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Which App Is Leading the Great Malaysian e-Wallet Showdown?

Updated 08 Nov 2019 – By Philippe Andrews

UPDATE: According to the news, vcash will soon close shop. This e-wallet service will end on 30th November 2019.  

You’ve probably seen them everywhere by now — in almost every Malaysian mall and all over the internet, which means there’s no denying this: e-wallets are taking Malaysia by storm, perhaps even faster than lemang and rendang disappearing on Hari Raya!

However, just because they’re everywhere, you don’t have to actually treat them like lemang and snatch them all up at one go. 

You should instead pick the best of the best, or the crème de la crème, if you prefer. After all, if you use only one wallet in real life, there isn’t really a need to have so many of them online either.

“But which is the best e-wallet in Malaysia?” you ask.

Don’t kan cheong! To help you answer this question, we’ve compared five e-wallets that are currently available in Malaysian the table below. Can you guess which one is leading the battle?


Who are the CHALLENGERS?

Each of the five e-wallets that are highlighted below was chosen for two main reasons: their usability and popularity.

The former indicates that these apps are usable daily and in a variety of places, just like an actual physical wallet. The latter is based on the popularity of the app itself or that of its creator. With these elements in mind, ladies and gentlemen, let’s meet our challengers:

1) GrabPay

As its name suggests, GrabPay is an e-wallet offered by Grab, and it’s certainly hard to miss with its distinct green and white logo and a tagline that goes #notsoleceh!

GrabPay is best known for being associated with Grab’s e-hailing service. By topping up your GrabPay e-wallet and using that money to pay for your Grab rides, you will gain points which can be exchanged for discounts, free rides and other GrabRewards.

You can also use GrabPay to complete transactions at restaurants and other physical stores; all of which will earn you points and GrabRewards as well.

2) Touch ‘n Go eWallet

If there’s one thing that Malaysians can agree on (aside from our love for food!), it would be that Touch ‘n Go (TNG) has made commuting in Malaysia so much more convenient.

With the recent introduction of the TNG eWallet, the level of convenience that this digital payment platform offers has certainly multiplied. You can use the money that you have stored in your TNG eWallet to pay for goods and services from various merchants with a few taps and enjoy some special treats along the way too.

The best part? You can link your TNG eWallet with your TNG Card through TNG’s PayDirect system — which would then allow you to pay for tolls directly through the app. Say goodbye to fumbling for your wallet at toll gates!

3) Boost

Not too convinced about the security of e-wallets? Boost might just be the right app for you and anyone else who is sceptical in a similar way.

Aside from promising to “Settle la bro!” your mobile prepaid top-up transactions in just five seconds, the Boost e-wallet takes security to the next level by requiring you to submit a PIN whenever you use it to make a payment — regardless of how small or big, that payment is.

It’s also one of the most widely used e-wallets in Malaysia, so don’t be surprised when you are given the option to pay with Boost for your vegetables during your next pasar malam visit

4) vcash

vcash is a brainchild of one of Malaysia’s biggest telecommunications companies; one that is famous for having a Yellow Man as its mascot, that is.

It is best known for its ability to transfer cash to anyone who has a Malaysian phone number, even if that person’s number comes from another network provider. This transfer is done free of charge and is also instantaneous.

You can also opt to pair your vcash app with a prepaid credit card, which you can use to complete transactions in stores that permit payments through MasterCard.

5) Razer Pay

No, that isn’t a spelling error. It’s an app called Razer Pay, and it’s an e-wallet that caters specifically to youth and millennials.

Boasting the ability to be used at more than 10,000 retailers across Malaysia, particularly in the areas of food and beverage (F&B) and entertainment, Razer Pay is offered and serviced by Razer — which is one of the world’s biggest names in the gaming industry.

This e-wallet also plans to improve the convenience it provides through a collaboration with U Mobile, which would increase the reach of its network and thus make it one of the largest e-wallet providers in Malaysia. 


Now that we’ve met our challengers, let the showdown begin!

E-Wallet GrabPay Tn'G eWallet Boost vcash Razer Pay
Money Transfer Money can be transferred to other GrabPay users free of charge, as long as the recipient has less than RM500 in their basic wallet and RM1500 in their upgraded wallet. Money can be transferred to other TNG eWallet users free of charge, as long as TNG eWallet size is more than RM200, and subject to daily transaction limits. Money can be transferred to other Boost users free of charge, and transfers are rejected if the recipient’s wallet is full unless recipient upgrades wallet to Premium Wallet.  Money can only be transferred to other vcash users free of charge, and transfers are rejected if the recipient’s wallet is full, with wallet size depending on the wallet’s level. Money can only be transferred to other Razer Pay users free of charge, and transfers are rejected if the recipient’s wallet is full.
Money Withdrawal Money loaded in the wallet cannot be withdrawn. Money loaded in the wallet cannot be withdrawn, unless the account is terminated. Premium Wallet users can transfer money from their e-wallets into their bank accounts. Premium Wallet users can withdraw money from their accounts at a charge of RM1 per withdrawal. Users can withdraw cash from their e-wallet through their bank account at any point in time.
Security No pin required to perform transactions. Six-digit pin required to perform transactions. Six-digit pin required to perform transactions. Six-digit pin or fingerprint required to perform transactions. No pin required to perform transactions.
Extra Features GrabPay transactions earn points which can be used to get free rides on Grab and discounts on Grabfood. PayDirect allows you to link your Touch ‘n Go cards with the TNG eWallet and pay for tolls immediately. Wide usage, even in pasar malam and markets. Bill splitting is also permitted to help divide group payments. Bill splitting is permitted to help divide group payments. Top up through top up cards from physical merchant stores like 7-Eleven is possible.
Minimum & Maximum Reload Minimum RM10; Maximum RM500 or RM1500 depending on wallet type. Minimum RM10; Maximum RM200 or RM500 depending on wallet type. Minimum RM10; Maximum RM200 or RM1500 depending on wallet type. Minimum RM10; Maximum RM500, RM2500 or RM5000 depending on wallet’s level. Minimum RM10; Maximum RM3000 depending on wallet type.

And the WINNER is… (drum roll, please)


... for its wide options in transferring money, the ability to withdraw cash, security measures, extra features like bill-splitting, and large wallet capacity which allows you to store up to RM5000 in your e-wallet. Just be sure to get yourself upgraded to a Premium Level wallet to enjoy the maximum benefits!

Having said that, would that be enough for us, the consumer? As one of the commenters of this article said, "what's the point of having all these features if you can't use it?". We agree with that person on this one - you have to stay relevant.

And it's true... netizens were not happy with that answer

Soooo, for the final verdict, we have to say that there's a fierce competition between Boost and TNG (after it levels up its game) at the moment because both have their perks. Not to mention, the usage and reach are much wider compared to the rest of the challengers.

Our final thought - we feel Boost is leading this battle. TNG is pretty awesome too but we have to go with Boost for its additional users' rewards. This e-wallet is good at keeping the users active with its "Shake Reward" and "Boost Missions".  And yes, the app can be even better with vcash's features, but we're okay with what we have now.

Now, you probably have a different take on this, so let us know what you think on our Facebook comment section.

DISCLAIMER: The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organisation, committee or other group or individual.

p.s. Some people still prefer the 'old fashioned' debit or credit card. Click here to compare the best credit cards that would suit your lifestyle.


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