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Review of alternative e-wallets similar to Razer Pay after the shutdown
Razer Pay¹ launched with Razer Pay beta in Malaysia in 2018, as an e-wallet aimed at the online gaming community - a product built by gamers, for gamers. It offered a Razer card, and a range of e-wallet services including options to buy games and make in-game purchases, with rewards, exclusive offers and discounts. However, Razer Pay Malaysia is no longer available after the end of its beta run in 2021. This guide offers some great e-wallet alternatives to consider.
Is Razer Pay available in Malaysia?
Razer Pay Malaysia ended its beta run on September 30 2021. The Razer Pay app has been unavailable since October 6 2021. Malaysian customers can no longer top up or use their Razer Pay e-wallets.
Razer Pay was previously also available in Singapore. However, this service was also withdrawn when Razer ended its beta. Previous customers were able to get their deposited funds refunded automatically up to the end of September 2021, or by contacting the Razer Pay team directly after that date.
Can I still use my Razer card?
No. The Razer Pay card has been unavailable since August 31 2021.
Best e-wallets similar to Razer Pay available for Malaysians
Since Razer Pay shut down its services in Malaysia, you’ll need to look elsewhere if you want an e-wallet. However, the good news is that there are plenty of options still out there, which may even save you money depending on how you want to use your account. Let’s look at some of the best Razer Pay alternatives for Malaysian customers.
Wise (formerly TransferWise) multi-currency account
| Pros ✔️ | Cons ❌ |
|---|---|
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The Wise multi-currency account lets you hold and exchange 50+ currencies with the real mid-market exchange rate. You’ll also be able to get a linked physical and virtual debit card for online shopping to help you avoid paying huge bank conversion fees. For example, that means you can buy games and make in-game purchases from different regions, and avoid costly foreign transaction fees.
Open your Wise account for free in the Wise app or online, to get local account details for 10 currencies including MYR, SGD, USD, EUR and more - with no maintenance fees or minimum deposit to worry about.
Touch ‘n Go
| Pros ✔️ | Cons ❌ |
|---|---|
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Touch’n’Go² launched with their card product over 20 years ago, and these days also offers one of the most popular e-wallets in Malaysia, with over 16 million users. You can use your Touch’n’Go e-wallet to pay when you shop online or in person, for transport and tolls, to pay bills, and to make payments to other Touch’n’Go users.
There are very few fees when you use the Touch’n’Go e-wallet, although some transactions can only be made by verified account holders, meaning you’ll need a Malaysian phone number to qualify. Different account tiers are available which come with their own transaction limits, features and benefits, allowing you to pick the account type that suits your specific needs. Learn more about the Touch’n’Go e-wallet here.
BigPay
| Pros ✔️ | Cons ❌ |
|---|---|
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BigPay³ is an e-wallet and card which is broadly accepted and available in Malaysia and Singapore. There’s a lot you can do with your BigPay account, with tools for payments, budget management and even personal loans for eligible customers. When you sign up you’ll be asked to deposit 20 MYR into your account. However, this isn’t a fee as you’ll then be able to spend the balance as you wish.
That said, there are transaction fees⁴ you’ll want to look into, as depending on how you use your account these may mount up significantly. Costs can be on the high side when spending or making withdrawals internationally in particular. BigPay customers can earn rewards when they transact, and referral bonuses when they get their friends to sign up. Get the full BigPay Malaysia guide here.
| Learn more here how BigPay vs Wise matches up in Malaysia! |
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Summary
Razer Pay is no longer available in Malaysia, but there are plenty of alternative options to look at instead. Which is best for you will depend on how you intend to use your account, with different e-wallets designed to suit different customer types.
Look carefully at the features and fees of any e-wallet account you’re considering, to make sure you get the best one for you. And remember - if you want a flexible account that’s as handy and cheap in Malaysia as it is when you travel and transact internationally, check out the Wise multi-currency account.
Sources:
Sources checked on 18.07.2022
*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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