Is e-wallet popular in Malaysia?

13 Mar 2024 By PAYCEC

E-wallets are electronic payment systems that allow users to store their payment information on a digital device and pay for services and products online or at a point of sale. E-wallets have become increasingly popular in Malaysia, especially during the COVID-19 pandemic, as they offer convenience, security, and rewards.

Factors that contribute to the popularity of e-wallets in Malaysia can be listed below.

• The availability and diversity of e-wallet providers: Malaysia has more than 40 e-wallet providers in the market, offering various features and benefits to suit different needs and preferences. Some of the most popular e wallet in malaysia include Touch 'n Go, GrabPay, Boost, BigPay, FavePay and Maybank QRPay. These e-wallets allow users to pay for a wide range of services and products, such as transportation, food delivery, online shopping, bill payment, and more.

• The government and regulatory support: The Malaysian government and the central bank have been supportive of the development and adoption of e-wallets in the country, as part of the vision to become a cashless society and a digital economy. The government has launched various initiatives and incentives to promote e-wallet usage, such as the E-Tunai Rakyat program, the National QR Standard (DuitNow QR), and the Interoperable Credit Transfer Framework (ICTF). The central bank has also issued guidelines and regulations to ensure the safety and security of e-wallet transactions, such as the e-Money Guidelines and the Payment Systems Act 2003.

• The consumer and merchant behavior: Malaysian consumers and merchants have shown a positive attitude and behavior toward e-wallets, as they perceive the benefits and advantages of using them. According to a report by PwC, 84 percent of Malaysian consumers said they are willing to adopt new payment methods, and 88 percent of Malaysian merchants said they are open to accepting new payment methods. The main reasons for using e-wallets among consumers and merchants are convenience, speed, security, and rewards.

One of the e-wallets that stands out from the crowd is PayCEC, an international payment solution provider and e-wallet that allows users to pay in more than 150 different currencies, including digital currencies such as Bitcoin, Ethereum, and Litecoin. PayCEC also supports multiple payment methods, languages, and utility features, and provides high security and customer service.

PayCEC is different from other e-wallets, as it is not only a local payment solution, but also a global one. PayCEC enables users to send and receive payments across borders, with low cost, good exchange rate, fast time, and high security. PayCEC also offers a multi-currency account and a linked card, which allow users to hold and exchange 40+ currencies, and spend in 150+ countries. PayCEC is the ideal choice for those who need to make international payments to Malaysia, or from Malaysia to the world.

In conclusion, e-wallets are popular in Malaysia, as they offer a convenient, secure, and rewarding way to pay for various services and products. The popularity of e-wallets is driven by the availability and diversity of e-wallet providers, government and regulatory support, and the consumer and merchant behavior. PayCEC is one of the most popular e-wallets in Malaysia, as it provides a comprehensive and global payment solution for users who need to make international payments to Malaysia, or from Malaysia to the world.