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Best e-Wallets in Malaysia & Singapore

Cashless Society. We’re currently at an age where money is slowly becoming less tangible as it is replaced by its digital equivalent – whether in the form of Bitcoin or digital wallets. Today, e-wallets are practically everywhere and Malaysia and Singapore are not exempted from it.

But the e-Wallet industry is competitive, as more apps are created to help us make a smooth payment method. Which is why we’ve listed our favorite e-Wallets in both Malaysia and Singapore just for you. Enjoy!

Singapore:

FavePay

FavePay offers two things any Singaporean can’t ignore – cashbacks and discounts! 

This e-Wallet is the number one cashback app in Singapore because they allow you to earn cashback on your next visit for the participating merchants. In other words, if you visit a store and pay using FavePay and earn a 10% cash back, the 10% cash back will be deducted on your next visit to the same store.

The deals on FavePay are also incredibly generous. Thanks to their 5000 merchant partners, deals on FavePay are often between 5% to 30% and the promotions are ongoing. Which is why Singaporeans can enjoy as much as 70% in savings at the best restaurants, cafes, salons, spas, gyms, and much more!

DBS Paylah 

After its introduction in 2015, DBS Paylah has over one million users now. It’s an e-wallet that has become a favourite with small merchants since it is often used to pay for transactions below $100, according to a study. So, you can actually find DBS Paylah at a hawker centre! 

PayLah! has now been upgraded to include even more useful functions directly within their app, such as purchasing travel and mobile phone insurance. To illustrate, as long as your phone is 3 years old or less, it qualifies for the new Mobile Protect insurance plan offered directly from the PayLah! App. It costs just 50¢ per day and covers any phone-related predicament no matter which country you’re in, including theft and screen cracks. 

Malaysia:  

Boost Wallet

When it comes to cashbacks in Malaysia, Boost Wallet is the one you’re looking for. With every transaction using Boost Wallet, you are given the Shake Rewards – just shake your smartphone to get a cashback reward! So simple!

Boost was introduced in 2017 by Axiata Digital and has proudly claimed to be Malaysia’s homegrown lifestyle e-wallet app that is both secure and rewarding. With Boost Wallet, you can scan and pay, send and request money, buy vouchers and send them as gifts, manage you postpaid/prepaid bills, pay utility bills AND pay for certain street parking. That’s a lot of features for one small app.

Another upside to Boost Wallet is that they take your security seriously. They require your pin number every time you make a purchase – no matter how small or big the purchase is. Which is why Malaysians just love Boost Wallet so much.

Touch ‘n Go eWallet

Touch ‘n Go has been around for a long time and Malaysians are forever grateful to them for the smooth commuting they have given us. One would even say that Touch ‘n Go is the pioneer of Malaysia’s cashless society.

Touch ‘n Go’ eWallet is an app that allows you to make online transactions with a lot of merchants in Malaysia. For instance, you can purchase TGV tickets with your Touch ‘n Go eWallet! But what really makes this e-Wallet stand out is the fact that it’s an integrated mobile app to use the physical Touch ‘n Go Card. Which means, you can now directly pay your fares and tolls with the app, instead of fumbling for your card!

Grab Wallet

No one can deny the convenience nor the popularity of Grab Wallet in both Malaysia and Singapore. Introduced in Singapore on November 2017 before embarking to Malaysia on June 2018, Grab Wallet has been used fervently by both countries since then. One of the advantages of Grab Wallet is the rewards you can reap with their Grab points!

Grab Wallet is great because thanks to its success, it’s practically everywhere which make its extremely convenient for us user. Left your physical purse in your bedroom? No big deal. The restaurant you’re going to probably has GrabPay service.

But Why e-Wallets?

An e-Wallet is more than just a convenient trend. It’s a new lifestyle that pushes you one step closer to financial freedom and more security. Using an e-Wallet allows you to keep track of your spending. Any online transaction will provide receipts and these receipts are digitized – it’s online forever. Unlike physical receipts, once you lose it, it’s impossible to retrieve it back. Plus, just how many people do you know that keep all their receipts to check up on their money spending habits? They exist, but extremely rare!

e-Wallets are different. Most e-Wallet apps now also provide you with a feature that makes it easier for you to check up on your previous transactions – either to double check, or to keep up with how much you’re spending your money. It’s fast and easy and keeps you in check.

Still unconvinced?

e-Wallets are also expected to help minimize wallet theft. If you make e-Wallets your new lifestyle, you don’t need to use a physical wallet anymore. Or, at least, your wallet or purse won’t be stacked with cash as much as it used to. What can a thief can do with an empty wallet, right?

Now in a situation in which your phone gets stolen, your e-Wallet is still protected. Mobile payments are more secure than other kinds of payments now. A lot the e-Wallet apps requires a PIN number confirmation before making a transaction. In some cases, they even use biometric authentication such as fingerprint or iris depending on the smartphone. That means, unless the thief is a clone from another dimension, they won’t be able to access your protected cash.

But of course, prevention is always better than cure. If your phone happens to be stolen, we recommend a mobile phone insurance for extra measure. Mobile phone insurances aren’t as popular as other types of insurance but that’s only because it’s fairly recent. Mobile phone insurance is great because they offer an added measure of protection beyond purchasing extended warranties from a phone manufacturer or a vendor.  A phone insurance policy also generally covers theft and water damage as well in exchange for a nominal monthly payment.

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