The only major incident happened to Boost in March 2019 although that seemed to stem from cybercriminals using social engineering to steal login credentials. Thus far, there have been few reports of e-wallets suffering security breaches in Malaysia. Can someone steal your e-wallet credit? What if the payment doesn’t go through? Your primary concern is often what happens if something goes wrong. For all intents and purposes these are financial institutions in practice, if not by name. After all, this is a service that will be handling both your personal data and your hard-earned money. There’s more to the use of e-wallets than just where to buy things. This is a great effort by Touch ‘n Go eWallet to immerse itself into the lifestyle of its users instead of attempting to trap them in its own ecosystem. In addition, the Touch ‘n Go eWallet is the platform for the new RFID payment system at open-system toll plazas. Doing this allows the user to have their toll fares deducted when they tap their Touch ‘n Go Card on the reader or utilise their existing SmartTAG. The app also has the PayDirect feature, which allows users to link their Touch ‘n Go card to the e-wallet. Touch ‘n Go eWallet has an option for dynamic QR code payments as well, which means a new code is generated for each transaction on the customer’s side. Similarly, Touch ‘n Go eWallet also has a strong grip over the SS2 market. The recent fasting season also saw the Touch ‘n Go eWallet conduct a takeover of a Ramadan bazaar in Kg Bharu, where over 400 stalls accepted payments through the e-wallet. It has also partnered with state water utilities like SYABAS to allow the payment of bills through the app. There are now 70,000 merchant acceptance points among them, mainstream retail players like TGV Cinemas, TeaLive, KFC, and Jaya Grocer which have come on board. The Touch ‘n Go eWallet is among the prominent pioneers on the market and has been actively increasing its reach nationwide. For the most part, it is focused on catering to Chinese tourists visiting the country and spends more time worrying about competing with rival Alibaba instead of local e-wallets. WeChat Pay is one of the newer entrants into the Malaysian market, riding on its success in China. In this respect, it sees less emphasis on physical stores. GrabPay exists mainly to draw more users into the Grab ecosystem where it aims to provide everything from transportation to delivery services. General useįor the most part, all four e-wallets are working to convince as many merchants as possible to sign up and accept their payments.īoost is widely used among Malaysians, not so much because of the number of merchants but rather its heavy use of cashback promotions to entice users into spending money through it. When we compare e-wallet features on areas such as ease of use, security, technology and protection against fraud, a clearer picture emerges. However, a closer inspection reveals that not all e-wallets are the same. TeaLive, Shell, SYABAS, TGV cinemas, open-system tollsĪI & Machine Learning heuristics, Money-back GuaranteeĪt a glance, all the e-wallets come with basic features like QR code for payment scanning and built-in loyalty functions. However, it can get overwhelming when faced with making the decision of which e-wallet is the safest for you.ĭo you value security over all else? Maybe you want cashback and the best rewards? Or perhaps you want something that isn’t locked into a single ecosystem? Most popular e-wallets and their featuresįor the purpose of this comparison we will leave out e-wallets that partner with credit card providers like AEON Wallet App and BigPay as they have different guidelines for security due to their prepaid cards. This is great because having more choices is a good thing for consumers. Malaysia is home to a very large number of e-wallets all of which are jockeying for position in a limited market.
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