Question

what are the example of 5 popular e-wallet in malaysia with each of the 5 e-wallet pros and cons.

Answer 1

The 5 popular e-wallet in Malaysia are

i. GRAB, ii. Touch n Go, iii. Boost, vi.Razer Pay and v. Big Pay

I will explain its pros and cons as below,

1. GRAB

PROS

CONS

· Grab which is better known for its ehailing service is also one of the top eWallet players in the Malaysia. · It’s a super app where you can use to order almost anything on-demand including GrabCar, GrabFood, GrabMart and GrabExpress. · With the GrabPay eWallet, you can also use it to make QR payments at merchant stores, pay for bill and purchase prepaid reloads. · Grab also has in-app payment integration with Kaodim, OYO, Agoda, SOCAR, JomParking and more. · Every spend on GrabPay allows you to earn GrabRewards points which you can use to redeem vouchers or discounts for your next purchase · Offers more convenience for many consumers · Offer access to new rewards · Help you with your Budget · Can be paid to other services · High availability

· Technical problems while making / processing the payment lead to money stuck with e-wallet and 10-15 day waiting period to resolve the issue · E-wallet service is not fully available worldwide whereas Mastercard / Visa Credit card can be used worldwide · It has Security risks associated · Reckless spending habit increases as a sense of physical money is not there.

2. TOUCH n GO

PROS

CONS

· The physical Touch ‘n Go is often associated with toll payments and parking, but the eWallet offers so much more. · The eWallet allows seamless payments for the RFID toll system and if you don’t have an RFID tag, you can also enable PayDirect which allows you to deduct your toll charges from the eWallet instead of using the physical card’s balance. · With the auto-reload feature, you won’t have to worry about manual top-ups for RFID and PayDirect usage · Apart from paying for tolls, you can also use it at retail merchants via QR code. In the app, you can also use it to pay for street parking, book movie tickets, pay bills and purchase prepaid reloads. · Touch ‘n Go eWallet is also supported on third-party platforms such as MULA and even Lazada. Unlike the other two, Touch ‘n Go eWallet has no reward point system but occasionally they do offer cashback promos for selected merchants. · At the moment, Touch ‘n Go eWallet has 7 million users and it is supported at over 120,000 merchant touchpoints nationwide

· Technical problems while making / processing the payment lead to money stuck with e-wallet and 10-15 day waiting period to resolve the issue · E-wallet service is not fully available worldwide whereas Mastercard / Visa Credit card can be used worldwide · It has Security risks associated · Reckless spending habit increases as a sense of physical money is not there.

3. BOOST

PROS

CONS

· Boost first started as an eWallet that provides cashback for mobile top-ups. Now it is a full-fledged eWallet that you can use extensively at retail merchants. · The app also allows you to pay bills, parking and also book movie tickets. · Most recently, they have introduced a Cashup feature which allows you to get cashback from retailers. · On top of that, Boost also has its own reward system that’s called Boostup where you can earn coins for redemption. Boost is also the only eWallet among the three to allow money transfers to your bank account.

· Technical problems while making / processing the payment lead to money stuck with e-wallet and 10-15 day waiting period to resolve the issue · E-wallet service is not fully available worldwide whereas Mastercard / Visa Credit card can be used worldwide · It has Security risks associated · Reckless spending habit increases as a sense of physical money is not there. ·

4. Razer Pay

PROS

CONS

· Users will be able to transfer funds to each other and top-up at 7-Eleven stores or via their bank account. · Among the banks participating are AmBank, Bank Islam, CIMB, Hong Leong Bank, Maybank, Public Bank, and RHB Bank. · The wallet can be used for online transactions as well as for payment in offline stores. Supported chains include 7-Eleven, Starbucks, Singer, Cosway, Greyhound Cafe, Wendy’s, Kenny Rogers, and Krispy Kreme at launch

· Technical problems while making / processing the payment lead to money stuck with e-wallet and 10-15 day waiting period to resolve the issue · E-wallet service is not fully available worldwide whereas Mastercard / Visa Credit card can be used worldwide · It has Security risks associated · Reckless spending habit increases as a sense of physical money is not there.

5. Big Pay

PROS

CONS

· BigPay is an e-wallet and accompanying prepaid card · It will waive the 2% fee charged by overseas ATM withdrawals, waive processing fees by AirAsia, and the card is accepted anywhere a MasterCard is · Foreign exchange remittances and P2P payments can be done for no cost on BigPay · The e-wallet works hand-in-hand with the prepaid card BigPay doesn’t work on Grab yet BigPay is approved by Bank Negara They support peer-to-peer transactions—for free Your transactions on the card or app collect points that could go towards your next AirAsia flight BigPay will waive fees usually charged by financial institutions

· Technical problems while making / processing the payment lead to money stuck with e-wallet and 10-15 day waiting period to resolve the issue · E-wallet service is not fully available worldwide whereas Mastercard / Visa Credit card can be used worldwide · It has Security risks associated · Reckless spending habit increases as a sense of physical money is not there.

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