E-wallet users see rapid growth in M’sia

The leading e-wallets in Malaysia are GrabPay, Touch n’ Go e-Wallet and Boost, according to Carousel

By LYDIA NATHAN / Pic By BLOOMBERG

E-commerce marketplace Carousel said the number of e-wallet users surged to 52.9% as at October 2018 compared to 24.3% in February this year.

The number of respondents in a voluntary in-app survey increased from 202 in February to 731 in October, indicating the growing users of e-wallet in the country.

E-wallets are mobile payment apps that store payment information on a smartphone allowing users to scan a QR code and make payments in a fast, safe and convenient manner.

Carousel Malaysia said the survey revealed that about a third of the respondents, or 38.6% kept between RM10 and RM49 in their e-wallets while 8.9% of the respondents had more than RM250.

Carousel country head Tang Siew Wai said the leading e-wallets in Malaysia are GrabPay, Touch n’ Go e-Wallet and Boost.

GrabPay recorded the highest number of users at 26.8%, Touch n’ Go e-wallet came second at 19.2%, while Boost recorded 19%.

“The remaining two e-wallets Maybank QRPay and WeChat Pay registered 15.6% and 7.2% respectively,” Carousel said.

GrabPay was introduced in June this year, to drive the adoption of a cashless society in Malaysia.

Grab has then formed partnerships with entities like Malayan Banking Bhd and KLIA Express, allowing users to enjoy special benefits for using the e-wallet.

The company had also launched GrabClub, a monthly subscription service that will offer users with extra savings on rides and food, as long as they pay using GrabPay.

Users purchasing the Grab-It-All-Pass at RM50 monthly will receive RM110 worth of vouchers, in the form of RM60 worth of ride rewards (capped at RM4 per ride for 15 rides) and free delivery for 10 GrabFood orders (with a minimum RM20 order value).

Boost was launched in 2017 with now more than 50,000 touch points in Malaysia, where users can make transactions using the app.

Boost par tnered nine universit ies to dr ive a cashless campus culture, enabling students to go completely cash free within the campus and surrounding areas as well.

Since its launch, Boost has about 3.2 million registered customers.