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Year in Review for E-wallets in 2020

Esther Ng

As we ushered into 2021, we blissfully leave certain things behind in yesteryear; a bad habit, an unhealthy mindset, detrimental impulses and so much more. It is an opportune moment for us to reflect and reset. However, in the world of digital finances and fintech, there are definitely certain events in 2020 that are worth transferring to the new year! 

The rich enhancements of e-wallets have been a prestige asset to the Penjana Economic Recovery Plan, an initiative by the government in aiding the economic downfall caused by the global pandemic Covid-19. In 2020, the government spent RM1.2 billion in the promotion of expanding e-wallets; the ePenjana initiative included crediting RM50 paired with vouchers and cashbacks into Boost, GrabPay and TnG e-wallet accounts, which resulted in 15 million happy Malaysians!

Boost, GrabPay and TnG e-wallet was also a part of the e-Tunai Rakyat e-wallet initiative, a plan by the government to increase the utilization of e-wallets to decrease the spread of Covid-19 via high touchpoints. An allocation of RM450 million was put into this initiative to give eligible Malaysians a one-off RM30 in their e-wallets. 

According to the Mastercard impact studies, the usage of physical cash has drastically declined; 40% of consumers are e-wallet owners in 2020. In no particular order, let’s explore the individual highlights of Boost, GrabPay, TnG e-wallet and other notable digital wallets in the nation! 

Boost

It has been a phenomenal year for Boost as it has garnered 8.8 million active users, 200,000 merchants and 40+ features! This is the app that helps users easily pay bills, top up, order food, pay for parking, purchase online products and of course, shake for instant cashbacks! Boost has successfully made transactions easier, faster and more rewarding for consumers via QR codes and in-app payments. 

 Here is a recap of Boost’s most memorable works in 2020: 

  1. As Boost was a part of the e-Tunai Rakyat e-wallet initiative, Boost added a feature to allow users to shake and claim cash from a sum of RM8,888.

  2. #BoostGotYou launched during the initial peak of Covid-19 early last year. This allowed users to get their health covered with Aspirasi HospiCash, a platform for affordable micro-financing and micro-insurance solutions. Boost users were able to purchase Life and Travel protection packages with 100% cashbacks.

  3. Muslim Boost users were able to fulfill their Zakat safely and send Duit Raya to family members near and far through Boost, while they practised social distancing. 

  4. Boost supported multiple NGOs such as Dignity for Children, Hope Worldwide KL, Cancer Research Malaysia and so much more. Boost also raised RM1 million through Boost Tabung Covid, a feature that gave Boost users the chance to virtually donate money to pressing social issues in Malaysia. Boost also provided free life insurance for Covid-19  in partnership with Prudential Assurance Malaysia. 

  5. During the conditional movement control order (CMCO), Boost gave users major cashback rewards on their purchases at Tesco.   On top of that, Boost provided monthly prizes worth RM500. 

  6. Boost provided special financial aid and online benefits to MSMEs (Micro, Small, and Medium Enterprises), such as free digital marketing and cash prizes. Boost also provided a RM5,000 SME digitization grant to help start-ups develop their business. 

  7. To celebrate Boost’s 3rd year anniversary, Boost gave users a chance to win Proton X50 with a “Pick And Win” contest. The contest yielded 500,000 participants. 

  8. Boost received numerous awards such as Marketer of The Year, Best e-wallet for MSME and the Technovator of 2020. 

GrabPay

GrabPay has made its mark on the e-wallet market by being one of the most sought after services for both businesses and consumers. In 2020, GrabPay subscriptions have grown by 60%, which amounts to 187 millions active users, 3,000 merchants and an estimate of 5 million monthly Grab-related activities powered by GrabPay. The app gives users the benefits of being a part of Grab's large network, which allows them to easily access food delivery and transportation services via QR codes and in-app payments. 

  1. The launch of Maybank Grab Mastercard Platinum Credit Card; Malaysia’s first Grab credit card that is powered by Maybank. This allowed users to earn 5x more rewards, upgrade to a platinum tier on GrabRewards, receive lifetime annual fee waiver and get exclusive offers from selected merchants such as Klook, Zalora, Starbucks and so much more. 

  2. The Maybank Bonanza Challenge; users were able to win their share of 22 million GrabRewards Points with Maybank. All they had to do was spend a total of RM350 on any Grab services with their Maybank Mastercard or their Maybank Grab Mastercard Platinum Credit Card. 

  3. Joy To The Home; a Christmas initiative by GrabPay. This allowed users to enjoy 20%  savings on selected online merchants such as Hermo, The Face Shop, Levi’s and so much more. GrabPay users also received a one-off RM10 rebate on their first purchase. 

  4. GrabRewards Prizes2Win; a contest that allowed users to win fantastic prizes such as the OnePlus Nord and Apple Airpods Pro with only 50 GrabRewards Points. This contest is extended to January 9th 2021. Stand a chance to win a OnePlus 8T and Zara vouchers here.  

TnG e-wallet 

TnG e-wallet has the capacity to serve numerous merchants across multiple industries, which made the app a shoo-in for reliability in 2020. The app gathered 9 million users, 250,000 merchants and secured 60% key businesses, which mainly consist of F&B and convenient stores. TnG e-wallet enables users to seamlessly pass tolls, pay for parking, refuel gas and secure the latest promotions through QR codes and in-app payment methods. 

  1. #JOMTEKSI was created to help taxi drivers earn additional income through a secured e-hailing service app that helped drivers easily connect to customers. The transaction for the services was transparently and seamlessly with TnG e-wallet.

  2. TnG e-wallet partnered with Express Rail Link (ERL) to provide a 15% discount for certain KLIA transits for senior citizens, students and disabled people. 

  3. Touch ‘n Go RFID (radio-frequency identification) Tag was made to create an easier on-the-road experience for TnG e-wallet users. The tag would be  connected to users’ TnG e-wallet balance, which  allows them to easily pay toll, parking, drive-in and refuels at participating Shell stations. 

  4. PayDirect™ requires users to pay for toll fares with a physical Touch ‘N Go card and the money will be deducted from the users’ TnG e-wallet balance. The auto-reload feature eliminates manual top-ups for both RFID and PayDirect™ usages.

  5. TnG e-wallet provided QR scan payment methods for people to make direct donations to local NGOs during the movement control order (MCO), such as Kechara Soup Kitchen, Tzu Chi Buddhist Foundation and Yayasan Generasi Gemilang. 

  6. The campaign titled “Introducing Raya Sempoi”, which featured TnG e-wallet taking over an entire Ramadan bazaar in Kampong Bharu was awarded for Best Launch/Re-Launch Campaign at the Marketing and A+M's inaugural PR Awards 2020.  

Scan & Pay by Maybank 

Scan & Pay by Maybank was formerly known as Maybank QRPay from the Maybank2u MY App, and the all-new app - MAE by Maybank2u. It currently has 1.8 million active users,  200,000 merchants and it is expected to hit 3 million users in the near future.  Scan & Pay allows consumers to gain 4x rewards with monthly cashbacks through QR codes and in-app payment methods. 

  1. Scan & Pay incentivised the use of cashless payments by holding a contest that allowed users to win up to RM10,000 cash prizes when they shop with Scan & Pay.

  2. Scan & Pay users got 50% off when they used the app on Grabmaid services, the latest cleaning provider in the market. This aided users who were moving out or in need of a thorough home cleanse.

  3. Scan & Pay users had the chance to win up to RM50 cashbacks when they spent a minimum of RM10 at any partnered merchants. They were also instantly rewarded with RM3 cashbacks whenever they made Scan & Pay transactions. 

  4. Merchants tied with Scan & Pay provided 10% cashback when people spent a minimum of RM30 with the app. 

Lazada Wallet 

Lazada Wallet gives cashback on all purchases. However, it is only usable on Lazada’s own online store. It still successfully achieved 16 million users, 19,000 online merchants and charges 0% fees from online sellers. With that being said, it is only available through online payments. 

  1. Users can claim RM55 upon activating their Lazada Wallet. This allows them to shop for free and gain instant cashback on their first experience with Lazada Wallet. 

  2. Users of Lazada Wallet receive a membership deal every 26th of the month, which allows them to get exclusive deals such as 50% off all purchases and get vouchers from selected brands. 

  3. Lazada X Mastercard Tuesdays Wallet Cashback Promo was launched to give  Mastercard holders the benefit of more savings and cashback every tuesday. There was a special allocation of 20% cashback for CIMB Mastercard holders. 

These are some of the most noteworthy e-wallet events of 2020! If you’re curious which e-wallet shined the brightest in in 2020, we got you covered here. It was truly a ground-breaking year for cashless transactions and e-wallets will continue to claim bigger things in 2021! Don’t miss out on all the latest e-wallet benefits and deals here.