E-Wallet is currently an upcoming trend among many Malaysians. As for today, there are over 40 E-Wallet platforms that exist in Malaysia. Not sure why there are so many but so far I have only stumbled upon 15 or less. I got to confess, I started to use E-Wallet only towards the end of 2018 which is quite late but I find it to be extremely convenient with abundance of benefits. Since there are too many E-Wallet platforms, I am only limiting myself to use those E-Wallet that have benefited me the most.
Recently I have stumbled upon an article that writes about the best E-Wallet in Malaysia which has caught my attention. After reading it, I found the article to be extremely biased as I have not heard or seen this E-Wallet logo anywhere in Penang. Perhaps, I’m just a “Katak Bawah Tempurung”. LOL.
Disclaimer : This post will be based on my sole opinion & I am not paid to have any biased opinion towards any E-Wallet.
Which Is The Best E-Wallet In Malaysia? (Based On BBM’s Opinion)
This is definitely my favorite E-Wallet among all. Most of their merchants are offering cashback between 3%-10% when you pay using Fave. You are able to earn cashback from merchants, random cashback that they offer by selecting sticker with animal faces, cashback from having plenty of transactions (within a week) & cashback from random promo codes. You can also link your AirAsia BIG account to Fave to be rewarded with Big Points with all your spending. Do check out their Fave Deals where you can find some random deals with cheaper price. I use Fave Deals all the time to purchase my iced latte for just RM8.
Sounds confusing? Don’t worry, just scan & pay by using FavePay whenever you can & you will be rewarded with cashback & Big Points.
I started to use GrabPay recently during my trip to KL by booking Grab. I realized that it is easy to be upgraded to Platinum Member as long as you are using it consistently for your GrabCar, GrabFood & GrabPay. With Grab Points, you can redeem free rides, vouchers, retail discounts, electronic items & other benefits. As a Platinum Member, I get to earn 2x reward points, prioritized bookings & many other benefits. As mentioned earlier, it is easy to be upgraded to Platinum Member but after you have used up your points, you will be downgraded to different tier depending on how many points you have left.
This will be my next choice if they are not Fave or GrabPay merchant. Since my FavePay is linked to my Boost account, all my payments via FavePay will be deducted from my Boost account. Their shake rewards also gives me an option to either donate my cashback to charity or I can keep the cashback. I am also using Boost to transfer money to my HelloGold account & I am able to get cashback from it as well.
I have stopped using my credit card to pay for anything but instead I am using my BigPay card for all my payment IF those merchant does not accept any E-Wallet payment. My BigPay card will be also used for all my online transactions since international transactions only allows PayPal or credit card payments. I will usually opt to use BigPay card due to better currency exchange rate. I have compared between PayPal & BigPay currency exchange rate & BigPay currency exchange rate is definitely better than PayPal. You can also earn 1 Big Point with every RM10 spend with your BigPay.
They have been really aggressive for the past few months with multiple engagement with influencers to market their E-Wallet. With multiple free cashback that they provide to new subscribers, I have tried to use their E-Wallet multiple times with some awesome cashback. You can also enjoy cashback each time you use your Touch’nGo to pay for toll. Want to purchase any app in Apple App Store? You can pay it using your Touch’nGo E-Wallet too. Their Money-back Guarantee features a guaranteed full compensation if there is any fraud or unauthorized transactions.
The above 5 E-Wallet platforms are definitely the best E-Wallet in Malaysia based on my opinion. There are other E-Wallets that I have tried due to their promo such as WeChat Pay for their Starbucks promo & MAE for their introductory cashback. Aside from that, I have not tried or stumbled upon other E-Wallets.
I personally prioritize each E-Wallet based on the above numbering. I will be using Fave as my main E-Wallet for their cashback & Big Point collection followed by GrabPay & Boost. For any card related payments or online transactions, I will be using BigPay instead of my credit card to maximize my Big Point collection & better currency exchange rate.
Worry about having messy spending or financial with too many E-Wallet? You can read my post on The App That I Used to Manage My Money & Investments.
You can also learn How To Maximized Your BigPay & Other E-Wallet to Collect Points & Cashback.