10 eWallet comparison in Malaysia 2020 - Which should you get?

Yumiko Kijima

There are plenty of choices of eWallets, each with their own features and benefits. This guide will walk through 10 of the best, to help you choose the right one for you.

Check out our updated 2023 review of best e-Wallets in Malaysia

10 eWallets available in Malaysia 2020

1. Wise

If you're an expat or traveller in Malaysia, you might need to send money abroad regularly. With Wise you can send money from Malaysia to 70+ countries with the real exchange rate and transparent fees.

  • Low, transparent fees
  • Send and receive money using the real exchange rate
  • Up to 4 times cheaper than Malaysian banks
  • Multi-currency account to manage your money like a local even if you get paid in USD, GBP, EUR, AUD or NZD

A crucial thing to remember when sending money abroad is to always check exchange rates. The true cost of an international transaction isn’t just the upfront transfer fees. Wise uses the real exchange rate and is up to 4 times cheaper than Malaysian banks.

Example of sending 5,000 MYR (including transfer fees) to a GBP account in UK¹

Provider Transfer fee Exchange rate (1 MYR → GBP) Recipient gets
Wise 29.38MYR Real exchange rate (0.186607) 927.55GBP Send money
Maybank 10MYR Exchange rate Maybank decides (0.183629) 916.31GBP ▼-11.24GBP
Public Bank 32MYR Exchange rate Public Bank decides (0.183733) 912.79GBP ▼-14.76GBP

(Fees and exchange rates correct at time of research 14th July 2020, 05:00)

Moreover, you can receive money to a Wise multi-currency account from the UK, US, Australia, New Zealand and any Eurozone country, just as if you had a local bank account in those countries. Hold your money in 50+ different currencies, and switch it using the mid-market rate whenever you want to.



2. Touch ‘n Go eWallet

Originally a physical card used for paying your road tolls, Touch ‘n Go now also offers digital services through the Touch ‘n Go eWallet.²

  • Track your spending within the app
  • Spend online, in person or through apps - you can also pay for street parking
  • Benefit from custom made special offers and promotions when you pay with Touch ‘n Go

Touch ‘n Go lets users load up to MYR5,000 per month, through online banking, using a credit or debit card, or using cash at a merchant location. You can then use your balance to pay for ecommerce shopping, buying tickets, picking up your groceries and more. There is enhanced security and a money back guarantee which means you’re protected if your account is charged for unauthorised purchases.³

Read more about using Touch 'n Go here.


3. GrabPay

One of Malaysia’s leading eWallets, GrabPay lets you earn reward points as you spend online, in stores, on GrabFood, or getting a ride.⁴

  • Award winning security to keep your money safe
  • Pay for your GrabCar, GrabFood, or mobile top up, shop in store or send money to friends
  • Earn Grab Points which you can redeem against future purchases

If you use Grab already to book rides or buy food, using GrabPay might make good sense. You’ll get seamless payments for purchases, as well as earning points on every transaction which you can then use to offset future payments. You can also send money to friends, shop in stores and buy prepaid mobile top up, confident your payments are secured using top notch technology and fraud detection systems.

Learn more about GrabPay eWallet here.


4. Boost

Boost is proudly Malaysian, and has 7 million members, making purchases at 140,000 different physical and online touchpoints. ⁵

  • Use Boost in stores, online, for street parking, to send money, donate and more.
  • Earn a wide range of rewards, from cashback to special offers and unique experiences.
  • Pay utility bills, and top up your mobile credit online to avoid standing in a queue in store.

One of Boost’s selling points is the range of opportunities to get a little extra when you spend. Earn Boost cashback rewards as you shop, get Boost coins as part of the eWallet loyalty program, and take part in specific competitions and promotions to get unique prizes. All with the convenience of an eWallet which can be used for everything from buying a flight to splitting a restaurant bill or picking up your groceries.


5. WeChat Pay MY

WeChat Pay started in China, but is now available for local users in Malaysia to spend online and in store, and send money to family and friends.⁶

  • Link your Malaysian debit card to your WeChat account to start spending and sending money - it’s worth noting that payments can only be made in MYR, so you can’t send to friends overseas
  • Withdraw your balance to your regular bank account for free whenever you want
  • Send money to your WeChat friends quicker and easier - and without needing their bank details

WeChat is a popular social network, which also lets users send each other money and shop online and in store through WeChat Pay. That means no need to carry your wallet if you don’t want to and no excuses when it comes to paying back that friend you owe money to.

You’ll need a Malaysian bank card to use the system, and can only send money in MYR. It’s also worth knowing that in person payments can only be made from your WeChat Pay balance, so you will have to top up your account before you can go on a spending spree.


6. MAE

MAE is MayBank’s eWallet product, which can be used to spend easily, but also comes with some helpful features to help you manage your money, budget and save.⁷

  • MayBank’s eWallet product, which can be topped up via an app or cash deposit machine, and used to help budgeting and saving
  • Open online, spend with your virtual card, split bills and send money to friends
  • Shariah compliant features

MayBank suggests MAE as a smart way of tracking and controlling spending by transferring only your monthly budget to MAE, so you don’t accidentally overspend. You can then transfer any remaining at the end of the month to savings to help keep on top of your finances. There’s an account limit of MYR4,999 to help stop accidental overspening, too.


7. BigPay

BigPay offers an eWallet account which also comes with a BigPay card. This can be handy if you find yourself somewhere eWallet payments aren’t available - such as when you travel - or if you want to make an ATM withdrawal.⁸

  • Get a BigPay card as well as the eWallet app, so you can spend and withdraw cash even when travelling
  • Next level analytics to help you manage your money
  • Fixed and transparent fees so there are no surprises

Use the BigPay eWallet for digital and physical payments, and have the card as a backup for ATM withdrawals and when travelling. Send money to friends, get discounts on AirAsia, and make international transfers to the Philippines, Indonesia, Singapore and Thailand, too. You’ll also earn reward points which you can redeem against later purchases.

Here's a full review of using BigPay in Malaysia.


8. AliPay

AliPay has 1 billion users globally, making it a leading force in digital payments. Although AliPay’s main market is China, changes to the company’s policy recently have made it easier to use AliPay with an international debit card.⁹

  • World class security and payment protections for users ¹º
  • Pay online and in stores using your AliPay eWallet
  • Use your Malaysian bank card to fund your AliPay wallet for simple spending if you travel to China

Use AliPay like other digital wallet products, to scan and pay for goods in stores, or when you’re shopping online. It’s worth noting that not all services which are used by Chinese subscribers are available on the AliPay international version, so check you can get the functionality you need if you’re planning on using a Malaysian bank card with your account.

Learn more about AliPay in Malaysia.


9. PayPal

.With PayPal’s own app you can send and receive money to other PayPal users - if you want to pay in store for goods using a Malaysian PayPal account you’ll likely need to pair PayPal with another application like Google Pay.¹¹⁺¹²

  • Send payments online using the PayPal balance or linked card - or link PayPal to Google Pay to pay in store with merchants who accept Mastercard contactless payments
  • Manage your money and see all your PayPal transactions at a glance
  • Strong security measures to protect your funds

Send money to friends and family using the PayPal app, without needing their bank details. It’s worth noting that your recipient will need a PayPal account, if you’re sending money this way. They’ll be guided to create a new account if they don’t already have one.

You can also easily link your PayPal account to another app to get enhanced functionality.

Read also about PayPal's fees in Malaysia📖


10. Setel

Setel is used to make it easier, faster and safer to fill up your car with fuel. Get your fuel and pay electronically without needing to leave your car, to skip the queue.¹³

  • Pay for fuel using Setel, without needing to leave your car
  • Earn rewards when you use Setel
  • Available at 740 Petronas stations, with more coverage planned

Setel is a different sort of eWallet as it is designed specifically to make it faster and easier to pay for your fuel. In fact with Setel you don’t even need to leave the car when you want to pay at a Petronas station - just pay using the app up front, pump and go.


How to apply for 50MYR eWallet benefit (ePenjana program)

The Malaysian government will roll out the ePenjana program from July to September 2020 which is anticipated to benefit 15 million Malaysians who can receive 50MYR each to their verified eWallet. The credit can be used only for offline purchases, and users will also receive extra vouchers and special offers to encourage spending.

To be eligible you’ll need to be aged 18 or over, Malaysian and earning 100,000MYR or less annually. You’ll also need to download the MySejahtera app which is being used to support contact tracing and manage the COVID-19 pandemic.¹⁴

Download the MySejahtera app to learn more.

When you’re choosing an eWallet, you’ll want to think about the features which matter most to you. If you’re planning on sending money abroad, for example, you might benefit from a specialist provider such as Wise for a multi-currency account which comes with local bank details for major regions, low cost international transfers and a linked card for ATM withdrawals.

See if you can save with Wise,
with the "real" exchange rate🚀

Wise for sending money


  1. Wise | Compare exchange rates
  2. Touch ‘n Go | Home
  3. Touch ‘n Go | Money-back Guarantee
  4. GrabPay
  5. Boost | Welcome to Boost!
  6. WeChat Pay
  7. Maybank Malaysia | MAE - Digital Products & Services
  8. BigPay | Challenge Banking
  9. Alipay
  10. Alipay Member Protection
  11. PayPal Mobile Payments and Mobile Apps
  12. Where can I use PayPal with Google Pay?
  13. Setel - Malaysia's First Pay, Pump & Go App
  14. RM50 eWallet credit only for M'sians that download MySejahtera app

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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