Unique features of Malaysia's top 3 e-wallets
E-wallets are one of the most outstanding fintech inventions of the 21st century. It is a digital tool that enables monetary transactions through a single tap; it simplifies the process of paying multiple things in a fast and convenient manner.
The functionality of e-wallets are powered by one’s credit/debit cards. Users just have to load funds into their e-wallets which can be directly taken from their bank accounts; once a selected amount of funds are injected into their e-wallets, they can use it to seamlessly pay for everyday things such as utility bills, transportation fees, F&B charges and so much more.
Due to the fast and on-going adoption of e-wallets across the region, many industry experts claim that Malaysia is the prime market for the advancement of e-wallets. The usage of digital payments opens the gateway to many discounts, rewards and vouchers from numerous merchants to take place, this is a favorable aspect of e-wallets that many Malaysians are drawn to.
With so many e-wallets in the market, it can be difficult to decide which is the best for you. We will be breaking down the unique features of Malaysia’s most used e-wallets.
Boost
BoostUp is a loyalty program that enables customers to receive Boost Coins after each Boost transaction. This can be used to offset future purchases.
Boost makes online shopping easy and accessible as it allows users to browse through a variety of brands. From fashion to books, Boost has it all.
Boost offers protection for its users through bite-sized insurance plans that offer large coverages.
Boost allows users to easily scan and pay at various occasions as Boost is partnered with 200,000+ merchants.
Gamers can access instant top-ups on their favourite games such as Mobile Legends, Ride Out, Heroes, Lords Mobile and so much more paired with gaming vouchers.
Boost provides easy access to public transport. From cabs to trains, users can settle all transportation fees with a few clicks.
Boost provides an easy parking payment solution.
Car refuels can be easily done through Boost’s Pump and Go feature. Fueling options include Shell, Petron, BHP and Setel gas station.
Enjoy safe, transparent and convenient car services with Boost’s partnered car retail services, Carput, Serv and Bateriku.
Boost missions allows users to get extra rewards with each transaction.
GrabPay
GrabPay users can earn GrabRewards Points to redeem attractive deals and offset future Grab-related purchases. Each GrabPay transaction allows users to earn more points than cash transactions.
Prepaid top-ups can be easily done on GrabPay. Users can choose from 5 providers: Celcom, DiGi, Maxis,TuneTalk and UMobile.
GrabPay offers 2 main types of insurance, Ride Cover and Travel Cover. Ride Cover allows users to receive monetary compensation whenever a Grab ride is not punctual and receive personal accident coverage on all Grab rides. Travel Cover allows users to access cost-friendly, convenient and rewarding travel insurance plans.
GrabPay users can send fun greeting cards to their loved ones. Grab Gift Cards are suitable for various occasions and it comes in a variety of designs. The gift card can come in the form of a food or ride voucher; it is fun to give and fun to receive.
Get affordable and convenient house services with Grab’s Clean and Fix tab. In partnership with Kaodim, this feature allows users to access aircond services, appliance repair, cleaning services, home repair, movers and pest control services.
Under the Clean and Fix section, users can also access personal training services for their health and fitness goals. This feature will require GrabPay users to key in their address and the app will assign a qualified fitness trainer that is able to work with them within their area.
Need a photographer or videographer to capture a special event in your life? GrabPay offers professional photography and videography services under the Clean and Fix feature.
GrabPay is in partnership with Agoda and Booking.com to enable the best hotel deals to GrabPay users when they travel. This feature offers the best prices and deals for the most recognised accommodations all around the world.
TnG e-wallet
TnG e-wallet holders can use PayDirect to seamlessly pass through tolls withTnG cards that will pay for toll fares directly from their TnG e-wallet balance. Users can ditch the "Tambah Nilai" lanes at tolls; receive 0 reloading fees when they top-up their e-wallets and receive auto-reload to avoid the hassle of being unable to pay
Users can verify their accounts to unlock exclusive functions within the app. The verification process is referred to as the Electronic Know Your Customer (eKYC) process. Once an account is verified, it is able to access the money-back guarantee program, a system that allows users to get full compensation if unauthorized payments occur, transfer funds into other TnG e-wallet accounts and enjoy a larger e-wallet size of RM5,000.
TnG e-wallet users can easily purchase products from iTunes and the App Store. Users are able to unlock a world of entertainment with this feature.
TnG e-wallet provides an easy parking payment solution. Users are entitled to set parking duration, extend parking hours and pre-book parking spots.
#JomTeksi matches cab drivers to users within their area. Users can enjoy free in-car wifi and complimentary drinks/treats. This service has recently expanded to Putrajaya.
A sticker that is embedded with a radio frequency chip known as the RFID Tag is one of TnG e-wallet’s most talked about features. The tags are connected to the users’ TnG e-wallet accounts and used as a form of payment for tolls across the country, providing drivers a smoother, hassle-free drive. The tag must be attached to either the vehicle's windscreen or headlamp. This RFID Tag will soon be applied to other facilities.
It is also evident that Covid-19 contributed to the rise of e-wallets as the need for contactless payments are of great importance during this time. If you are keen to learn more about this, click here. All in all, we foresee that the industry will only continue to expand from here, which will ensure a wider selection of e-wallets for consumers.