Why e-Wallet will be the Future Payment Method in Malaysia?

Throw away your wallet! Replacing it with e-Wallet! You like it or not, the future of making transactions will be via electronic-wallet or QR code payments. We called it as e-Wallet.

In recent years, QR code payments are increasingly being seen as an affordable alternative to cash payments, particularly in Asia where mobile phone penetration is relatively higher. Across different jurisdictions, regulatory approaches have varied.

Considering Malaysia’s market characteristics, Bank Negara Malaysia has adopted a unique approach that aims to ensure a unified and interconnected network amid the proliferation of QR code payment providers. Hopefully, this will be happening very soon.

What's the central bank's initiatives on e-wallet ?

As at end-October 2018, there are a total of 37 non-banks e-wallet companies in Malaysia:

1. AEON Credit Services (M) Berhad
2. Alipay Malaysia Sdn Bhd (formerly known as helloPay Malaysia Sdn Bhd)
3. Axiata Digital eCode Sdn. Bhd.
4. Bandar Utama City Centre Sdn. Bhd.
5. BigPay Malaysia Sdn. Bhd.
6. Celcom eCommerce Sdn. Bhd. (formerly known as Celcom Multimedia (Malaysia) Sdn. Bhd.)
7. Chevron Malaysia Limited
8. DIV Services Sdn Bhd (formerly known as ePetrol Services Sdn Bhd)
9. Fass Payment Solutions Sdn. Bhd.
10. Finexus Cards Sdn. Bhd. (formerly known as MAA Cards Sdn. Bhd.)
11. Fullrich Malaysia Sdn Bhd
12. GPay Network (M) Sdn Bhd
13. iPay88 (M) Sdn. Bhd.
14. I-Serve Payment Gateway Sdn Bhd
15. JuruQuest Consulting Sdn. Bhd.
16. ManagePay Services Sdn. Bhd.
17. Maxis Broadband Sdn. Bhd.
18. Merchantrade Asia Sdn Bhd
19. Mobile Money International Sdn. Bhd.
20. MobilityOne Sdn Bhd
21. MOL AccessPortal Sdn. Bhd.
22. MRuncit Commerce Sdn. Bhd.
23. Numoni DFS Sdn. Bhd. (formerly known as Com2U Sdn. Bhd.)
24. PayPal Pte. Ltd.
25. Petron Fuel International Sdn. Bhd.
26. Presto Pay Sdn. Bhd. (formerly known as EPP Solution Sdn. Bhd.)
27. Raffcomm Sdn. Bhd. 
28. Shell Malaysia Trading Sdn. Bhd.
29. SiliconNet Technologies Sdn. Bhd.
30. Silverlake Global Payments Sdn. Bhd. 
31. SMJ Teratai Sdn Bhd
32. Touch 'n Go Sdn. Bhd.
33. TNG Digital Sdn. Bhd.
34. Valyou Sdn. Bhd.
35. Webonline Dot Com Sdn. Bhd.
36. WeChat Pay Malaysia Sdn. Bhd.
37. XOX Com Sdn. Bhd.

Meanwhile, there are a few Banks with e-money issuer license as well.

1. AmBank (M) Berhad
2. Bank of China (M) Berhad
3. CIMB Bank Berhad
4. Malayan Banking Berhad
5. RHB Bank Berhad

Wow... So many of them!
Which one should we use?
Cannot be all. Right?

No worry.
We will blog about a few of most widely used or most popular e-wallet in Malaysia.

Stay tuned !!!

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