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Looking for an e-wallet in Malaysia? You’re in luck. Malaysia is pretty well served for e wallets which means you have plenty to pick from, depending on which features and services you need. This guide walks through all you need to know, including a head to head comparison on features, and a more detailed dive into how each wallet works.
We’ll look at each of these wallets in more detail next, but first a look at some of the best e wallets in Malaysia side by side:
|Features||Debit card available?||Payment methods|
|Wise||Yes||Send local and international payments, shop online, transfer to other wallets|
|Touch ‘n Go||Yes||Transfer to other wallets, pay using QR code, pay tolls by RFID|
|GrabPay||Grab x Maybank credit card offered in partnership with Maybank¹||Transfer to other wallets, shop online, pay using QR code|
|MAE||Yes||Transfer to other wallets and bank accounts, shop online, pay using QR code|
|BigPay||Yes||Transfer to other wallets and bank accounts, shop online, make QR payments|
|Boost||No||Transfer to other wallets, shop online, make QR payments|
|GoPayz||Yes²||Transfer to other wallets, remit money overseas, shop online, make QR payments|
|WeChat Pay||No||QR payments, send payments to other WeChat users|
|AliPay||No||QR payments, send money to others, shop online|
|Merchantrade Money||Yes||Send and receive local and international payments|
Wise - the most international e-Wallet in Malaysia
Wise lets you hold and exchange 40+ currencies, spend in 170+ countries, send payments to 80+ countries, and get paid fee free from 30+ countries.
Wise might be a great e-wallet pick for you if you travel or shop online internationally, or if you ever need to pay or get paid from overseas. Many Malaysian e-wallets have fairly limited international services, but Wise has been optimised to make it easy to send, spend, hold and exchange currency whether you’re at home or abroad.
Open your Wise account online or in the Wise app, order your Wise card for a one time low fee and you’re good to go. You can switch between any of the 40 supported currencies in a few taps, with the mid-market rate and low fees from 0.43%. Plus send payments to others and receive money in a selection of currencies for free.
Touch ‘n Go³ is one of the best known and longest established e-wallets in Malaysia, and comes with a linked payment card if you’d like one.
Touch ‘n Go ewallets can be used to hold a MYR balance, make payments to others, pay in stores by scanning a QR, and also offer a wide range of other features like bill pay and phone top ups. You can send local MYR payments using DuitNow, or manage overseas transactions in select locations through TNG’s link up with Alipay⁵.
GrabPay⁶ ewallet allows you to easily make payments and get more from Grab’s services, including ride hailing and food order.
Grab offers a pretty broad range of services in Malaysia, and the GrabPay ewallet lets you access many of them easily. Top up your wallet or add a card, then use Grab to spend in person and online, or to pay when you top up your phone, order food, or more. You’ll be able to continue to earn Grab rewards as you use your GrabPay wallet, and can transfer credits to others too. Grab is available in several countries in the region - if you’re able to use your Grab wallet internationally you may find fees are applied, either by Grab or by your card issuer.
MAE⁷ is Maybank’s digital ewallet, which is offered through Maybank2u online and mobile banking system.
Maybank customers can download MAE to access a neat e-wallet to use for day to day expenses. And if you’re not already signed up you can also get started simply by downloading the app and getting verified. MAE features are pretty broad, as you’ll be able to access payments, online shopping, and ways to manage your money better, plus Maybank2u features like ways to check your banking details and receive payments.
BigPay⁸ is available in Malaysia for local and international payments, plus budgeting tools to help you make your money go further.
BigPay is an e-wallet with linked card which you can use in Malaysia and abroad. You’ll be able to add money to your account in MYR to access competitive exchange rates when overseas, and can transfer money internationally to select countries. International transfer fees are from 3.50 MYR to 22 MYR depending on where you’re sending to, and when you’re abroad you’ll pay an ATM fee of 10 MYR + a 1% currency conversion fee for card spending⁹.
Boost¹⁰ is a prepaid e-wallet you can top up in advance in MYR, for easy spending in Malaysia.
Boost ewallets can be used pretty extensively in Malaysia, with a huge merchant list for QR payments, and ways to pay your bills and top up phones. You can also use Boost to earn rewards, and to buy insurance. There’s no Boost card, and as international merchants might not accept Boost QR payment you might find this ewallet can’t be used particularly widely overseas.
GoPays¹¹ offers a broad range of financial services in Malaysia, including investments, insurance and remittances - plus there’s a GoPayz ewallet¹² for easy mobile spending.
You can get a GoPayz wallet which offers easy QR payments, plus virtual cards for online and mobile shopping. For 16 MYR you can also order a physical card for those times you really need one. International services are available including options to order foreign currency in cash to be delivered to your home, and ways to make overseas remittances to banks or for cash collection in the destination country.
WeChat is a hugely popular service, and the WeChat Pay¹³ ewallet also gives options to make simple payments.
WeChat Pay allows Malaysian customers to link a Malaysian issued card to their WeChat account to make easy payments. That means you can send someone money right within your chat, as well as using your ewallet to pay in stores by scanning a QR. Mobile phone top ups and bill payments services are also available.
AliPay is a giant in payments - now AliPay Malaysia¹⁴ customers can use the service to send money to others, shop online and in stores.
AliPay used to be tricky to use without a Chinese bank account, but it’s now much easier for Malaysians to use the service. Once you have an AliPay account you can pay with a QR code in stores, send money to others and shop online. Although AliPay’s international services are expanding, there are still some limitations. For example, to send an overseas payment you’ll usually need a Chinese bank account and ID.
However, it’s good to know that if you’re looking at AliPay because you need to send CNY to someone in China, you can still do so by using a different ewallet app - such as Wise¹⁵.
Merchantrade Money¹⁶ has a good range of services including an ewallet product which comes with a linked prepaid card.
Hold any of 20 supported currencies in your Merchantrade account, and switch between them when you need to. You can also get a linked prepaid payment card for easy use at home and abroad. Merchantrade has some handy international services although it’s helpful to know about the fees you’ll pay for overseas use - including an international ATM fee from 10 MYR, and a 1% overseas transaction cost when you spend a currency you don’t hold in your account¹⁷.
There’s no single best e wallet in Malaysia. Which one suits you will come down to the services and features you need to use.
If you need an easy way to make QR payments in Malaysia then Touch ‘n Go or GrabPay could be a good pick. If you’re after an ewallet from a big Malaysian bank, check out MAE by Maybank. Or, if you’re looking for ways to invest and get insurance with the same provider as your ewallet, maybe GoPayz will suit.
If you want an ewallet to use when you’re travelling or need to hold multiple currencies, consider getting Wise as one of the most flexible international ewallets on the market in Malaysia. You’ll be able to hold 40+ currencies, get paid like a local from 30+ countries, and send local and international payments easily.
Plus you can get a linked Wise card to spend in 170+ countries, with mid-market exchange rates every time you’re spending in a foreign currency.
- Grab x Maybank credit card
- GoPayz prepaid cards
- Touch ‘n Go
- Touch ‘n Go PDS
- Touch n’ Go + Alipay
- GrabPay Malaysia
- BigPay Malaysia fees
- GoPayz Malaysia
- Go Payz ewallet
- WeChat Pay Malaysia
- AliPay Malaysia
- AliPay - Wise
- Merchantrade Money
- Merchantrade Money fees
Sources checked on 25/04/2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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