5/5/2023 0 Comments Malaysia ewallet![]() ![]() It can be considered as a race among all the providers especially the providers have access to an existing user base in the millions namely Touch ‘n Go Digital (a joint venture between Alipay and Touch ‘n Go), WeChat Pay (Tencent Group), GrabPay, Boost (Axiata), BigPay (75% owned by AirAsia), and AEON Wallet (AEON Group).īoost by Axiata Group is a network-based e-wallet provider that started from scratch and now acquired over 800,000 users with online and offline merchants located in over 5000 locations across Klang Valley. Which e-wallet providers will stay in the long run? White label e-wallet solutions to partners who provide wallet solutions for their community Who are the e-wallet providers in Malaysia?īank Negara Malaysia has issued a total of 42 e-money licenses at the time of publishing including 5 banks and 37 non-banks. E-wallet application also offers rewards or discounts to users in retaining user’s loyalty and keep the customers coming back. Furthermore, merchants can combine or collect big data, analytical to serve the users better. The sending and receiving of money using e-wallet application are faster and easier than online transfer. ![]() Consumers are able to use e-wallet for payment for online and offline.Īnother benefit of e-wallet is consumers able to make payments to each other which is known as P2P transfer. Moreover, online payment providers like iPay88 have offer e-wallet as one of the payment options. Cash usage will reduce overtime when a number of people using e-wallet as their main mode of transactions. The mobile user has been increasing from day to day and time spent on using the mobile application are longer than before which makes a fast growth in mobile payment. E-wallet providers are having a long-term battle with each other to continuously lure consumers to adopt and become a habit of using the e-wallet. There are 37 non-bank e-money companies license are officially being issued by Bank Negara Malaysia. ![]() E-wallet stores individual’s digital money on the cloud which is safe and convenient. In addition, the payment process of E-wallet is significantly different from cash and card payments, it has changed the way that consumers pay for both online and offline products. Although there are still 80% of cash usage in the society, there are other payment options as well including credit card, debit card, online banking and e-wallet. The emerging of technology has changed the working process in various industries including payment methods are moving forward to “cashless”. ![]()
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