Reviews of All The Ewallets in Malaysia I’ve Tried

As a finance geek, I enjoy trying out new fintech products, including ewallets. It’s fun exploring what kind of perks and cashbacks each of them offer.

Ewallets in Malaysia  – The Current Scenario

There are many companies trying to enter and compete in the ewallets scene in Malaysia. Last I checked, BNM listed 31 e-money issuers. I’m sure that list will keep growing in the next few years.

In time, I think we will see a few clear winners in this ewallet race, like what happened with Alipay in China. But for now, potential customers like you and me can have fun and enjoy being courted by these companies. Some of them are pretty generous with their welcome or referral bonuses – good for us!

Here are reviews of all the ewallets in Malaysia that I’ve tried out so far, and what I like about them. I have excluded banks and crypto ewallets from this list.

#1 – Lazada Wallet Review

Best for: Regular Lazada users

What I like about it:

  • Super fast refund on order cancellations. Your money comes back in a few minutes only, as opposed to hours/days it takes with other types of payment methods.
  • Easy to top up with credit card or online banking. Super seamless.
  • No need to download an extra app. Integrated in Lazada app itself
  • Sometimes they have extra cashback and offers if you buy stuff on Lazada using the Lazada wallet. I received RM20 voucher this way (this particular campaign have since expired)

#2 – BigPay Review

Best for: Travel junkies and AirAsia users

What I like about it:

  • Comes with a gorgeous-looking powder-blue Mastercard-branded debit card. You have to top up RM20 into your account first before they send the card to you, but the card itself it free (RM20 will appear in your account)
  • The app’s UI is really good. Very clear instructions. Security features are great
  • According to a FB commentor, the debit card’s overseas exchange rates are damn good and similar to rates! That’s a HUGE plus!
  • No processing fee if you use this card to buy AirAsia flights (RM4-RM16 in savings!). Note: If you want the card for this feature, make sure to apply 3-5 working days before so there’s enough time for card delivery
  • Can collect BigPoints, which you can use to redeem for AirAsia flights
  • Can transfer money to friends for free
  • Many fees are waived for now (later on, they will charge RM2.50 monthly fee if you don’t use the card at least once in a month. Not a huge issue tbh, Mastercard is accepted everywhere so it’s easy to use)
  • Apparently the app is designed to be Mint-like. Purchases will be categorised for you. Haven’t tried this feature yet.
  • GENEROUS sign up and referral bonus! Get extra RM10 credit if you use my referral code INLALP7ZLE (I get RM10 too!). To download the app, find BigPay in PlayStore (Android) or Appstore (iOS)


Received a hack from a kind commentor and want to share it with you!

You can combine the BigPay card with the Public Bank Quantum credit card to earn 5% cashback. How:
– top up the amount in BigPay debit card with the credit card
– use like normal, anywhere Mastercard is accepted!
– PROTIP: reload on Monday to get ADDITIONAL 5% cashback. One time only, and need to sms Public Bank. Go check Public bank for details of this particular promo

ALSO! This is a great card to buy stuff from overseas (that’s not priced in RM). You’re charged rates, which is amazing! Cards from normal banks NEVER give that kind of rates

#3 – Fave Pay Review

Best for: Fave users (for non-users, it’s like Groupon but no minimum number of buyers to unlock deals)

What I like about it:

  • Built-in the Fave platform and app, no need to download separately.
  • Always have ongoing cashback promotions and offers. Many promo codes.
  • The app can search places near you that give you extra promotions and cashback. The cashback deals are generous; between 5-30%. Sometimes when I’m out and about I’d open the app and pleasantly surprised by the offerings near me, lots of smaller shops I wouldn’t have tried otherwise.
  • Accepts AMEX!
  • Referral bonus. Get RM5 off your first purchase if you sign up via this link (I get RM5, too!)

#4 – Boost App Review

Ewallets in Malaysia

Best for: Buy discounted vouchers!

What I like about it:

  • Lots of discounted vouchers available, including for Steam, Lazada, Zalora, 11th Street, MBO, Redbox, Grab, Mobile prepaid top up and more. Many are discounted by 10-20%!
  • Effectively better than Shopback for some purchases. Example – I can buy RM50 Lazada voucher for RM45 from Boost and save 10% rather than get just 1% cashback from Shopback
  • Can transfer money to friends for free
  • Kinda meh about this, but they do have pay-with-QR-code feature
  • Integrated with Fave
  • Referral bonus. Enter my invite code sur8oko and get RM5 cashback after first payment or RM10 purchase. Find Boost App in Playstore (Android) or Appstore (iOS)

Those are the ones I’ve tried so far, but there are more ewallets coming in!

Ewallets in Malaysia I Want to Try

#1 – Touch N Go

I’ve used Touch N Go cards, sure, but I haven’t downloaded their app. But I will after they revamp their app – CIMB has a major stake in TnG, and last I heard TnG  have a joint venture with Ant Financials (the company behind Alipay). So let’s see what they’ll offer when they finally revamp it.

EDIT: I downloaded the Touch N Go app. A bit underwhelming – can’t even register and top up my cards. Waiting for future updates.

#2 – GrabPay

To be fair, I already use GrabPay for Grab rides, but not the version they’re planning in (near?) future, the version where you can use it to make in-store payments and maybe even offer insurance and micro-lending.  GrabPay partnered with Maybank kot. I have high hopes.

EDIT: I regularly top up money in GrabPay using credit card (to get credit card cashback + points), and use that to pay for my Grab rides. Earning higher Grab Reward Points this way, which I can redeem for Grab rides.

#3 – WeChat Pay

I don’t use WeChat, but I know it’s insanely popular among Chinese users (and young Malay kids for some reason). Hong Leong Bank partnered with WeChat Pay so I’ll be following the news for this development.

EDIT: I downloaded WeChat during the Money Packet promo, where they gave out between RM3.88-RM88.88 randomly. Didn’t manage to get anything. Their server crashed, probably because many Malaysians tried to get the money too lol

Ewallets in Malaysia I Haven’t Tried

If you’ve tried any of these ewallets (Source: FintechNews Malaysia), I’d love to hear your reviews. Are they good? Worth trying out?

  • VCash
  • KiplePay
  • HotWallet
  • MCash
  • PrimeKeeper
  • SamsungPay
  • VeCash

Any other ewallets in Malaysia that should be in this list?


I have two thought processes here about this topic: ewallets for cashless society and ewallets as credit card replacement/competition

Ewallets for cashless society

I know there are lots of talk about ewallets being integral towards a cashless society.

Cashless is good, sure. However I’m still a big fan of using cash for payments though. Something about physically handing cash makes me sayang it more, so I am more mindful when I spend.

My personal rule is to use cash unless there are financial incentives to using digital payment methods. If it doesn’t give me discounts, cashback or loyalty points, I will keep on using cash. I don’t care about QR codes, tap and pay systems or whatever other fancy things – they’re secondary to its money-saving ability.

Ewallets as credit card replacement/competition

What I regularly do before I want to buy something is check:

  • Do I actually need this product/service?
  • (If the answer is yes,)
  • Are there credit card discounts available?
  • Can I buy it from Shopback for the cashback? (Related: Shopback Tips: How I Made Over RM2000)

Now with these ewallets, I feel like I have my work cut out for me – I would check them too in case there are discounts there.

This is not even including future ewallets that’s going to enter the market. When TnG, GrapPay and WeChat Pay comes… hooo boy.

What’s your take on this whole ewallets thing? What do YOU use?




  1. Thanks for sharing!

    I’m currently looking into an e-wallet and will most likely go with BigPay as a start. Not a fan of trying everything out so will take my time to pick one that’s best for me.

    However, I’m not comparing it with other e-wallets here in Malaysia. Instead, I prefer it to

    (1) Have some good features and benefits when coming to international use such as Revolut and TransferWise.
    (2) Replace the need for banking — almost — entirely such as

    I have a TransferWise account to receive and store international currencies, but what interests me the most is their debit card which is most likely won’t be available in Malaysia anytime soon.

    After reading your review, I think BigPay is the first pick and GrabPay as the next depends on their development.

    As for credit cards, I see e-wallet as an entirely different thing. The only few reasons I’m using a credit card are (1) to build my credit record and (2) in the case of an emergency where I in need of money that I don’t have. So they serve a different purpose.

    By the way, your review is very helpful. And I wouldn’t know there are so many e-wallets available here in Malaysia without reading this.

    1. Hey Dean,

      There are a lot of ewallets, but from observation very few supports international currencies, just RM, so your options aside from BigPay is limited for now. I’ve yet to try banks’ apps so maybe (just maybe) they offer this? Idk

      You know, I was so excited when Revolut grew in Singapore, but nothing for us yet. Kinda annoyed by that, I’ve wanted to try them forever!

      Thanks for your encouraging words! Checked out your website as well, cool stuff, have subscribed to mailing list 🙂

  2. True! Eyeing on Revolut and TransferWise progress.

    Thanks for checking out my website and subscribed to my newsletter. I’ve been reading your posts on personal finance and enjoyed most of them.

    The professional blogging space in Malaysia is still lagging behind. So do the personal finance sense of younger generation here.

    I’m glad that I found your blog! Keep up the work.

  3. There is a new version release for Touch n’ Go eWallet. You might wanna give it a try again. Registration process has been enhanced.

  4. Hi, I heard KFC got new card that have e wallet in it and currently give out 10% for the user. can you test it out? I thought to get it my self too.

    1. Hi Andrew,

      Thanks for swinging by!

      Maybank’s app can be considered an ewallet, yes. But this list specifically excludes bank apps (and cryto ewallets) 🙂

  5. I’m using MCash and it’s very convenient for parking users at KL. Instead of buying coupons, i can use the app to purchase the parking ticket wherever i go. And topping of my phone credit will get cashback instantly

  6. I use MCash too! Currently they are giving 100% cashback for e-parking user. Got T&C you can check out on their Facebook but as for now I never once missed the 100% cashback. Heeeee~

  7. MCash is rather convenient. Am getting the 100% cash back for parking as well and also using it to pay my monthly utilities bill.

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