Best E-Wallet Comparison in Malaysia 2021
Boost is owned by Axiata Group. (Source: Boost)
The award-winning lifestyle e-wallet is one of the more notable players in the country, partnering with 17 banks such as Maybank, CIMB, RHB Bank, Public Bank, Hong Leong Bank and many more.
Launched in 2017, it’s home to 7 million Boosties and growing. The service is widely accepted at over 140,000 touchpoints covering both online and physical stores in Malaysia. Boost users also get to make payments at any merchants accepting UnionPay cards. Their signature Shake Rewards gives away up to 8x more coins, cashback, prizes and Golden Tickets.
In May 2020, Samsung Pay integrated with Boost e-wallet to create a more seamless and secure cashless payment experience. The e-wallet platform also partnered with Shell stations allowing users to pay for petrol at 800 Shell stations around the country. Users can spend a minimum of RM40 with Boost at any participating Shell station, and get RM5 in cashback.
The app also offers parking payment solutions, allowing users to pay for parking at Dewan Bandaraya Kuala Lumpur’s (DBKL) car parks in Kuala Lumpur, as well as bill payment options for Astro, Syabas and Telekom, among others. For a full list, check here.
To date, about 60% of merchants on-board the platform consist of small and micro-businesses such as ‘nasi lemak’ sellers, ‘pasar malam’ vendors and food truck operators, according to Boost.
Its latest feature called the Boost Partner Wallet, lets you earn cashback from participating partners and allows you to use that cashback on your next transaction at those participating partners.
Grab was founded by Malaysians Anthony Tan and Tan Hooi Ling. (Source: Grab)
Thanks to its Grab Platform ecosystem, GrabPay gives you the ease of using their e-wallet when ordering food, shopping for items and groceries, paying for rides and transferring GrabPay credits. Click here for a full list of their merchants. Each GrabPay transaction lets you earn points to redeem attractive deals.
It also lets you top-up your mobile phone credits directly on your Grab app. This service is available across leading telcos in Malaysia including Celcom, Digi, Maxis, U Mobile and TuneTalk. GrabPay has a partnership with Maybank to allow for cross platform use with merchants that accept Maybank Pay.
Although GrabPay is now widely available across Southeast Asia, it’s not able to convert credits to local currencies as of yet.
Touch ‘n Go eWallet
Screencap of Touch ‘n Go eWallet’s interface. (Source: Touch ‘n Go)
Touch ‘n Go eWallet offers a more sizable e-wallet that lets users send RM5,000 per month to peers and over 150,000 merchants nationwide. All users have to do is simply reload with cash, debit/credit card and bank transfer.
Unlike other e-wallet services, you get to use Touch ‘n Go eWallet to pay tolls at participating highways across Malaysia. This is made possible by the PayDirect and RFID features. For PayDirect, one would still need to scan their physical Touch ‘n Go card when at the toll, but money will be deducted from the e-wallet. For RFID, scanning is made through the RFID sticker located on one’s vehicle headlamp or windscreen, only then will the transaction be made from the user’s Touch ‘n Go eWallet. These features are intended to reduce traffic congestion, and make the process of paying tolls more seamless and efficient.
However, it drew widespread criticism from netizens when all the Touch ‘n Go reload services at Plus highway toll exits nationwide were halted on November 5 last year. The complaints were mainly on the inefficiency of the e-wallet because it’s not applicable across all tolls. However, If you do need to reload, you can find out where at more than 11,000 reload points located in Malaysia here.
Despite this, Plus Malaysia Bhd says they don’t plan to reopen any lanes for Touch ‘n Go reloading despite complaints from road users. First implemented in August 2019, the initiative had reportedly reduced traffic congestion in the central region by 48.2%, because drivers had to ensure that their cards had sufficient balance before entering the highway.
Afraid of scams? Their Money-back Guarantee policy promises full compensation within five days if your e-wallet is being charged with unauthorised purchases or reload.
Touch ‘n Go eWallet can also be extensively enjoyed to purchase items on the Apple Store and iTunes, pay street parking, taxi rides, food delivery services, as well as for booking bus tickets online via BusOnlineTicket.com or as a payment method for purchasing KLIA Express and KLIA Transit tickets; however the cashless payment option will be offered over the counter, rather than at the gate.
One of the more popular bank-owned e-wallets. (Source: Maybank)
A short form for ‘Maybank Anytime, Everywhere,’, the MAE e-wallet is open to non-Maybank customers as well. Upon registration, users will get a Maybank account number and a virtual debit card.
Due to the valid Maybank account number that comes with the e-wallet, you can also receive money through traditional methods including instant online bank transfers and cash deposit machines. There’s no need to download a new app because the MAE app is integrated right in the Maybank2U app.
MAE allows you to transfer cash to your friends, split and pay bills or pay via QR code at over 200,000 QRPay merchants, as well as book movie tickets and flight tickets. MAE has a maximum wallet size of RM4,999.99 and a limit of RM2,999.99 per transaction.
Razer Pay is now only available in Malaysia and Singapore. (Source: Razer)
Part of global hardware manufacturer and gaming giant Razer Inc., Razer Pay debuted in Malaysia in 2018 as an e-wallet service provider.
Though still in its infancy, Razer Pay can be used as a payment method at over 1,000 online merchants, according to their Facebook page. Some of these notable merchants include Hermo, FashionValet, JD Sports, Decathlon, Uniqlo, F.O.S, BloomThis and Easy Parcel.
Through its partnership with Berjaya Corp, users can get a Razer Pay top-up PIN from any 7-Eleven store in Malaysia, or alternatively top up via bank account or a debit card from participating banks including AmBank, Bank Islam, CIMB, Hong Leong Bank, Maybank and Public Bank. For verified accounts, the daily transaction limit is capped at RM3,000, and RM48,000 for annual transactions as of now.
With Razer Pay, users get to pay for their favourite games, entertainment, food and mobile top ups. They also get to transfer funds to family and friends, transfer money from their e-wallet to bank accounts and top up their telco accounts. Gamers get to purchase PIN codes for services such as zGold MOLPoints, Steam Wallet, Garena, Sony PlayStation, Spotify, iflix and more.
Razer Pay hopes to expand its merchant list to over 6,000 major retail and food and beverages outlets in the future.
For WeChat Pay users, the cumulative daily payment and withdrawal limit on an Android mobile phone is RM1,000, as per Bank Negara Malaysia’s security guidelines. (Source: WeChat Pay MY)
One of the most popular instant messaging services in China, its financial offshoot landed on local soil in 2019 making Malaysia the first foreign country outside of China to have WeChat Pay enabled in a local currency.
Like most other apps, it allows you to make payments easily and quickly. All you have to do is flash the generated QR code to the participating merchant. Their merchant list includes AmBank, Hong Leong Bank, iPay88, MOL and Revenue Monster. KK SUPER MART is the first chain store in Malaysia to accept WeChat Pay MY.
To top up your e-wallet, just attach any number of Mastercard or Visa debit cards issued by local banks to the platform. The platform also allows you to transfer money to friends and family via their Money Packet feature as well as pay prepaid plans for telco brands like Altel, Celcom, Digi, Friendi, Maxis, Merchantrade, Tune Talk, U Mobile and XOX.
Related: WeChat Pay: Another e-Wallet in Malaysia?
One unique feature of this wallet is that you can purchase bus and airline tickets directly from the app, even going as far as selecting seats through a third-party bus and airline ticket service provider.
The withdrawal limits are set at RM10,000 per calendar month, and RM4,500 per wallet account and per bank account.
Unlike its competitors, BigPay’s e-wallet works in tandem with a physical Mastercard prepaid card. In this instance, it doesn’t really eliminate the physical card.
The benefit of this credit card-like feature is that you can still make payments at locations that don’t accept e-wallets by using your BigPay card. But since it’s a prepaid card, you won’t be able to pay for an item that costs more than the balance in your e-wallet.
The app pretty much functions like other e-wallets: you can top-up your card and check on transactions. Besides that, you also get to make online purchases and withdraw funds from ATMs.
The card is accepted at over 40 million merchants worldwide except for North Korea and Israel.
The card will benefit users of AirAsia’s Big Loyalty Programme the most. The airline company’s founder Tony Fernandes believes the service will be worth more than his airline in the future.
Biggest E-Wallet Trends in Malaysia | by STICPAY
With rising e-wallet usage among the Southeast Asian country’s consumers, Malaysia has been at the forefront of the digital revolution.
With a shift from cash to contactless payment methods, digital wallet solutions provide a convenient way for consumers to manage their everyday finances.
For that reason, new e-wallet trends and use-cases appeared on Malaysia’s fast-growing digital payments market, which we have collected in this article.
According to a recent Oppotus report, Generation Z represents the keenest e-wallet users in Malaysia, with 71% of the respondents utilizing such solutions in Q3 2020. Gen Z is followed by the millennials’ 60%, Gen X’s 59%, and the Baby Boomers’ 43%.
Researchers also discovered that citizens with a monthly household income between 7,001 ($1,726) and 10,000 RM ($2,465) use e-wallets the most (73%). While high-earning families rank in the second place (67%), those with lower income utilize digital wallets the least (55%).
In an earlier report, the company revealed that e-wallets are only a little more popular (52%) among male than female (48%) Malaysian consumers.
According to an August study by Facebook and Bain & Company, Malaysia has the highest percentage of digital consumers (83%) in the SEA while Singapore (79%) ranks second and the Philippines (74%) the third place.
In addition to the share of digital consumers, smartphone penetration is also hitting high levels in Malaysia, with Statista forecasting a nearly 94% figure in 2020, which is expected to rise further to 97.4% by 2022.
The MasterCard Impact Study 2020 revealed that Malaysia leads the SEA in e-wallet usage, which stands at 40% compared to the Philippines’ 36%, Thailand’s 27%, and Singapore’s 26%.
Compared to 2019 statistics, e-wallet usage has risen 8% across SEA nations, ranking at third place (22%) right after credit and debit cards (22.7%) and cash (34%) among the most preferred payment methods for the region’s consumers in 2020.
At the same time, Oppotus has revealed that 60% of Malaysian consumers have used e-wallet solutions in the past three months in Q3 2020, which is over double the rate of Q3 2019’s 27%.
According to the company, consumers in Malaysia utilized two-three (2.3) different e-wallet solutions on average in the third quarter of 2020.
- Food and beverage (71%)
- Groceries (54%)
- Convenience stores (45%)
- Food delivery (34%)
- Bill payment (26%)
- Transportation (23%)
- Petrol (22%)
- Mobile reload (9%)
- Gaming (6%)
- Movie tickets (3%)
- Hotels (2%)
A recent study by the Boston Consulting Group (BCG) revealed that e-wallet usage is the highest among banked consumers (31%), with 17% of underbanked and only 9% of unbanked citizens utilizing digital wallet solutions.
- Fast withdrawals (32.2%)
- Low transactions fees (18.4%)
- Prepaid cards (12.7%)
- Local bank wire options (11.9%)
- Diverse deposit methods (9.6%)
- Safety and security (8.6%)
- Cryptocurrency exchange (5.4%)
- Multi-currency features (1%)
Oppotus revealed that Malaysian consumers used e-wallet services for the following categories in Q3 of 2020:
Oppotus has asked Malaysian consumers whether they would continue using digital wallet solutions without incentives. According to the report, 70% of the respondents answered with a “yes” while 17% and 13% said “maybe” and “no,” respectively.
In a recent survey, the global payment provider STICPAY has revealed the top e-wallet trends among 400 surveyed respondents in Asian countries, such as Malaysia, Indonesia, the Philippines, Thailand, Singapore, and Hong Kong.
Based on the company’s findings, Asian consumers believe the following features are the most important when choosing a digital wallet service:
Furthermore, the BCG discovered that over one-third of SEA consumers stated their willingness to shift some of their banking activities to non-bank digital solutions. The company forecasts that 10% of the deposits and 12% of the credit card business could move to non-bank digital players in Malaysia, Vietnam, and Thailand.
- UnionPay China
- International bank transfers
- Cryptocurrency (Bitcoin, Litecoin, Ethereum)
- Prepaid STIC Card (for convenient withdrawals)
By now, it has become clear that Malaysia is among Southeast Asia’s leaders in e-wallet adoption and digital payments.
With availability in over 190 nations, STICPAY features a global e-wallet service that has a strong presence in Asia.
One of the reasons why STICPAY is so popular in Asia is due to the company’s partnerships with financial institutions on the continent, which allows the e-wallet service to provide rapid and inexpensive local bank wire deposits and withdrawals in selected countries (including Malaysia).
In addition to local bank wire transfers, STICPAY offers the following payment methods to customers:
Open an account at STICPAY now!
After funding their accounts, customers can transfer funds to other members instantly in 29 different currencies at the competitive fee of 1% via STICPAY’s rapid internal network. Alternatively, users can spend their balances directly at STICPAY’s verified merchant partners.
STICPAY turns a major focus on the safety of its users. For that reason, the company utilizes enhanced anti-fraud and security measures, such as keeping funds in segregated accounts with uninterrupted access, to protect its customers.
And the best: it only takes three minutes to harness STICPAY’s benefits as an e-wallet user.
Are you ready to manage your finances conveniently with an award-winning e-wallet solution?
Have questions? Reach out to STICPAY’s rockstar customer support team to get your queries answered 24 hours a day!
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Most Popular E-Wallet Comparison
Written by Farhan Gazi
We compare the most popular e-wallets available in Malaysia, covering what they offer over the competition and why they are special.
Having to dig through wallets for cash feels very primitive in the 21st century. Yet, not everyone has ready access to credit and debit cards. Others remain wary about credit cards and their potential pitfalls. This situation has led to the introduction of e-wallets; digital services that help people pay for things through smartphone apps.
Given the options available, it’s not easy to decide which of these to adopt. We take a look at the most popular e-wallets in Malaysia and try to figure out which gives you the best ROI.
What is an e-wallet?
On the surface, e-wallets are like payment cards that work out of an app. You load funds into a virtual wallet, and then use those funds to pay for goods and services. How this works varies across the types of e-wallets. Some use QR code scanning to establish connections between customers and merchants in the real world, while others are only confined to internet transactions.
Transfers using Near Field Connection (NFC) technology also exist, but aren’t supported by a lot of smartphones.
Payments are not the only thing that these e-wallets are capable of handling. Each service adds their own sprinkling of features that they believe will bring the most benefit to their target audience. Most common would be the option to transfer funds between individuals; although there are also features like buyer protections, loyalty card integration, and proprietary magnetic strip technology.
For this comparison, we use the most important metrics for an e-wallet. Firstly, payment technology is important for how easy it is for both customers and merchants to begin using the system. Next is a short list of stores that accept the particular e-wallet; this is not a complete directory since it would take too much space to fit everything into one place. Instead, it’s a collection of the most useful locations.
Finally, there is a summary of additional features that set that particular e-wallet apart from the competition.
Payment method: QR code, In-app payments
Notable merchant: 99 speedmart, Telekom Malaysia, SYABAS, DBKL Parking
Bonus: Boost’s main audience are smaller merchants that are only experimenting with the idea of cashless payments. The company has been targeting pasar malam vendors across the country, and has seen some success in that regard. More importantly, it’s been working with utilities like Telekom Malaysia and SYABAS to all in-app bill payments. It’s also expanding on a partnership to allow users to pay for parking in the greater KL area.
Boost also has a partnership with Shell stations, allowing users to pay for petrol at over 800 stations around the country. However, this still requires the user to scan the QR code at the counter.
A rise in the number of e-wallet related scams in 2020 caused Boost to discontinue a feature that allowed users to withdraw their credit to a bank account. This took effect in May 2020, and had the unfortunate effect of removing one of Boost’s most unique features.
Payment method: QR code, In-app payments
Notable merchants: TeaLive, Inside Scoop, Manhattan Fish Market
Bonus: GrabPay has the benefit of being part of the Grab Platform ecosystem; essentially allowing it to be used for calling a Grab ride or using it to order from Grab Food. It also has a partnership with Maybank for cross platform use with merchants that accept Maybank Pay.
It should be noted that while GrabPay is available across Southeast Asia it does not convert credits to local currencies. Meaning that customers will have to manually top up their credit when traveling.
Payment method: Online
Notable merchants: Lazada
Bonus: Lazada Wallet is one of the few e-wallets to offer cashback on all purchases. This comes at the massive price of only being able to use it on Lazada’s own online store, and having cashback credits that expire after a few months. This is perhaps the most limited of the e-wallets considering the scope. It’s meant to lock users into the Lazada ecosystem, so people should be aware of what they are getting themselves into.
Payment method: Magnetic Field Transfer, NFC
Notable merchants: Anywhere that supports credit card swiping
Bonus: Unlike the other e-wallets in this comparison, Samsung Pay doesn’t actually store any funds. Instead, it stores payment card information and acts as a sort of additional layer between the two. What is unique here is its proprietary MFT technology. This allows a smartphone or smartwatch to mimic the magnetic strip on a credit card, allowing it to work without any additional investment from merchants. MFT also allows Samsung Pay to support loyalty cards like those from Aeon; meaning that those can also be stored within the app.
The only drawback is that Samsung Pay is confined to selected Samsung branded smartphones and smartwatches. MFT support also only appears on the highest end Samsung smartphones, leaving the more affordable devices with only NFC support. Although, nothing says living in the future like paying for lunch with your watch.
Payment method: Online payments. Offline payments exists in select countries
Notable merchants: Almost every online store
Bonus: PayPal is the grandfather of e-wallets. Existing from even before the term was coined. Being an international level organisation means that PayPal can be used across borders and will even convert between currencies for payments. It also allows users to cash out by transferring their funds to a local bank account. Buyer protection for PayPal is also considered to be one of the best in the world; although this occasionally comes at the expense of the merchants.
PayPal’s main problem is the substantially higher fees it charges on money transfers. The company has a 7% cut on international remittance; which is higher than some people would like to deal with.
Touch ‘n Go eWallet
Payment method: QR code
Notable merchants: Family Mart, 7-Eleven, myNEWS.com, Tesco, Plus highways
Bonus: The TnG e-Wallet still has a variety of features in the testing phase. In this case, the number of available merchants is still very short. While, the company wrapped up a beta test of the TnG mobile app on the Kelana Jaya LRT line in 2019, it has yet to be fully implemented across MRT and LRT lines.
The Pay Direct feature allows users to link their TNG cards with the TnG e-Wallet. Doing this will cause toll plazas to deduct funds from the e-wallet first and will only charge the TNG card if there is insufficient credit. Touch ‘n Go’s RFID payment option is also tied to the TnG eWallet. It deducts funds automatically when the gantry scans the RFID tag on your car. This payment system has rolled out to a majority of closed-loop highways, with open-loop highways set to be included in the near future.
Payment method: QR code Notable merchants: Tony Roma’s, Mydin, Astro Go Shop, Kedai Mesra Petronas Bonus: Digi’s vcash was one of the earliest homegrown e-wallets to appear in Malaysia, launched late last year. Since then, it has expanded to include a partnership with Petronas that makes it the only e-wallet that can be used to pay for petrol (excluding Samsung’s MFT technology).
Vcash ceased operations on December 1 2019, becoming the first e-wallet to throw in the towel in an extremely saturated market.
Payment method: QR Code
Notable merchants: KK Mart
Bonus: WeChat Pay is perhaps one of the most anticipated e-wallet to reach Malaysia; being tied to one of the most popular instant messaging services available. It provides the additional benefit of being able to also buy bus tickets. A convenient feature that’s likely to cater to WeChat’s main demographic.
Also available here is the option to use WeChat Pay in China. It’s something more useful for Chinese tourists visiting Malaysia, but also works in reverse. However, it should be noted that there is no currency conversion. This means users need to top up their Chinese RMB and Malaysian Ringgit separately.
Payment method: QR code Notable merchants: Jaya Grocer, TGV cinemas, Mydin, Watson’s, McDonalds Bonus: MaybankPay had a far quieter release than any of the other e-wallets on this list. Overall, it doesn’t quite have as many bonus features as the competition; focusing solely on being able to provide an e-wallet to support Maybank’s suite of products. However, the bank has an agreement with Grab to the interoperability between MaybankPay and Grab Pay. Allowing the two e-wallets to work with the same QR codes. That said, MaybankPay is also one of the few e-wallets in Malaysia to allow users to store their Maybank credit card information. Using the mobile app in the place of having to keep a physical card. This puts it in direct competition with Samsung Pay. Although it has the advantage of being available on all Android and iOS phones (instead of being limited to a handful of Samsung branded ones).
Maybank folded the functions of MaybankPay into the Maybank2u app in June 2020. This consolidation of digital features means that Maybank users will be able to use the Maybank QRPay option in the Maybank2u app.
Payment method: QR Code
Notable merchants: Steam, 7 Eleven, Starbucks
Bonus: Aimed largely at gamers, Razer Pay is the result of a collaboration between gaming peripheral maker Razer, MOL, and Berjaya Group. For the most part, this e-wallet is intended to support Razer’s own eco-system and virtual currency.
Funds stored in Razer Pay can be used to buy Razer’s zGold-MOLpoints; which can later be used to buy games digitally. Alternatively, the virtual currency can also be used to buy gaming peripherals (like keyboards and mice) from the Razerzone online store. This is less attractive for the average consumer, but is perhaps more relevant to gamers.
Payment method: QR Code, NFC, Prepaid Card
Notable merchants: Airasia
Bonus: Created by AirAsia, the BigPay service is split across a Mastercard-backed prepaid card and an e-wallet. The benefit of this is that it users are not confined to only using the mobile app to pay for things. Instead, being free to use the prepaid card like a credit card. Complete with the option to make online purchases and withdrawing funds from ATMs.
BigPay also allows users to earn Big Loyalty Programme points; which is also the loyalty programme for AirAsia flights. Unfortunately, this comes with the caveat that the points are not earned for domestic transactions.
AirAsia founder Tony Fernandes believes that this will eventually be worth more than his airline. Although there seems to be quite a lot of competition in this space.
Payment method: GPS location tracking
Notable merchants: Petronas
Bonus: Petronas’ homegrown e-wallet brings an interesting twist to the technology. It uses GPS location tracking in order to facilitate payments. Basically, the app will detect that you are at a participating Petronas station and allow you to begin making payments.
This is a completely unique payment system, and one that is unfortunately a closed ecosystem. The system is limited to only a small selection of Petronas stations at the moment. On the other hand, it is extremely useful for those who would rather not swipe their credit cards at petrol stations.
Payment method: Barcode
Notable merchants: myNEWS
Bonus: The myNEWS Malaysia app is not strictly an e-wallet. It is largely for managing the myNEWS loyalty point programme. The app can only be used to pay for purchases in myNEWS outlets, and then it still uses an older barcode system for managing transactions.
Furthermore, funds can only be added to the e-wallet at myNEWS stores.
Payment method: QR code, Visa-back prepaid card
Notable merchants: AEON affiliated stores
Bonus: This is not necessarily a traditional e-wallet, being mainly designed to work with the AEON Members Plus Visa card. The idea is that the AEON Wallet complements the prepaid card by allowing users to access its funds and loyalty programme without having to carry the card around.
However, this also means that it benefits from being an e-wallet with a Visa-backed prepaid card. Including the ability to use the funds in non-AEON affiliated stores and for online shopping.
Payment method: QR Code
Notable merchants: 7-Eleven, Family Mart
Bonus: AliPay is technically not available for Malaysians, despite being accepted by local merchants. It is meant to be used by Chinese nationals who are visiting the country and would like to continue their cashless experience.
That said, the main benefit of being able to use AliPay is that it also works in China. Visitors to the country are able to purchase a Tour Pass that gives them the option of adding funds without first owning a Chinese bank account. This is valuable to tourists as China has largely phased out the use of physical cash and many merchants only accept payments through e-wallets.
This is not an exhaustive list of e-wallets in Malaysia. At present, there are 35 companies and 5 banks with e-money licenses from BNM, all of which are governed by the Financial Services Act 2013 and Islamic Financial Services Act 2013
Not all of these licenses are currently being used for e-wallet apps, but a fair number have more focused services. For example, gaming peripheral manufacturer Razer and gamer-focused Razer Pay e-wallet.
That said, BNM has issued a directive to create a unified QR code system for the various e-wallets. There has been little news on when this will be rolled out, but it shouldn’t take too long for all involved parties to sort out the matter.
Going forward, this move will make at least a few of these services interchangeable and widen the number of available merchants for the benefit of their customers.
*This article was originally published on 8 August 2018 and has been updated with recent developments.
Malaysian Digital eWallets Review for 2021 — The Bulging Wallet
- Touch n Go eWallet
- FavePay accepts both GrabPay and Boost as a funding method, so there is no reason to use either of them over FavePay
- Using GrabPay/Boost via FavePay still awards you GrabRewards Points/Boost coins
- FavePay merchants typically pay a percentage cashback, often ranging from 2-20% which is useable on your next visit to the same merchant
- Cashback is valid until the end of the third month from the time you pay
- Example: On 1 January 2020, you pay RM20 to A&W, who pay 10% cashback. You will have RM2 as A&W cashback in your Fave wallet available to you until 30 April 2020.
- Can be utilised at a different location – e.g. you can use FavePay at Sunway Pyramid A&W, and then use the cashback you earned from that visit at a different A&W
- Even if a merchant pays 0% Fave cashback, you’re still earning GrabRewards points and/or Boost coins, so you’re never in a worse off position
- Cashback is valid until the end of the third month from the time you pay
- FavePay accepts American Express, which is relevant because American Express cards often award more points than their Visa/Mastercard counterparts
- Some banks have begun excluding eWallet top ups from earning points, but FavePay transactions are such that they are not considered top ups – it’s just expenditure. This is a double dipping opportunity, for cards issued by banks such as Maybank
- FavePay awards AirAsia BIG points on transactions at a rate of RM5 = 1 AirAsia BIG point, but this is worth so little that it’s not really necessary to consider this a benefit – hence why this is last on this list 🙂
- It takes 150 AirAsia BIG Points to redeem for RM1 for Fave transactions, equating to “cashback” of 0.13%
GrabPay is second because they still offer a consistent, stable amount of GrabRewards points which varies based on your GrabRewards tier.
At the time of writing, 800 GrabRewards Points is worth RM5 based on the availble rewards. Based on this valuation, the rebate you derive from paying via GrabPay is either 0.94% (1.5pts/RM on Member/Silver), 1.41% (2.25pts/RM on Gold) or 1.82% (3pts/RM Platinum).
Boost? They’re inconsistent. Their rewards fluctuate wildly, but from monitoring Boost Rewards versus GrabPay over the last 8 months, GrabPay is better than Boost 95% of the time.
Remember, this all assumes there are no alternative promotions. If you’re at AA Pharmacy and they’re offering a RM5 voucher for HSBC Cardholders, then pay with HSBC! If you’re at Mr DIY and they offer RM8 cashback on transactions made with GrabPay, use GrabPay! If McDonald’s is offering RM5 cashback on RM25+ TnG eWallet transactions, use Touch n Go eWallet! You get the drill.
What about the rest?
Touch n Go eWallet, despite being such a household name in Malaysia, pay nothing in the way of rewards. While you’ll earn 300 GrabRewards points (RM1.88) on a RM100 transaction as a Platinum member, you’ll earn exactly zero when you make the same transaction using Touch n Go eWallet.
That means the only reason I’d use them is if there is no other choice, or if they have a promotion – which they do have sometimes.
All the others are the same. None of the others pay any rewards whatsoever, so why should I, as a savvy consumer, use them?
Typically speaking, they usually try to offer something to entice customers to use them. Maybank QR Pay were paying a small amount of random cashback on transactions of RM10+, up to 4x per calendar month in Nov-Dec 2020.
GoPayz were paying RM5 back on RM30+ transactions capped at once per day at specific merchants throughout December 2020, including Econsave, Tesco, McDonald’s, Family Mart, KFC and Petron. As a unique selling point, GoPayz offer a UnionPay virtual card (which is extremely unique – but merchants in Malaysia that accept them are almost as rare), alongside a Visa/MasterCard, which gives you an extra avenue to spend your GoPayz money.
Razer Pay were, and still are offering 10% cashback on mobile phone top ups. They were also giving out one free mask per calendar month (haha) via 7-Elevens in Malaysia for verified customers.
ShopeePay were offering somewhere between RM2-4 cashback on transactions of RM10-15+ at several merchants (Go Noodle House 有间面馆, Banana Bro)
And that’s where we circle back to the very first question – “is there a promotion for using you, GoPayz/Razer Pay/Maybank QR Pay/TnG eWallet? If yes, then I’ll probably use you. If no, then no thanks.”
What About Credit Cards?
It’s certainly something you should still consider, and it goes through the same thought process. That is, “how much are the rewards you will get for paying with this Credit Card?”
However, for the sake of simplicity, I’ve omitted them from this article because there is too large a variety of Credit Cards and writing about it further complicates the thought process.
If you have the capacity to consider it, then it’s best to do so, but this is just an overview of how to choose between the different eWallets.
What about leftover Credit within the eWallet?
It’s certainly something to consider, both from the sake of wastage and safety of funds. None of the dominant eWallets offer you the option to transfer money out to a bank account (anymore – Boost used to, for a fee). My recommendation is if you are committed to continuing paying with eWallets, the issue of leftover Credit is a non-issue because you’ll pretty much always find opportunities to use them, given how mainstream they are now.
Having said that, there’s no benefit in over topping up. You don’t earn interest on your wallet balance, so just top up what you need! This is where features like auto top up could come in handy to save you from scrambling to ensure you have a sufficient wallet balance at the checkout.
FavePay are a clear fave-ourite, but they’re not as widely accepted as the other dominant three. I suspect this is due to commission, as the substantial percentage cashback has to be funded from somewhere. However, where they’re accepted, they’re a real no brainer of an option.
Given the transition away from cash to cashless, I suspect 2021 will see further growth in the use of eWallets. It will be interesting to see how the smaller players navigate this battlefield, and I personally can’t wait to see how the year for eWallets in Malaysia will pan out!
- Boost: seefya8 (no reward at the moment)
- Shopee: illum222 – 20% cashback (not sure if there is a cap)
- BigPay: ZN8IKOD38O – RM10 after you activate your card
- Fave: FAVEWAYNE284 – RM1 off your first purchase of RM20+
- MAE Invite Code: sj’0127 (nothing, I think)
GoPayz, Razer Pay, Touch n Go eWallet, Maybank QR Pay do not have any referral program.
E-commerce payments trends: Malaysia
Malaysia’s e-commerce market goes from strength to strength
Driven by a relatively high internet penetration rate, the e-commerce market in Malaysia is going from strength to strength and is forecast to grow at a compound annual growth rate of 24 percent a year.1 Overall, economic growth in the country is broadly positive, but the combination of slowing external demand and easing fixed investment could weigh on domestic sentiment. How sentiment evolves will also be an important determinant of whether the tax refunds, worth 2.2% of gross domestic product, will be saved or spent.3
Strong cross-border spending and delivery infrastructure key to boosting Malaysia’s e-commerce growth
Malaysia’s $4 billion e-commerce market is notable for its explosive growth in recent years. Annual sales have expanded significantly since 2015, jumping 47.8 percent in 2017 alone.14 Looking ahead, the market is expected to expand at a compound annual growth rate of 24 percent to 2021.15
Despite a four-year period of rapid growth, there is still plenty of room for the market to continue to expand. At present, just under half the population is yet to shop online, meaning there are almost 16 million as-yet untapped e-shoppers.16 The nation is also young: the average age is 28.7 years, and 44.2 percent of the population is aged 24 and under, offering a generation of tech-savvy potential customers. 17
Internet penetration, at 80.1 percent, is higher than many other south east Asian countries.18 The government has ambitions to raise this level to 90 percent, which will widen access to online shopping.19 The Malaysian government’s work to introduce frameworks for e-commerce should also support sales. The country’s National E-commerce Strategic Roadmap outlines plans to double Malaysia’s e-commerce growth rate and contribute RM211 billion to gross domestic product by 2020.20
Malaysia has three major annual national shopping events – Malaysia Super Sale (March 1-31), Malaysia Mega Sale Carnival (June 15-Aug 31) and Malaysia Year-End Sale (Nov 1-Dec 31).21 International discount shopping event Singles Day on 11 November is also increasing in popularity.22
Key online shopping categories include travel, which makes up 39 percent of the total e-commerce value, consumer electronics (17.3 percent) and furniture and household goods (13 percent).23 The top e-commerce sites are platforms Lazada, 11street and Shopee.24 Average annual basket spend, at $242, is currently lower than many of the countries included in our report series* and offers both a challenge (driving up spend) and an opportunity to merchants.25
Strong cross-border spending and growing last-mile delivery infrastructure
Cross-border spending is high in Malaysia, accounting for four out of 10 of all e-commerce transactions in the country.26 Malaysian shoppers are willing to buy from international e-commerce sites, with 48 percent having already made a purchase from overseas.27 The top three countries for cross-border sales are China (first), Singapore (second) and Japan (third).28 International retail giants are making moves to capitalize on the opportunities presented by Malaysia. Chinese conglomerate Alibaba has announced plans to create a regional distribution hub in the country.29 The company’s cofounder Jack Ma has also been named as Malaysia’s digital economy advisor.30
However, it should be noted that the Malaysian government has announced plans to introduce a digital tax for cross-border e-commerce from 2020, which could have ramifications for international sellers of digital products. While detailed information is yet to be announced, sellers of digital goods such as film, music streaming and video streaming are expected to be required to report sales and pay a levy to the Malaysian government for sales of certain goods.31
When it comes to delivery, 90 percent of Malaysians expect their purchase to be delivered within a week, and for 46 percent, delivery within three days is expected.32 International couriers are investing in their Malaysian last-mile offerings. DHL, for instance, has set up domestic last-mile delivery operations.33 Global brands including IKEA, Nestlé, Tesco, Zalora and Lazada have all recently invested in Malaysian distribution hubs in an effort to expand their e-commerce footprint in the country.34,35
Malaysians swift to adopt shopping on the go
Despite being a modestly sized e-commerce sector, at an early stage of development in comparison with major markets like the U.S. and UK, consumers have been quick to adapt to mobile commerce. Approximately 62 percent of smartphone users now use their devices to shop online.36 Shopping via mobile devices now accounts for 47 percent of all e-commerce transactions,37 and shopping via mobile devices is expected to increase at a compound annual growth rate of 31.4 percent to 2021, to reach a value of $5.6 billion.38
Citizens are using their smartphones for everyday activities such as browsing, shopping and researching, backed by the state’s efforts to ramp up digital engagement.39 Malaysia is a nation of smartphone lovers, but there is still a significant part of the population yet to own a device, with penetration currently standing at 63.9 percent.40
Apps are the primary mobile commerce sales channel, used for 64 percent of transactions, or $1.2 billion in sales in 2017.41,42 Social media is another key way to reach would-be customers. Facebook is the most popular platform, with WhatsApp, WeChat, Instagram and Twitter all also popular.43 Domestic banks offering mobile banking and payment services are also helping drive mobile commerce uptake. However, concerns persist around the level of security and customer satisfaction when shopping via mobile devices.44
Bank transfers dominate as Malaysia’s preferred payment method
Bank transfers are the most-used e-commerce payment method in Malaysia, accounting for almost half (46 percent) of all transactions or $1.8 billion in 2017.45 Use of this method is forecast to continue to grow, at a compound annual growth rate of 25 percent to 2021, when it is expected to retain its top position and account for 48 percent of the e-commerce payments market.46 Transfers are completed by the shopper logging in to their online bank account to complete payment, or by paying in person in-branch.47
Cards are in second place, taking a 29 percent share of transactions.48 Credit card use is low, at 0.3 cards per capita, suggesting a reluctance to take on card-based personal debt. There are far more debit cards in circulation, at 1.44 cards per capita.49
Cash is used in seven percent of transactions.50 The use of cash is expected to be overtaken by digital wallets by 2021, but the ongoing prevalence of cash-on-delivery providers throughout Malaysia will continue to support this method.51
International players moving into Malaysian digital wallets market
Digital wallets, known as dompet digital in Malaysia, are the fourth most-used payment option, accounting for just seven percent of transactions.52 However, this method is expected to be the fastest growing between 2019 and 2021, with uptake increasing at a compound annual growth rate of 53 percent to 2021, by which point it will take a 16 percent share of the Malaysian payments market.53 The uptake of this payment option will be driven by rising smartphone penetration and digital wallet players seizing on the relatively underdeveloped Malaysian market.54 At present, there are 39 businesses with an e-money license in the country, including international players PayPal®, Alipay, WeChat and Google Pay.55
Payments Network Malaysia launched Malaysia’s first real-time retail payments platform in January 2019, which is expected to boost electronic payments by modernizing Malaysia’s payments infrastructure. Features include instant credit transfer via mobile number and national security number to both citizens and businesses. Further features are set be rolled out in the coming years, including real-time debit transfers and e-mandates.56
Low e-commerce fraud rates reported in Malaysia
Malaysia’s e-commerce fraud rates appear positive: digital payment provider iPay88 reported fraud occurring in just 0.02 percent of transactions in 2018, a drop from 0.03 percent in 2017. 57 The introduction of the Consumer Protection (Electronic Trade Transactions) Regulations in 2012 is thought to have assisted in cutting down on incidences of e-commerce fraud.58
- International merchants are benefitting from the rapid expansion of the Malaysian e-commerce market. Cross-border spending makes up a significant proportion of a sector that is enjoying explosive growth.
- Having announced plans to create a regional distribution hub in Malaysia, Chinese conglomerate Alibaba is just one example of the international brands moving to capitalize on the opportunities available.
- The Malaysian government has plans to introduce a digital tax for cross-border e-commerce in 2020, which could have ramifications for international sellers of digital products.
- Malaysian consumers prefer to use bank transfers to pay for online shopping, a payment method
To learn more about payment trends in the world’s leading e-commerce markets, contact your J.P. Morgan representative or call us on:
1 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via SEA Google report, 2017.
2 Economic Research, J.P. Morgan Chase Bank, March 2019.
3 Economic Research, J.P. Morgan Chase Bank, March 2019.
4 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via World Bank, 2017.
5 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via CIA World Fact Book, 2017.
6 World Bank Open Data. ‘Malaysia.’ Accessed March 2019.
7 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Department of Statistics Malaysia, Statista, Nikkei Asian Review, EC Insider, iPay88, SEA Google Report, EDC Analysis, 2017.
8 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via EDC Analysis, 2017.
9 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via DHL, iPay88, ThinkwithGoogle report on Mobile Apps in APAC, 2017.
10 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via World Bank, 2017.
11 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via McKinsey report, The Digital Archipelago, 2018.
12 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via World Bank, 2017.
13 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Department of Statistics Malaysia, 2017.
14 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Department of Statistics Malaysia, Statista, Nikkei Asian Review, EC Insider, iPay88, SEA Google Report, EDC Analysis, 2017.
15 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via SEA Google report, 2017.
16 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via eShopworld, 2017.
17 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via CIA World Fact Book, 2017.
18 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via World Bank, 2017.
19 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via World of Buzz: Government to ensure internet penetration rate in Malaysia. February 2018.
20 DHLSME.com, 2017. ‘All Eyes on Malaysia for the Next Ecommerce Boom.’ Accessed March 2019.
21 Export.gov, July 2018. ‘Malaysia – eCommerce.’ Accessed March 2019.
22 BusinessInsider.my, November 2018. ‘Malaysians’ interest in 11.11 Singles’ Day sales is skyrocketing – here are the types of promotions on every top online shopping site.’ Accessed March 2019.
23 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Statista, 2017.
24 AseanUp, March 2019. ‘Top 10 e-commerce sites in Malaysia 2018’. Accessed March 2019.
25 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via EDC Analysis, 2017.
26 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Cross-Border eCommerce in Asian Markets: Singapore and Malaysia and ecommerceIQ: What are shoppers looking for across borders in Southeast Asia?, 2017.
27 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Cross-Border eCommerce in Asian Markets: Singapore and Malaysia and ecommerceIQ: What are shoppers looking for across borders in Southeast Asia?, 2017.
28 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via eShopworld, 2017.
29 DHLSME.com, 2017. ‘All Eyes on Malaysia for the Next Ecommerce Boom.’ Accessed March 2019.
30 DHLSME.com, 2017. ‘All Eyes on Malaysia for the Next Ecommerce Boom.’ Accessed March 2019.
31 ValueWalk.com, December 2018. ‘Malaysia Influences SEA To Introduce The Digital Tax.’ Accessed March 2019.
32 DHLSME.com, 2017. ‘All Eyes on Malaysia for the Next Ecommerce Boom.’ Accessed March 2019.
33 DHLSME.com, 2017. ‘All Eyes on Malaysia for the Next Ecommerce Boom.’ Accessed March 2019.
34 TheEdgeMarkets.com, March 2019. ‘Fast-growing e-commerce driving demand for industrial properties.’ Accessed March 2019.
35 VulcanPost, March 2019. ‘Behind The Scenes At The 470k Sqft e-Fulfillment Hub Of E-Commerce Giant Zalora.’ Accessed March 2019.
36 Export.gov, July 2018. ‘Malaysia – eCommerce.’ Accessed March 2019.
37 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via DHL, iPay88, ThinkwithGoogle report on Mobile Apps in APAC (2016).
38 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via EDC Analysis, 2017.
39 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Fluence: To which countries are smartphones penetrating the most and why?, January 2017.
40 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via McKinsey report, The Digital Archipelago, 2018.
41 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via DHL, iPay88, ThinkwithGoogle report on Mobile Apps in APAC (2016).
42 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via EDC Analysis, 2017.
43 Export.gov, July 2018. ‘Malaysia – eCommerce.’ Accessed March 2019.
44 Export.gov, July 2018. ‘Malaysia – eCommerce.’ Accessed March 2019.
45 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company, 2019.
46 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company, 2019.
47 PaymentWall.com, 2019. ‘Bank Transfer Malaysia.’ Accessed March 2019.
48 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company, 2019.
49 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Department of Statistics Malaysia, 2017.
50 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company, 2019.
51 My.ta-q-bin.com, 2019. ‘What is cash on delivery.’ Accessed March 2019.
52 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company, 2019.
53 J.P. Morgan 2019 Payments Trends – Global Insights Report: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company, 2019.
54 ECInsider.my, December 2018. ‘The e-wallet infinity war in Malaysia – Everything you need to know about e-wallet starts here.’ Accessed March 2019.
55 BNM.gov.my, 2019. ‘List of Regulatees.’ Accessed March 2019.
56 TheStar.com.my, January 2019. ‘PayNet launches real-time retail payment platform.’ Accessed March 2019.
57 DigitalNewsAsia, February 2019. ‘Malaysia’s Ecommerce Still Going Gangbusters.’ Accessed March 2019.
58 ToughNickel.com, March 2018. ‘Malaysian Regulation and Consumer Protection of eCommerce and Online Business.’ Accessed March 2019.
About J.P. Morgan
J.P. Morgan offers a full suite of payments services to enable a seamless connection across the payments continuum for clients. We bring our consultative expertise, data-driven insights, and local service around the globe to provide a more unified view of payables, receivables and cash management. Merchant Services is the payment acceptance and merchant acquiring business of JPMorgan Chase & Co. (NYSE: JPM) – a global financial services firm with assets of $2.6 trillion and operations worldwide.i According to The Nilson Report, it is also the top merchant acquirer of e-commerce transactions in Europe.ii
i JPMorgan Chase & Co. Q4 2018 Earnings Report 2018.
ii The Nilson Report, #1132 May 2018.
This document is based on projected figures and is subject to change at any time. Data may vary from historical figures, due to certain categories being re-stated as new information sources have become available.
Information contained in this document has been prepared by third parties or obtained from sources which are believed to be reliable; but neither Chase Paymentech Europe Limited nor any of its affiliates warrant the completeness or accuracy of the information contained herein. Chase Paymentech Europe Limited and any of its affiliates shall have no liability to the user or to third parties, for the quality, accuracy, timeliness, or for any special, indirect, incidental or consequential damages which may be experienced because of the use of or reliance on the data or statements made available herein. Third party trademarks, brand names, products and services are only referential and Chase Paymentech Europe Limited and its affiliates disclaims any sponsorship, affiliation or endorsement of or by any such third party.
Chase Paymentech Europe Limited, trading as J.P. Morgan, is regulated by the Central Bank of Ireland. Registered Office: J.P. Morgan, 200 Capital Dock, 79 Sir John Rogerson’s Quay, Dublin 2 D02 RK57, Ireland. Registered in Ireland with the CRO under the Registration No. 474128.
Directors: Brian Gaynor, Carin Bryans, Dara Quinn, Steven Beasty (US), Eilish Finan
Touch ‘n Go eWallet on the App Store
This app only supports iOS version 9.0 and above.
Top up your mobile prepaid, get food delivered for FREE and more with the Touch ‘n Go eWallet!
Reloading the eWallet is easy and seamless.
Use your CIMB Bank, Maybank, HSBC, RHB, Bank Islam, Bank Simpanan Nasional or any other FPX supported bank account to reload your wallet.
You can use your debit/credit card to reload too. Activate auto-reload for even more convenience!
PREPAID TOP UP.
Top up your U Mobile, Hotlink, Digi, YES, Xpax, Tune Talk, XOX, or Altel prepaid lines easily straight from your eWallet.
Get daily essentials or satisfy your shopping needs from Lazada, PrestoMall and Taobao with your eWallet. Satisfy your food cravings with DeliverEat and Hungry, pay with your eWallet to get FREE food delivery!
POSTPAID & UTILITY BILLS.
Settle your Maxis, U Mobile, Celcom, YES, redONE, Unifi, Astro bills with your eWallet! Always stay connected with your loved ones. Pay utility bills like water and even PTPTN loan repayment all from the eWallet itself!
GROCERIES & PHARMACIES.
Need to go for a quick essential run? Get them from Tesco, Mydin, Jaya Grocer, 7-11, KK Mart, 99 Speedmart, MyNews & more. Get your healthcare needs from Caring, Watsons, Guardian, BIG Pharmacy, AA Pharmacy, Alpro & more.
ONE STEP MONEY TRANSFER.
Just key in a phone number to transfer money instantly to other Touch ‘n Go eWallet users.
TOLL PAYMENTS WITH PAYDIRECT/RFID.
Pay for tolls straight from the app! Just add your Touch ‘n Go card to the app and your eWallet balance will be deducted instead of your card when you tap at tolls!
Here’s how it works:
1. Add up to 3 Touch ‘n Go cards to the eWallet
2. Use the added cards at all Klang Valley tolls except ELITE, NKVE, SKVE and LEKAS.
3. The toll fares will be deducted directly from your eWallet, your Touch ‘n Go card balance will not be touched unless there’s no balance in your eWallet.
4. Reload your eWallet using FPX online banking, cash over the counter or with your credit/debit card (Activate auto-reload for more convenience!)
Get RFID tag installed for your cars and toll fares via RFID will be taken directly from the eWallet.
PAY FOR PARKING.
Pay for your street parking from wherever you are! Now available at DBKL, MPSJ, Perbadanan Putrajaya, Majlis Daerah Kuala Langat, M.P. Kota Bharu & more coming up!
BOOK MOVIES FAST.
Pick a seat from major cinemas like GSC, TGV, MBO and more directly within the eWallet and pay in 2 steps!
BOOK FLIGHT TICKETS.
Plan your flight and book it from within the eWallet in 2 steps too!
If you like, you can reload your eWallet with Touch ‘n Go eWallet Reload PINs. You can buy from convenience stores, petrol stations and pharmacies namely KK Mart, Mydin Caring Pharmacy, Petronas and so many more to reload too!
We are constantly updating the eWallet to add more features and conveniences. Download now!
Learn more at www.tngdigital.com.my
Like us on Facebook for more updates at https://www.facebook.com/touchngoewallet
The best e-wallets in Malaysia, as ranked by users
These days, one can pay for just about anything with e-wallets, including groceries, clothes, flight tickets, gadgets and others
by S BIRRUNTHA/ pic source: assets.grab.com
BELIEVE it or not, electronic wallets (e-wallets) are one of the best inventions of the 21st century. They’re quick and easy, allowing people to make payments with a single tap.
An e-wallet can be defined as an electronic or online device that allows transactions to be made via a computer or smartphone.
Most e-wallets, like credit or debit cards, are linked to the individual’s bank account in order to make payments. They’re also usually protected with passwords or identification.
These days, one can pay for just about anything with e-wallets, including groceries, clothes, flight tickets, gadgets and others.
In Malaysia, e-wallets are a growing trend. Despite cyber-security concerns, more and more people are starting to use digital wallets to pay for bills, food, tolls, petrol, groceries and retail expenses.
E-money transactions amounted to 1.4 million in volume and RM10.6 billion in value as of January to August 2019, according to Bank Negara Malaysia data.
Many industry experts regard Malaysia as a prime market for the growth of e-wallets, due to its high potential and favourable demographics to boost e-wallet adoption in the country.
The usage of e-wallets also opens the door for many discounts and promotions from merchants, which Malaysians appear to be particularly inclined towards.
The more the usage, the more one stands a chance to claim and win coupon codes, vouchers and gift cards for particular products or services.
E-wallet technology has also proven to be one of the more secured transaction processes, despite concerns from some parties as it does not require sharing personal information such as one’s date of birth and phone number.
In Malaysia, the e-wallet market is projected to grow to US$20 billion (RM83.8 billion) by 2024, professional services firm PricewaterhouseCoopers Malaysia said.
The firm added that since e-wallets can be used for a variety of payments, the retail, food and beverage, e-commerce and peer-to-peer transfer industries are expected to be the most popular given the small ticket size per transaction.
Malaysian e-wallet player TNG Digital Sdn Bhd said it has over five million registered users, with adoption growing aggressively.
“Currently, we are the largest e-wallet player and most used e-wallet in Malaysia’s financial technology industry. With 100,000 merchants and retail points, we have grown so much in just one year.
“Last year in October, we reached one million users and in the same period in October this year, we grew to five million users,” TNG Digital CEO Ignatius Ong told The Malaysian Reserve (TMR) recently.
He said the group is seeing growth in user numbers on a month-to-month basis. It will improve the number going into 2020.
Ong added that the nation will eventually move towards being a cashless society.
In China for example, being cashless has become so ingrained in their community to the point that some retail outlets don’t accept cash anymore.
“With Malaysia being made up of baby boomers, Generation X, Y and millennials, the appetite for convenience in everyday life and day-to-day transactions is essential,” he said.
During the tabling of Budget 2020, the government announced a RM30 incentive for e-wallet users to boost adoption rates.
TNG Digital, among many other e-wallet players, has applauded the initiative as it will serve as a good catalyst to get people started on e-wallets.
With so many digital payment providers in Malaysia, TMR has compiled a list of the best e-wallets available based on user ratings on the Google Play Store.
Touch ‘n Go eWallet
Money reloaded into the Touch ‘n Go e-wallet cannot be withdrawn, unless the user’s account has been terminated. (pic credit: tngdigital.com.my)
Touch ‘n Go’s eWallet was mainly introduced to make toll payments convenient. It’s in fact, one of the easiest ways to pay for tolls in Malaysia.
To use the service, users must download the app, create an account and register their contact number.
A six-digit pin is required to perform transactions. The “PayDirect” feature allows users to link their Touch ‘n Go account with the e-wallet to pay for tolls immediately.
For top-ups, a minimum of RM10 and a maximum of RM200 or RM500 can be reloaded into the wallet depending on its type.
However, the money reloaded cannot be withdrawn, unless the user’s account has been terminated.
Boost is a dedicated e-wallet which allows users to make payments without the hassle of carrying physical cash. It can be used almost anywhere, even in night markets.
Once the app has been downloaded onto one’s smartphone, one can reload money, scan the Quick Response (QR) code and pay for their product or service.
The payment can then be confirmed by entering the Boost 6-digit transaction pin.
A unique feature of Boost’s e-wallet is bill splitting, which allows users to help divide group payments.
A minimum of RM10 and a maximum of RM200 or RM1,500 can be reloaded into the wallet, depending on wallet type.
Premium Wallet users can transfer money from their e-wallets into their bank accounts.
Ride-hailing app Grab has joined the e-wallet bandwagon in Malaysia, with any user of Grab pretty much owning an e-wallet too.
Users can easily top up their Grab e-wallet and start paying for Grab rides, GrabFood (food delivered by Grab) and in-store items.
For GrabPay, no pin is required to perform transactions. Each transaction enables users to earn points which can be used to get free Grab rides and discounts on GrabFood.
A minimum of RM10 and a maximum of RM500 or RM1,500 can be reloaded into the Grab wallet.
Money loaded into the wallet cannot be withdrawn at any cost.
VCash is a mobile wallet powered by DiGi.Com Bhd. However, users can use the wallet with any Malaysian telecommunications company, as long as they have a Malaysian phone number.
In order to use VCash, users must download the app and deposit money into their e-wallet through Digi stores, online banking methods or JomPay. They can then scan the QR code and make payment.
For VCash, a six-digit pin or fingerprint is required to perform transactions. Bill splitting is allowed to make group payments.
Depending on the wallet type, a minimum of RM10 or a maximum of RM500, RM2,500 or RM5,000 can be reloaded into the wallet.
Premium wallet users can withdraw money from their accounts at a charge of RM1 per withdrawal.
Razer Pay claims to be an e-wallet designed for youth and millennials. (pic credit: pay.razer.com)
Razer Pay claims to be an e-wallet designed for youth and millennials. It was introduced specifically to make gaming, entertainment and cinema purchases.
Users can start using the e-wallet by downloading the app and topping up their wallet with funds, or by linking it to their preferred credit or debit card.
No pin is required to perform transactions.
A minimum of RM10 or a maximum of RM3,000 can be reloaded into the wallet. Users can also top up at physical merchant stores like 7-Eleven.
Users can withdraw cash from their e-wallet through their bank account at any point in time.
90,000 The Central Bank’s recommendation to replenish anonymous e-wallets has expired :: Finance :: RBC
Photo: Vladimir Trefilov / RIA Novosti
On April 1, the Central Bank’s recommendation expired that Russians can replenish anonymous e-wallets in cash for transport and school cards.This was reported earlier by the Bank of Russia.
Since August 3 of last year, amendments to the law “On the national payment system” began to operate in Russia, according to which non-personalized accounts can only be replenished with a bank card that allows identifying its owner. Later, the Central Bank withdrew anonymous wallets for transport cards from the ban, postponing until April 1 the introduction of the provisions of the law that concern them. However, a law was passed that allowed to top up transport cards in cash, as well as from anonymous e-wallets.
The text clarified that anonymous e-wallets for transport cards can still be replenished in accordance with the law adopted in 2020.
Russia has limited cash deposits to anonymous wallets and travel cards
Thus, as far back as last summer, users of the Yandex.Money ”,“ QIWI-Wallet ”WebMoney, PayPal, VK Pay and other similar systems have lost the ability to deposit cash into their accounts anonymously – through payment terminals and offices of cellular operators. Along with e-wallets, a part of transport and other social cards, which are issued in the format of non-personalized electronic means of payment, fell under the law.
90,000 World experience: practice of electronic services
Rapid technological progress and the rapid development of the financial market in recent years have contributed to the development of a number of innovative products designed for making payments, including via the Internet.The volume of transactions with their use is constantly increasing, which leads to an increase in the total volume of domestic and cross-border retail payments.
The most popular in the world in recent years have been multi-purpose prepaid cards, or electronic wallets, designed to make retail payments for small amounts, replacing banknotes and coins. With their help, owners can pay for goods and services online as an alternative to making payments using credit cards through open networks.
Programs in the field of electronic money based on cards have been launched and, to a certain extent, are successfully functioning in a number of countries in Western Europe, North America and Asia (only about two dozen countries). While in some countries products in the field of non-cash payments are gradually gaining recognition, in others such projects are being phased out or remain at the local level – only within specific regions (cities).
World analogues UEC 2012
|Country||Electronic card||Cost||Amount Limit||Site|
|Norway||BuyPass||NOK 60 (issue)||2500/9500 NOK||www.buypass.no/|
|Sweden||CashCard||equivalent to 125 EUR in SEK|
|Germany||GeldKarte||up to 5 euro||200 Euro||https: // www.geldkarte.de/|
|Luxembourg||miniCash||up to 5 euro||125 Euro|
|France||Moneo||up to 5 euro||200 Euro|
|Spain||Monedero 4B, VISA Cash and Euro 6000||at bank rates||miscellaneous||www.4b.es/sistema-4b|
|Italy||Minipay, Kalibra, Carta Chiara||at bank rates||to 3000 Euro|
|Indonesia||E-wallet||at bank rates||miscellaneous|
|Malaysia||MEPS Cash||at bank rates||miscellaneous||www.meps.com.my/|
|Malawi||Smartcash and Sparrow||at bank rates||miscellaneous|
|Brazil||Visa Cash||at bank rates|
|Mexico||Proton and Inbursa||at bank rates||miscellaneous||www.inbursa.com/|
|Bolivia||PRODEM||at bank rates||miscellaneous||www.prodemffp.com/|
Source: CNews Analytics, 2012
The main criterion for success is the support of projects by service providers: most often by companies providing public transport services, telephone companies, as well as operators of paid parking lots and vending machines.
In the EU, one example of the ubiquitous use of electronic money is the Norwegian Buypass, a smart card system. Buypass allows for customer identification and making purchases via the Internet, as well as through other access channels (digital TV, mobile phones, POS terminals, vending machines). Service users must have an electronic identity card (ID), which is stored on a smart card chip, on a mobile phone SIM card or on other media.The maximum amount that can be stored on an e-wallet chip is currently NOK 2,500, and the maximum amount on an internet account can be NOK 9,500.
A second classic example is the Belgian Proton system. It is a multipurpose prepaid card program to replace cash payments, which was launched by Banksys (operates the Bancontact national debit card program and the ATM and POS network). The card allows you to make payments of less than € 15 at local retail stores, vending machines, parking lots, ticket machines, payphones and public transport.It can be loaded with amounts from 5 to 125 euros using an ATM, street payphone or by phone from home. Card-to-card payments are not possible. Proton cards are issued only by credit institutions. Both the Swedish CashCard project and the Swiss CASH are based on Proton.
The most famous project is the German GeldKarte. Each such GeldKarte card can be loaded up to EUR 200 from the cardholder’s bank account or in exchange for clients’ cash without using an account.The card works everywhere on the territory of all lands and allows you to pay for most goods and services (parking, transport, fines, food, and so on). It is used by the Luxembourgish miniCash and the French Moneo.
Most of the “e-wallets” in the EU operate in Spain and Italy. Three Spanish and three Italian systems (Monedero 4B, VISA Cash and Euro 6000 and Minipay, Kalibra, Carta Chiara) cover the entire territory of the countries (more than 700 thousand stores in total, issued by over 100 banks) and have de facto displaced banknotes and coins from the payment sphere for small amounts – in vending machines, cafes, kiosks, taxis, cinemas, lotteries, car parks.
The closest thing to Russia in the European Union is Estonia with its project of an ID-card, which combines a passport, an insurance certificate, and a transport ticket – that is, almost the minimum set of services that is present in the domestic UEC project. The authorities are actively looking towards universal payment instruments from Visa and MasterCard with the connection of passport identification modules.
In the Asian region, the situation with “cashless” countries and cities still looks less obvious than in Europe due to the worse, on average, the state of infrastructure.Thus, the National Bank of Indonesia, in cooperation with Visa International, oversees the E-wallet project based on magnetic cards. The “content” of an electronic wallet is kept on a special account with the issuing bank, and such a card is accepted for payment in banks, company stores, kiosks, etc., where there are Visa Electron logos. The wallet is replenished by means of an interbank transfer through clearing or through ATM terminals.
In Malaysia, Kuala Lumpur operates MEPS Cash, which can be used to pay for groceries and tolls on the highways.In China, despite the obvious demand for such systems, there is still no single solution. Their products are used in some cities – for example, Shanghai and Siamyne, to make payments in restaurant chains, to pay for public transport and toll roads, car rent, travel agency services, parking lots, gas stations and supermarkets, as well as to pay for utilities.
DSaaS: Why Data Analysis as a Service Gains Traction
New in storage
Neighboring South Korea has not yet started a national electronic wallet, but is content with several local projects.India, Sri Lanka, Taiwan, Singapore, Thailand and Japan are in the process of testing and developing strategies for the development of such projects.
Advanced Singapore was one of the first in the world to introduce electronic passports for its residents in the early 2000s, combining both an identity card and a universal key for public services on one card. However, until now, the project has not received development in the commercial dimension in the form of a payment instrument.
Despite an even worse infrastructure situation than in Asia, personalized e-wallets are still operating in a number of countries in Africa.For example, Malawi has two smart card systems: Smartcash and Sparrow. Smartcash is owned and operated by Malswitch, and the National Bank of Malawi owns and operates the Sparrow system. These systems operate only in the national currency of Malawi – kwache, but have many functions (in particular, they pay salaries and bonuses to civil servants, and the carriers themselves have biometric identifiers).
There are 3 e-wallets operating in Nigeria, but such projects have not received significant development due to the small number of connected points.At the same time, in relatively developed countries – South Africa, Algeria, Ethiopia, such non-cash payments are underrepresented.
In West Africa, despite the weakness of the financial services market, there is an e-wallet project in Ghana. The Sika local bank SSB card is a standalone chip card program that is applied using a password. This card can be used by both account holders and non-account holders. It is a specialized prepaid card that can be loaded with an unlimited amount of national currency only at the premises of SSB Bank.The card is accepted for payment at retail outlets, petrol stations, hotels. It is used to pay for purchases or withdraw cash. Its alternative is the Mondex smart card, which is functionally different in that it supports card-to-card transfers.
Central and Latin America
The most developed e-cash project in Latin America is the Brazilian Visa Cash, an e-wallet based on the TIBC operating system developed by Visa Spain.You can download up to $ 131 to such a wallet through bank terminals, as well as through the Internet and ATMs. The card works in trade and service establishments that accept regular Visa cards. Besides Brazil, he works in Venezuela. In Venezuela itself, there are several pilot and private projects of a single wallet, limited to use only by students of local university campuses.
Mexico has two private e-wallet projects, Proton and Inbursa, which compete for the number of connected supermarket and retail outlets, gas stations and transportation providers.
The Bolivian private financial fund PRODEM, a non-banking institution with branches predominantly in rural areas, began a pilot project in the early 2000s by showing a card of the same name with a stored value that can be funded from current customer accounts with the fund. Fingerprints are also used as a means of identification.
|Payment Method||Method||Currency / Currencies||Country / Countries|
|Alipay||E-Wallet||Chinese Yuan (CNY)||China|
|Baloto||Cash||Colombian Peso (COP)||Colombia|
|BCP||Cash / Bank Transfer||Peruvian Sol (PEN)||Peru|
|Boleto Bancário||Cash||Brazilian Real BRL)||Brazil|
|Local Brazilian Bank Cards||Credit Card||Brazilian Real (BRL)||Brazil|
|Doku||Bank Transfer||Indonesian Rupiah (IDR)||Indonesia|
|Dotpay *||Banking Transfer||Polish Zloty (PLN)||Poland|
|Efecty||Cash||Colombian Peso (COP)||Colombia|
|Interac||eBanking||Canadian Dollar (CAD)||Canada|
|iPay||Bank Transfer||South African Rand (ZAR)||South Africa|
|Klarna||Bank Transfer||Swedish Krona (SEK)||Sweden|
|Malaysia Online Banking||Bank Transfer||Malaysian Ringgit (MYR)||Malaysia|
|Mister Cash||Bank Transfer||Euro (EUR)||Belgium|
|Naira Card||Local Credit Cards||Nigerian Naira (NGN)||Nigeria|
|Netbanking||Bank Transfer||Indian Rupee (INR)||India|
|Nigerian Bank Transfer||Bank Transfer||Nigerian Naira (NGN)||Nigeria|
|PayTM **||Bank Transfer||Indian Rupee (INR)||India|
|Pagoefectivo||Cash||Peruvian Salt (PEN)||Peru|
|Qiwi||Bank Transfer||Russian Ruble (RUB)||Russia|
|RapiPago / PagoFacil||Cash||Argentine Peso (ARS)||Argentina|
|Bank Transfer||Chilean peso (CLP)||Chile|
|Sofort||Bank Transfer||Euro (EUR)||Austria|
|Suomen Pankki (Bank of Finland)||Bank Transfer||Euro (EUR)||Finland|
|Trustly||Bank Transfer||Danish Krone (DKK), Euro (EUR) and Swedish Krona (SEK)||Denmark, Spain and Sweden|
|TrustPay||Bank Transfer||Euro (EUR)||Slovakia|
|Turkcell||Operator Billing||Turkish Lira (TRY)||Turkey|
|Virtual Bank Transfer||Bank Transfer||Japanese Yen (JPY)||Japan|
|Yandex||Bank Transfer||Russian Ruble (RUB)||Russia|
|Yandex||Russian Ruble (RUB)||Russia|
▷ Razer Pay, a new e-wallet from Razer
has just been introduced
You will already know that more than enough Razer This is a brand that we love and usually talk about a lot on Planeta Red.Well, this brand, one of the leading companies in the development of devices for gamers, just unveiled its new in Malaysia today Razer Pay eWallet app ,
Razer Pay offers everything you’d expect from an e-wallet app. This application is for all those who understand life without money. When was the last time you paid in cash? If the answer is a long time ago, then Razer Pay is the app for you.
Razer Pay lets you pay for purchases in addition to attractive promotions seamlessly across a large network of merchants, transfer money to friends quickly, and add value easily. Users can also transfer funds from their e-wallet to their bank account for free.
“ When Razer Pay debuted globally in Malaysia last year, more than 500,000 accounts were registered in less than week,” said Min-Liang Tan, CEO and co-founder of Razer.“ This year we have taken into account all the comments from our fans who do not want to pay for Malaysian youth and Millenials. “
Razer Pay new e-youth wallet
The new Razer Pay comes with unique new features that many other e-wallets don’t offer. This includes purchases and promotions from thousands of online stores and physical stores, transfers and receiving money from friends, and simple reboots and withdrawals.
Razer Pay is one of the few e-wallet applications that supports both physical top-up points and additional payments directly from the user’s bank account, allowing anyone to access cashless payments without a credit card or debit.
Paid functionality in the Razer Pay app now covers even more digital gaming and entertainment services including Spotify, Steam, PlayStation Network, MyCard, @Cash, Razer PIN, prepaid phone payments and more.
The new Razer Pay also offers promotional offers that users can collect and store in their wallets to be used by participating merchants.
Razer Pay Launch Promotion
To celebrate the launch of the new Razer Pay in Malaysia, Razer partnered with 7-Eleven to offer an exclusive promotion.
Every Razer Pay user in Malaysia can receive an in-app RM5 coupon from February 25 to March 3 to use on any 7-Eleven purchase with no minimum purchase.
Starting March 4th, a limited number of 7-Eleven RM5 and RM3 coupons will be issued daily, from 9:00 am to 1:00 pm respectively. Users can get one of these coupons and use them until March 15th.
“ We are delighted to be a partner in celebrating the launch of the new Razer Pay and once again we will offer a very attractive promotion for all users, said Colin Harvey, CEO of 7-Eleven Malaysia. “ This partnership offers even more benefits to 7-Eleven customers for their preferred daily shopping experience. “
Download Razer Pay
Application Razer Pay is available for iOS and Android platforms . Here we leave links where you can download it:
Greetings from bytes deep.
90,000 Electronic wallet. Creation of an electronic money system in Uzbekistan
The development of financial technologies (or “ fintech “) is only gaining momentum in Uzbekistan. For example, in the past, the issuance and sale of electronic money (“ ED “) was not regulated by Uzbek legislation, and accordingly, the idea of creating a special electronic payment system seemed impossible until 2020.
However, with the adoption of two main regulations: (1) Law on Payments and Payment Systems No. 578 (“ Law on Payments and Payment Systems “) in 2019; and (2) Resolution of the Board of the Central Bank “On approval of the rules for the issuance and circulation of electronic money in the territory of the Republic of Uzbekistan” No. 3231 in 2020 (“ Rules for the issuance of electronic money ”) – the ED issue option became available in Uzbekistan as well.
Thus, according to the Law on Payments and Payment Systems, electronic money is “ unconditional and irrevocable monetary obligations of an electronic money issuer, stored in electronic form and accepted as a means of payment in the electronic money system “.Thus, electronic money does not belong to non-cash money, since e-documents are not tied to bank cards and are stored in special electronic wallets. According to the Rules for the Emission of Electronic Money, an electronic wallet is “ software for the electronic money system, a microprocessor (chip), software and hardware that stores electronic money and provides access to it “. In simple words, an electronic wallet is a virtual custodian of ED created by an electronic payment system (“ EPS ”) individually for each user registered in the EPS and accompanied by his unique ID number.
When building the above regulation, the best world practices were taken into account. But it should be noted that Uzbek legislation sets stricter frameworks for its ED issuers. For example, in comparison with Russian legislation, where banks or non-bank credit institutions (NPOs) have the right to issue ED, only commercial banks and the Central Bank of Uzbekistan (“ CB ”) can issue ED in Uzbekistan. Moreover, issuance of ED on the territory of Uzbekistan can only be in national currency – Uzbek sums .
Central Bank is the authorized body in the field of ED. All the necessary licensing procedures go through it and control over the main subjects of the EPS, which are: ( 1) Issuing bank; (2) Operator; (3) Agent; (4) Electronic wallet user.
Next, step by step we will consider all the regulatory conditions required from participants for the successful creation of EPS in Uzbekistan.
Author: Malika Khushmatova, Junior Associate, GRATA International
Continue reading →
90,000 Lazada plans to launch new e-wallet service next month
Alibaba-owned online marketplace Lazada is considering launching a digital or e-wallet for faster payments in Vietnam next month, making the country the fifth market in Southeast Asia to adopt a cashless method payment.
E-commerce COO Kaya Qin hinted at the plan when he talked about Lazada’s development strategy for the upcoming time during his press meeting in Ho Chi Minh City on Friday.
While a Lazada employee only spoke briefly about how the e-wallet would work, he said the service would be independent of Alipay, a third-party mobile and online payment platform developed by its parent company, Alibaba.
Qin said Lazada is currently testing the e-wallet on a small scale and is looking for partners to launch a digital wallet in the future.
The e-wallet will be activated in Vietnam on November 11, which is Lazada’s biggest annual sales event, according to Qin.
Lazada expects that the e-wallet will help increase the number of orders with non-cash payments aimed at strengthening payment security and simplifying the delivery process.
Delivery staff do not have to take cash with them, and customers do not need to prepare the exact amount of money for their orders.
Currently operating in six Southeast Asian countries, Lazada first introduced its own e-wallet in 2018 and has since made it available in the Philippines, Singapore, Malaysia and Thailand.
In these markets, you can fund your e-wallet in a number of ways, including credit and debit cards, bank transfers, and even cash at 7-Eleven stores.
Especially in Malaysia, Lazada’s e-wallet allows customers to simply take one click at the registration stage of their purchase to complete the purchase while rejecting other bank logins and checks.
However, the wallet does not allow payment for any other services outside of the Lazada platform and only allows customers to withdraw money for refunds, not actual top-ups.
Vietnam and Indonesia are two other regional markets for the e-commerce giants.
Translated by Alekse Ivanov
[From the sandbox] The hijacking of the prefixes of the Telecom Malaysia backbone provider significantly worsened global routing last Friday
On the morning of last Friday (June 12), starting from 8:40 UTC (4:40 EDT), prefixes were hijacked from the backbone provider Telecom Malaysia, which affected the operation of routers on the Global Network on 4 continents.Problems were observed for two hours, and mainly affected providers in Oceania, as well as Europe, Asia and North America. The ping graphs show that the BGP system in Oceania was most affected, which manifested itself for Network users in packet timeouts and connection errors with services, which naturally led to massive data loss. This was caused by a large increase in data transit time due to the fact that some routers became unavailable due to table overflow.
For example, here is a trace from Sydney that shows significant packet loss on 7-hop Global Crossing ISP routers.
1 2 ms 1 ms 1 ms xxx.xxx.xxx.xxx2 * * * Timed Out3 1 ms
As noted earlier, Europe was experiencing much more DNS problems at the same time, as you can see from this track from Frankfurt. Here, too, packet loss has led to an increase in the time of DNS broadcasts.
In addition, failures of the Lawful Intercept systems installed on ABR were recorded in the CIS countries.In some places, this led to the fact that the sites worked only through https.
Aside from the details of what happened, the global problem that emerged on Friday shows the enormous potential of the Butterfly Effect in influencing global networks.