Are you a shopaholic? Limit your spending habits with these eWallets
Are you a compulsive shopper? Does extravagant spending give you great pleasure that is short lived once you check your bank account’s balance? You are not alone. In this consumer driven economy, you are exposed to hundreds of strategically curated and placed ads that encourage you to splurge.
It may seem ironic that eWallets can shield you from excessive spending when eWallets often come with promotions and easy payment options to make shopping more enjoyable and accessible. So, how can a product designed to add pleasure to shopping aid a shopaholic? Let’s find out.
1. Pay attention to your transaction history
“Where did all my money go?!”, is that a common reaction you have when you look at your monthly balance and bills? If you are unsure what has taken most of your monthly expenditures, the transaction history that is linked to eWallets will bring you clarity. Become aware of your spending habits by tracking your expenses with this clever and hassle-free feature!
GrabPay’s transaction history allows users to view details of their transaction such as the name of the merchant, which currency was used for payment, if any FX rate occurred and what Grab Rewards they’ve earned with each transaction. Grabpay also provides a monthly summary of users expenditures via email. It only reveals the number of Grab services used to allow consumers to have a quick review of their monthly expenses.
Boost users can view their transaction history and learn how much cashbacks or rewards they’ve earned with each Boost purchase. They can also review their parking transactions. This will help shopaholics become aware of how often they visit their nearest shopping mall complex and keep them accountable for their spending patterns.
TnG eWallet transaction history is available for views up to 90 days but users are allowed to download an e-statement of every transaction they’ve made. This will help users easily compare their monthly expenses and spot areas that need budget control.
FavePay helps people understand their shopping tendencies as every FavePay transaction comes with an e-receipt that is sent to users via email in real time. Alternatively users can also view their transaction history on the app itself. This will keep users informed of how money is left in their eWallet after every purchase.
2. Shop within your means
eWallets mirror the function of a debit card, which means you are only allowed to use the funds you’ve put into your eWallet. Allocate an amount of money that is dedicated to shopping, eating out and other pleasures based on your budget. Once you’ve finished it, acknowledge that you’ve hit your quota and put your indulgences on pause. If you doubt you can control your impulses to shop, some eWallets come with a spending limit to help you curb addictive shopping behaviour.
A basic GrabPay wallet comes with a monthly spending limit of RM500. It also comes with other limits such as an annual and fund transfer limits. Do note that Different Grabpay wallets come with different spending limits to suit different budgets.
A Boost account comes with the function of setting daily and monthly transaction limits. A standard Boost eWallet comes with a transaction limit of RM2,000 and will be refreshed every 1st of the month. These transactions include fund transfers, payment and cash in. The limits are subject to the type of Boost eWallet users have.
TnG eWallet comes with a limit of RM200 upon registration. TnG eWallet that are registered through a credit/debit card have the capacity to hold RM1,500 maximum.
FavePay is an eWallet that allows you to make purchases on the app with other eWallets such as Grabpay, BigPay and Boost. This gives users plenty of options to remove their credit/debit cards as a primary payment option when they shop.
3. eWallets can help you save money while shopping
Shopping can be an attempt to relieve stress which can momentarily be therapeutic, until a heavy bill arrives. While responsible shopping inevitably means cutting costs on some pleasures, it doesn’t always have to be the case. Get the most bang for your buck when you shop with eWallets. Digital payments offer plenty of attractive rewards, rebates and cashbacks to make shopping worth it. Saving money is a mix of budgeting and clever shopping!
Boost never fails to draw a smile on people’s faces with its endless promotions, rebates, vouchers and cashbacks! Boost offers exclusive deals with big brands across several industries such as fashion, electronics, entertainment, F&B and so much more. You can (literally) shake for instant cashback, vouchers and potential prizes when you spend on merchants attached to Boost.
GrabPay offers GrabRewards Points, vouchers and discounts for payments via GrabPay, GrabFood orders, GrabRide transportation services and so much more! Your loyalty with GrabPay will always be rewarded!
Every shopaholic is most likely guilty of endlessly browsing through Lazada’s page with a long bucket list. Good news is that Lazada’s eWallet helps users save by offering many attractive cashbacks and vouchers.
4. Security
Shopping with an eWallet omits the stress of having your money stolen. You aren’t at risk of misplacing your cards or having it stolen as you only need your phone to shop with an eWallet. The majority of eWallets in Malaysia are also governed by Bank Negera which means it has to meet high standards of security.
GrabPay is awarded with the best fraud prevention innovation at the Florin Awards. GrabPayay utilizes a sophisticated learning machine to progressively protect users’ information and data.
TnG eWallet adheres to a strict set of rules and regulations that is in accordance to the Personal Protection Data Act (PDPA). Every third party associated with TnG eWallet is required to meet the security standards of user privacy and protection.
All Boost purchases are made through a 6 digit PIN that is only authorised by the user. The PIN is encrypted and stored securely in Boost’s databases with enterprise-grade TLS/SSL security features.
The world of money management is heavily impacted by the long list of advantages eWallets bring to the table. If you are keen to explore which eWallet will give you the most value, you can read more here.