Cashless Transactions Are Taking Over Malaysia

cashless transactions are taking over malaysia

Grab, Touch n’ Go eWallet, Boost, and Fave are Malaysia’s most actively used mobile e-wallets in the past 2 years. This was recently uncovered in a research conducted by App Annie Intelligence, a trusted mobile data and analytics platform, together with iPrice Group, an information aggregator platform in Southeast Asia.

We’re all familiar with e-wallets, or at least the concept of it. Instead of carrying huge wads of cash around, many of us are beginning to make do with some spare change and choose to rely on cashless transactions.

cashless transactions are taking over malaysia

Based on the research, the Grab app is the most used one as of Q3 2019. This is likely due to its one major advantage over all the other apps, which is the variety of features it offers- ride-hailing, food, and delivery services all in one.
Ooi Huey Tyng, the managing director of GrabPay (Malaysia, Philippines, and Singapore), said in a report that 1 in 5 GrabPay users accessed the app daily, be it for transport, food, delivery or offline in-store payments. GrabPay was also awarded the best e-wallet app in Malaysia at the recent Malaysian e-Payments Excellence Awards 2019. 

As of Q3 2018, the Touch n’ Go eWallet took second place as the most used e-wallet app in Malaysia. With over 5 million registered users and more than 100,000 merchants on its platform, it is rapidly becoming a hot favourite among local consumers. Ignatius Ong, Chief Executive Officer of TNG Digital Sdn Bhd said that the key catalysts to the success of its eWallet are the unique features across tolls, the Money Back Guarantee Policy, as well as their increasing merchant base.

Boost, another name that has consistently popped up in the e-wallet scene, comes in at third place with over 3.5 million users and more than 61,500 merchant partners. The app was launched in 2017 and has since remained a prominent player in the arena. 

cashless transactions are taking over malaysia

Ignatius Ong also added that, “Bank Negara released its Financial Sector Blueprint 2011-2020, which charts the direction of the financial system over the next ten years to increase the number of e-payment transactions per capita from 44 transactions to 200 transactions, and to reduce cheques by more than half from 207 million to 100 million per year. This is the right direction Malaysia should be heading to ensure as a nation, we are charging forward for greater economic efficiency”.

How often do you use e-wallets?

By: Celestine Foo