By now you should at least install one or two eWallet apps on your mobile phone. If you are unsure you can read eWallet a quick introduction below.

What is E-Wallet?

eWallet, also known as a digital wallet, is a secure application or platform that contains one or more currency purses whereas shoppers are required to fund the eWallet via several different ways. After the eWallet is funded, the funds in the eWallets can be used by shoppers to buy goods or services online via a simple scan to complete the payment. 

Here are the few main features of eWallet that we should always take into consideration when using eWallet.

1. Convenience (Market Availability)
2. Security
3. Benefits

With so many choices and different variety of eWallet nowadays. Who are the top ranking eWallet app with the most users acquisition and high growth potential? We did some research and compile a list of eWallet that you should definitely have in your phone, especially when you’re in Malaysia.

A. Touch ‘n Go

Payment method: QR code, In-app payments

Almost every Malaysian will at least have a Touch ‘n Go Card for public transport, parking and paying highway tolls. Now Touch ‘n Go has further expand their services to users for better conveniences in life enabling e-transactions such as toll payment via e-wallet with RFID, bill payments, movie tickets, booking flights, cafe & restaurants which is getting more diversified.

Unique Strengths: Existing Touch ‘n Go user-base, Exclusive Toll e-Wallet Payment (RFID)

Abilities: Bills Payment, Movies Tickets & Flight Tickets Payment Option. Rebates & exclusive promotions.

B. Boost 

Payment method: QR code, In-app payments

Merchants availability typically in smaller merchants from cafe & restaurants to convenience store like 99speedmart.  Features include buying movie tickets, bills payment and even parking payment in the KL area. The continuous expansion of the Boost eWallet availability in the market has made it convenient and high accessibility to do cashless payment under one app. However, there is a limit on the eWallet balance and still, require user to do QR code scan to complete the payment at the counter.  

Strengths: High accessibility to small merchants and even night markets. 50,000 Touch Points

Abilities: Bills Payment. Fund transfer. Cafe & Restaurant Payment (Limited). Rebates & Exclusive Promotions

C. Grab Pay

Payment method: QR code, In-app payments

Being part of the Grab Platform which encompasses users from GrabCar & GrabFood. This allows GrabPay to have the benefit whereas users can use it to call a Grab ride or food delivery with Grab Food. Their growing users base made it this part of their strength when capturing the eWallet market share。

Strengths: Cross-platforms users base from GrabCar & GrabFood which both are having high growth rate in user acquisition. 

Abilities: Movies, Bus & Flight Tickets Payment. Fund transfer. Cafe & Restaurant Payment (Limited). Rebates & exclusive promotions

D. Wechat Pay

Payment method: QR Code

Being one of the most popular instant messaging services available in the world. Wechat Pay is also one of the built-in eWallet that most people with smartphones will have. Due to the built-in feature, users do not have the hassle to install another app just for eWallet features and payment. Being part of the built-in feature in WeChat, it allows the users to do fund transfer to friend easily with just a few clicks. Besides, the app also allow QR payment and do purchases like movies tickets and long distance transportation for bus and even flight tickets. There are still not many merchants available for WeChat due to recent launch in Malaysia. However, due to its nature as one of the most widely used messaging app in the market and it’s all in one feature, it is undeniably one of the eWallet app with high growth potential. 

Strengths: Huge existing users-base from messaging service. (20Millions Users)
Abilities: Movies, Bus & Flight Tickets Payment. Fund transfer. Cafe & Restaurant Payment (Limited) 

These are the top 4 eWallet in the industry that we came into conclusion. Of course, there are a lot more eWallet available in the market such as Vcash, Samsung Pay, FavePay, Lazada eWallet, RazerPay, Setel, Presto and many more. 

Do we need all of them to fulfil our needs? It depends, really. If your need is to enjoy the best deals and promotions available across different eWallet platform and maximize the benefits that you can reap from it, then you will install all these eWallet platforms.  However, if you only need to have a more convenient and cashless lifestyle. The top 4 eWallet we mentioned above are more than enough to achieve so. 

In conclusion, eWallet platforms are still growing and is having a cruel yet long ongoing war against each other. With all kinds of marketing strategies coming out with exclusive features, rebates and promotions to capture the market share. It then comes back to the question whereas when will Malaysian fully adapt the cashless buying behaviour fully. Will it be 2 years or in another 5 years? Will there be a winner that eventually dominate most of the eWallet market share and able to cover most of our daily spending with just 1 app with a few clicks? We believed that this would be the ultimate goal of every eWallet app to eventually benefit our life easier and with more convenience.