a payment, they simply select the payment method stored in their eWallet and authorise the transaction with a PIN, password, fingerprint, or facial recognition.

The ability to keep the details of many cards is another advantage of utilising an eWallet, in addition to enabling simple and fast payments. By doing this, you won’t need to carry about a variety of cards, including loyalty cards and store cards. Even coupons can be stored on some eWallet platforms.

eWallets also provide some level of protection because you don’t need to carry cash or a wallet that might get stolen or misplaced. You can still sign into your eWallet even if you misplace your phone by using a different device. Additionally, before a purchase can be made, you must provide some kind of authorization, like a PIN or a biometric scan of your fingerprint. This reduces the likelihood of fraudulent purchases.

Many merchants are now giving customers the option to pay with eWallets because of how much their popularity has grown. Even if there are still some companies that haven’t upgraded to the latest tech, it’s likely that they will do so soon.

What are the advantages of eWallets?

eWallets offer several benefits over traditional payment methods, including:

Convenience: eWallets allow users to make payments quickly and easily, without the need to enter payment information every time they make a purchase. They can also store multiple payment methods in one place, making it easier to manage finances.
Security: eWallets use advanced security measures like encryption and two-factor authentication to protect user information and prevent fraud. They also provide users with the ability to lock or remotely wipe their wallet if their device is lost or stolen.
Accessibility: eWallets are widely accepted at online and offline merchants, making it easier for users to make payments in a variety of settings. Some eWallets also offer international payments, which can be more convenient and cost-effective than traditional methods.
Cost-effectiveness: eWallets may offer lower transaction fees compared to traditional payment methods, which can help users save money over time.
Rewards and promotions: Some eWallets offer rewards and promotions for using their service, such as cashback, discounts, or loyalty points, which can incentivize users to use the service more frequently.

Overall, eWallets provide a more convenient, secure, and accessible way for users to manage their finances and make payments.

List of eWallets in Malaysia

Source: CompareHero

53 e-money issuers, including 47 non-bank e-money licences, are listed on BNM’s website under the category “e-money issuers” until 2022, according to CompareHero. Given the number of options available, it is understandable that selecting the best e-wallet for Malaysia can be difficult.

#1 Boost

Boost is a popular eWallet in Malaysia that allows users to make payments, transfer money, and purchase goods and services with their smartphones. It was launched in 2017 by Axiata Digital and is available for download on both iOS and Android devices. Boost offers a variety of features, including a rewards program, cashback promotions, and the ability to pay bills and top-up mobile credit. It also supports peer-to-peer transactions and international payments. Boost uses advanced security measures to protect user information and transactions, including two-factor authentication and encryption. Overall, Boost is a convenient and secure way for users to manage their finances and make payments in Malaysia.

#2 GrabPay

GrabPay is a mobile wallet and payment platform offered by Grab, a popular ride-hailing and logistics company in Southeast Asia. It allows users to make payments for a variety of services, including transportation, food delivery, and shopping. GrabPay is available in Malaysia and other countries in the region, and can be downloaded as an app on both iOS and Android devices. It offers features such as cashback rewards, discounts, and the ability to split bills with friends. GrabPay also provides users with a secure and convenient way to make payments, using advanced security measures like encryption and biometric authentication. Overall, GrabPay is a popular and reliable eWallet in Malaysia.

#3 Touch ‘n Go eWallet

Touch ‘n Go eWallet is a popular mobile wallet and payment platform in Malaysia that allows users to make payments, transfer money, and purchase goods and services with their smartphones. It was launched in 2018 by Touch ‘n Go, a Malaysian transportation services company. The eWallet can be downloaded as an app on both iOS and Android devices and offers a variety of features, including cashless payments for public transportation, toll payments, and parking fees. It also offers promotions and discounts on a variety of services, including groceries, dining, and shopping. Touch ‘n Go eWallet uses advanced security measures like biometric authentication and encryption to protect user information and transactions. Overall, it provides users with a convenient, secure, and cost-effective way to manage their finances and make payments in Malaysia.

#4 BigPay

BigPay is a mobile wallet and payment platform that was launched in 2018 by AirAsia, a popular airline in Southeast Asia. It allows users to make payments, transfer money, and purchase goods and services with their smartphones. BigPay is available in Malaysia and other countries in the region, and can be downloaded as an app on both iOS and Android devices. It offers features such as no-fee currency exchange, budget tracking, and real-time transaction notifications. BigPay also provides users with a secure and convenient way to make payments, using advanced security measures like biometric authentication and encryption. Overall, BigPay is a popular and reliable eWallet in Malaysia, especially for those who frequently travel abroad.

#5 MAE

MAE (Maybank Anytime, Everyone) is an eWallet launched by Maybank, one of the largest banks in Malaysia. It allows users to make payments, transfer money, and purchase goods and services with their smartphones. The eWallet can be downloaded as an app on both iOS and Android devices and offers a variety of features, including cashback rewards, bill payments, and the ability to top up mobile credit. MAE also provides users with the ability to track their spending and savings, set financial goals, and monitor their account activity in real-time. It uses advanced security measures like biometric authentication and encryption to protect user information and transactions. Overall, MAE provides users with a convenient and secure way to manage their finances and make payments in Malaysia.

The era of the digital wallet

In summary, eWallets are digital wallets that allow users to make payments, transfer money, and purchase goods and services using their smartphones. Some of the most popular eWallets in Malaysia include Boost, GrabPay, Touch ‘n Go eWallet, BigPay, and MAE. Each eWallet has its own set of features, benefits, and limitations, and users should research and compare them before choosing one that fits their needs and preferences. Overall, eWallets provide a convenient, secure, and cost-effective way for users to manage their finances and make payments in Malaysia.

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