Best E-Wallets in Malaysia: A Complete Comparison of Top E-Wallet Apps in 2025

Malaysia has rapidly embraced mobile wallet payments, with 87% of Malaysians using e-wallets as of 2024, according to Visa’s Consumer Payment Attitudes Study. This puts Malaysia on par with the Philippines (87%) and just behind Indonesia (92%) in mobile wallet adoption. In Southeast Asia overall, 79% of consumers use mobile wallets, highlighting the region’s strong shift toward digital payments.

A breakdown of payment preferences in Malaysia shows that 68% of users rely on QR payments, 63% use online or in-app transactions, and 48% prefer entering a mobile number or merchant ID for payments. These trends indicate that e-wallets are becoming the dominant payment method for everyday transactions in the country.

With more than 50 e-wallet licenses issued by Bank Negara Malaysia (BNM) and an estimated 30 active e-wallet providers, Malaysia’s digital payments ecosystem is highly competitive. The government’s push for 90% cashless transactions by 2025 further accelerates this transformation. Let’s look at some of the top e-wallets that have played a role in easing the life of many in Malaysia:

Top e-wallets in Malaysia

Touch 'n Go eWallet

Touch ‘n Go (TnG) eWallet is one of Malaysia’s most established and widely used digital wallets, offering seamless payments for tolls, parking, transit, and everyday transactions. It is integrated with DuitNow QR, Malaysia’s national QR payment system, enabling users to make payments across thousands of merchants nationwide.

Key Features

• Seamless toll payments: Pay at highways via RFID and Touch ‘n Go cards.
• Retail & online payments: Scan QR codes at partner merchants and pay for online shopping.
• Bill payments & mobile top-ups: Settle utility bills, top up prepaid phones, and pay for subscriptions.
• P2P transfers: Send and receive MYR instantly with DuitNow or within the TnG network.
• Overseas transactions: Pay at select overseas merchants via Alipay+ integration.
• Investment & insurance services: Access savings, investment products, and micro-insurance within the app.

TnG eWallet is the go-to payment solution for commuters, shoppers, and everyday users who want a fast, secure, and rewards-driven digital wallet. With its vast merchant network and RFID integration, it is essential for daily transportation and cashless payments in Malaysia.

GrabPay

GrabPay eWallet is a widely used cashless payment solution in Malaysia, seamlessly integrated within the Grab super app. It offers a secure and convenient way to pay for everyday transactions, from ride-hailing and food delivery to retail shopping and bill payments. As part of the DuitNow QR network, GrabPay allows users to make payments at thousands of merchants nationwide, making it a versatile choice for digital transactions.

Key Features

• Seamless In-App Payments: Use GrabPay to pay for Grab rides, food delivery (GrabFood), groceries (GrabMart), and express deliveries (GrabExpress).
• Retail & Online Payments: Scan DuitNow QR codes at partner merchants or shop online with GrabPay’s secure checkout.
• Bill Payments & Mobile Top-Ups: Pay for utility bills, telco reloads, and digital subscriptions within the Grab app.
• P2P Transfers: Send and receive money instantly with GrabPay transfers or via DuitNow to other bank accounts.
• Rewards & Cashback: Earn GrabRewards points with every transaction and redeem them for discounts, vouchers, or cashback.
• Buy Now, Pay Later (PayLater by Grab): Flexible interest-free installment options for eligible users, allowing deferred payments for Grab services and partner merchants.

With extensive merchant acceptance, in-app convenience, and rewarding features, GrabPay eWallet is the go-to digital payment solution for Grab users, online shoppers, and everyday spenders who want a seamless and rewarding cashless experience in Malaysia.

Wise

Wise is a multi-currency e-wallet designed for global use, allowing users to hold and exchange 40+ currencies, spend in 150+ countries, and send payments to 160+ countries at the real exchange rate. Unlike most Malaysian e-wallets, which focus on local transactions, Wise is optimized for international spending.

Key Features

• Multi-currency wallet: Hold and convert 40+ currencies at mid-market rates.
• Receive payments globally: Get local bank details in 8+ currencies, including MYR, USD, and SGD.
• Linked Wise debit card: Spend worldwide with no foreign transaction fees.
• Fast and low-cost transfers: Send money to 160+ countries with transparent fees.

Wise is ideal for frequent travelers, online shoppers, expats, and freelancers who need low-cost international payments. While most Malaysian e-wallets have limited overseas use, Wise ensures seamless global transactions.

MAE by Maybank

MAE (Maybank Anytime, Everyone) is Maybank’s digital wallet that seamlessly integrates with Maybank2u, offering users a one-stop solution for payments, budgeting, and banking services. Unlike standalone e-wallets, MAE provides full access to Maybank’s banking features, making it a powerful financial tool for both Maybank customers and non-account holders.

Key Features

• Seamless banking integration: Link directly to Maybank accounts, view balances, and make transfers.
• QR & online payments: Scan DuitNow QR for retail payments or shop online with ease.
• MAE Visa debit card: A physical card for ATM withdrawals and global transactions.
• Expense tracking & budgeting: Monitor spending, categorize expenses, and set savings goals.
• Tabung savings feature: Automate savings for personal goals or group contributions.
• Bill payments & mobile top-ups: Pay utilities, subscriptions, and reload prepaid mobile credits.

MAE is ideal for Maybank users who want a smarter way to manage money while enjoying full e-wallet functionality. With its built-in expense tracking, bill payments, and savings tools, it’s more than just a digital wallet—it’s a complete financial management app.

BigPay

BigPay is a digital wallet designed for seamless local and international spending, offering users a linked debit card, international remittances, and expense tracking tools. As an AirAsia-backed e-wallet, BigPay provides exclusive travel benefits, making it a great choice for frequent travelers and online shoppers.

Key Features

• BigPay Mastercard / Visa debit card: Spend locally and abroad with competitive exchange rates.
• International remittances: Send money to select countries with low fees (MYR 3.50 – MYR 22 per transaction).
• ATM withdrawals worldwide: Withdraw cash abroad for MYR 10 + 1% currency conversion fee.
• Real exchange rates: No hidden fees when spending in foreign currencies.
• Expense tracking & analytics: Monitor spending habits and manage your budget easily.
• AirAsia rewards integration: Earn AirAsia points for every transaction and redeem for flights, upgrades, and more.

BigPay is ideal for travelers, digital nomads, and online shoppers looking for a low-cost, transparent way to manage money internationally. With its linked debit card, competitive FX rates, and travel perks, it’s one of the best e-wallets for global spending.

Boost

Boost is a prepaid e-wallet designed for everyday spending in Malaysia, offering users QR code payments, bill payments, mobile top-ups, and exclusive rewards. With a large network of partner merchants, Boost is widely accepted across retail stores, online platforms, and service providers.

Key Features

• DuitNow QR payments: Scan and pay at thousands of merchants nationwide.
• Online shopping & in-app purchases: Use Boost for e-commerce platforms and digital services.
• Bill payments & mobile reloads: Pay for utilities, subscriptions, and top-up prepaid phones.
• Auto top-up & recurring payments: Ensure you never run out of balance for essential transactions.
• BoostUp Rewards: Earn cashback, vouchers, and discounts for transactions.
• Micro-insurance & financing: Purchase affordable insurance and access financing options via the app.

Boost is ideal for Malaysians looking to maximize rewards while making everyday payments. Whether you're paying bills, shopping, or topping up your mobile, Boost lets you earn cashback and discounts on routine transactions.

AliPay

AliPay is one of the world’s largest digital payment platforms, originally built for China’s massive e-commerce and financial ecosystem. Today, AliPay Malaysia offers a growing range of cashless payment options for local users, including QR code payments, online shopping, bill payments, and in-app services.

Key Features

• QR code payments: Scan and pay at local and international merchants accepting AliPay.
• Online shopping: Use AliPay for e-commerce transactions with select retailers.
• P2P transfers: Send and receive payments in MYR using linked bank accounts.
• Bill payments & ticket purchases: Settle utility bills, mobile reloads, and event tickets within the app.
• Cross-border spending: AliPay is widely accepted across China and in select global markets.

AliPay is ideal for shoppers, travelers, and users who frequently engage with Chinese merchants or services. With its seamless QR payments, expanding acceptance network, and integration with lifestyle services, AliPay is becoming a more accessible e-wallet option for Malaysians.

Merchantrade Money

Merchantrade Money is a multi-currency e-wallet with a linked prepaid card, allowing users to send, receive, and manage money in multiple currencies. Designed for both local and international use, it provides a cost-effective solution for travelers, expatriates, and businesses dealing with cross-border transactions.

Key Features

• Multi-currency wallet: Hold and exchange up to 20 different currencies.
• Linked prepaid Visa card: Spend online and in-store locally and overseas.
• Local & international transfers: Send and receive MYR and foreign currencies securely.
• Competitive exchange rates: Convert currencies with better rates than traditional banks.
• Bill payments & online shopping: Pay for utilities, reload mobile credits, and shop online seamlessly.
• ATM withdrawals worldwide: Access cash globally, with fees starting from MYR 10 per withdrawal.

Merchantrade Money is ideal for frequent travelers, digital nomads, and international shoppers looking for a flexible, cost-effective way to manage multiple currencies. With its linked prepaid card, real exchange rates, and global acceptance, it’s one of the best e-wallets for overseas spending and remittances.

ShopeePay

ShopeePay is an e-wallet developed by SEA Money, designed for seamless payments within Shopee’s ecosystem and at participating merchants both online and offline. It enhances the Shopee shopping experience by offering rewards, cashback, and flexible payment options, making it a convenient choice for frequent online shoppers and retail spenders.

Key Features

• Scan & Pay: Use DuitNow QR for cashless transactions at retail stores, restaurants, and partner merchants.
• One-click checkout on Shopee: Enjoy faster, more secure payments for Shopee purchases.
• ShopeePay Later (SPayLater): Split payments into installments with flexible repayment options.
• Shopee Coins & Cashback Rewards: Earn Shopee Coins and cashback when using ShopeePay for purchases.
• Top-up & bill payments: Reload mobile credits, pay for utilities, and settle bills conveniently.
• Periodic discounts & promotions: Enjoy exclusive ShopeePay deals and merchant offers.

ShopeePay is ideal for frequent Shopee users and bargain hunters who want a fast, secure, and rewards-driven digital wallet. With its scan-to-pay feature, integrated rewards system, and installment options, it provides added value beyond basic e-wallet functionalities.

CIMB Octo

CIMB Octo is CIMB Bank’s new digital banking and e-wallet solution, designed to replace CIMB Clicks. With a modern, user-friendly interface, it combines banking, payments, and rewards into a single app. While full features are still being rolled out, CIMB Octo promises enhanced digital banking services, seamless payments, and exclusive merchant deals for CIMB customers.

Key Features

• All-in-One Banking & Payments: Manage CIMB accounts, cards, loans, and investments in one place.
• Local & International Transfers: Send money instantly via DuitNow, bank transfers, and overseas remittances.
• In-App Payments: Pay for services, subscriptions, and retail purchases within the Octo app.
• CIMB Merchant Deals: Enjoy special discounts and cashback at partner merchants when paying with CIMB Octo.
• Secure & User-Friendly Interface: Improved navigation, biometric login, and fraud prevention features.

CIMB Octo is ideal for CIMB customers who want a powerful, next-gen banking experience with built-in payment solutions. With expanded features, seamless transactions, and exclusive merchant rewards, it’s designed to be a one-stop financial platform.

Setel

Setel is PETRONAS’ all-in-one e-wallet, designed to offer seamless fuel payments, parking, tolls, and rewards for Malaysian drivers. More than just a petrol payment app, Setel integrates Mesra rewards, in-app purchases, and QR code payments at select retailers, making it an essential e-wallet for motorists.

Key Features

• Pay for fuel without leaving your car: Pump at PETRONAS stations and pay directly via the app.
• Earn & redeem Mesra points: Collect Mesra rewards on every purchase and redeem for cashback, fuel discounts, or in-store purchases.
• Toll & parking payments: Use Setel for RFID-enabled toll payments and participating parking facilities.
• Car-related services: Pay for vehicle insurance renewals, road tax, and car maintenance via the app.
• In-store QR payments: Scan and pay at Setel partner merchants for additional convenience.

Setel is perfect for drivers who want a fast, hassle-free way to pay for fuel and earn rewards at the same time. With its Mesra points system, toll & parking integration, and expanding payment options, it’s an essential app for PETRONAS customers and frequent road users.

Spend smarter, invest wiser: How StashAway helps you grow your wealth

E-wallets have transformed the way we manage money, making payments faster, easier, and more efficient. Whether it’s paying for daily expenses, earning cashback, or tracking spending, they help us spend wisely. But while e-wallets improve financial convenience, they don’t grow your wealth—they are designed for transactions, not long-term financial security.

This is where StashAway comes in.

Why investing is the next step after e-wallets

While e-wallets help you control spending, true financial growth comes from investing. If you’re leaving excess funds sitting idle in an e-wallet, you’re missing out on potential returns. Instead of just saving what’s left after spending, you can put your money to work with StashAway’s diversified investment portfolios.

With StashAway, you can:

✔ Start investing effortlessly – No need to track markets; let technology do the work.

✔ Build long-term wealth – Invest in globally diversified portfolios tailored to your risk level.

✔ Make your idle cash work for you – Instead of sitting in an e-wallet, your money can generate returns over time.

✔ Invest for your future goals – Whether it’s retirement, financial freedom, or passive income, investing ensures long-term security.

Types of e-wallets in Malaysia

E-wallets in Malaysia have evolved to serve different consumer needs, from bank-linked payment apps to platform-specific digital wallets. While all e-wallets allow users to make cashless transactions, they differ in terms of accessibility, usability, and integration with banking or merchant networks. Here are the three main types of e-wallets in Malaysia and how they function.

1. Open-loop e-wallets: Flexible and widely accepted

Open-loop e-wallets are not directly linked to a specific bank account, meaning users need to manually top up funds before making payments. These e-wallets function similarly to prepaid cards, allowing users to load money into their digital wallet and spend it at multiple merchants, both online and offline.

Key Features of Open-Loop E-Wallets

✔️ Can be used at various partner merchants, both in-store and online

✔️ Often come with a physical or virtual prepaid debit card

✔️ Support local and international transactions

✔️ Require manual top-ups from a bank account, credit/debit card, or cash deposit

Examples of Open-Loop E-Wallets in Malaysia

• Touch ‘n Go (TNG) eWallet: One of Malaysia’s most widely used e-wallets, offering cashless payments for tolls, retail, online shopping, and transit. It supports DuitNow QR for payments and RFID for tolls.
• BigPay: Offers a linked Mastercard/Visa prepaid card, allowing global spending and international remittances.
• Merchantrade Money: A multi-currency e-wallet with a physical prepaid card, perfect for overseas spending and remittances.

💡 Who should use open-loop e-wallets?
These e-wallets are best for travelers, digital nomads, online shoppers, and users who want a globally accepted payment method without relying on a traditional bank account.

2. Closed-loop e-wallets: Designed for specific platforms

Closed-loop e-wallets are restricted to a single platform, brand, or ecosystem, meaning they can only be used for transactions within their network. Unlike open-loop wallets, these do not support spending outside their designated ecosystem, but they often offer exclusive rewards, cashback, or discounts to incentivize usage.

Key Features of Closed-Loop E-Wallets

✔️ Payments are limited to specific merchants or platforms

✔️ Typically do not support withdrawals to bank accounts

✔️ Offer exclusive perks, such as discounts, loyalty points, or cashback

✔️ Often used for subscription services, ride-hailing, travel, or fuel payments

Examples of Closed-Loop E-Wallets in Malaysia

• Setel: A PETRONAS-exclusive e-wallet for fuel payments, Mesra rewards, tolls, and parking.
• ShopeePay: Integrated within Shopee’s ecosystem, offering one-click checkout, rewards, and cashback.

💡 Who should use closed-loop e-wallets?
These e-wallets are best for users who frequently engage with a specific brand or ecosystem and want to maximize rewards, cashback, and platform-specific benefits.

3. Bank-linked e-wallets: The future of digital banking

Unlike open or closed-loop e-wallets, bank-linked e-wallets are fully integrated with a financial institution, offering users the convenience of digital banking and mobile payments in one platform. These e-wallets often do not require manual top-ups, as they draw funds directly from the user’s linked bank account.

Key Features of Bank-Linked E-Wallets

✔️ Directly connected to bank accounts, credit, or debit cards

✔️ Often come with physical debit cards for ATM withdrawals and retail purchases

✔️ Allow seamless peer-to-peer (P2P) transfers and DuitNow QR payments

✔️ Provide secure and seamless banking services

Examples of Bank-Linked E-Wallets in Malaysia

• MAE by Maybank: A full-fledged digital banking app, integrating e-wallet payments, savings, and budgeting tools.
• CIMB Octo: A new digital banking and payment platform set to replace CIMB Clicks, offering seamless money transfers, bill payments, and merchant deals.

💡 Who should use bank-linked e-wallets?
These wallets are ideal for users who prefer an all-in-one digital banking experience, combining seamless payments, banking services, and rewards in one platform.

The evolution of e-wallets in Malaysia

E-wallets have undergone significant changes since their inception. Initially launched as basic payment solutions, they have now evolved into comprehensive financial ecosystems integrating banking, remittances, investments, insurance, and budgeting tools.

Phase 1: Early adoption (2015-2018)

The introduction of Touch 'n Go, Boost, and GrabPay marked the early adoption of e-wallets in Malaysia. They were primarily used for QR code payments and ride-hailing transactions.

Phase 2: Expansion and competition (2019-2021)

During this period, e-wallet providers started introducing rewards programs, cashback, and partnerships with banks. The COVID-19 pandemic accelerated adoption, with contactless payments becoming the norm.

Phase 3: Integration with financial services (2022-2024)

E-wallets began offering DuitNow transfers, savings features, and international remittances. Banks like Maybank (MAE) and CIMB (GoPayz) introduced their own digital wallets to compete with fintech startups.

Phase 4: Super apps and cross-border expansion (2025 and beyond)

Today, e-wallets are part of super apps that provide seamless financial management, investment tools, BNPL (Buy Now, Pay Later) options, and cross-border transactions. Malaysia is leading Southeast Asia in cashless adoption, with projections indicating 90% digital transactions by 2025.

The future of e-wallets in Malaysia: Towards a cashless society

E-wallets in Malaysia have evolved from a niche digital experiment to an essential part of everyday transactions, reshaping how consumers and businesses handle money. What began as a convenience for small-scale payments has now become a core driver of financial inclusion, digital transformation, and economic growth.

The rise of Touch ‘n Go eWallet, GrabPay, and Boost as dominant players showcases how strategic partnerships, loyalty rewards, and integration with super-app ecosystems have fueled adoption. With the government and financial institutions actively supporting cashless initiatives, Malaysia is on track to achieving its 90% cashless payment target by 2025.

Looking ahead, e-wallets will continue to expand beyond just payments, incorporating financial services such as microloans, insurance, and investments, making them an all-in-one financial management tool. As smartphone penetration increases and digital transactions become the norm, e-wallets are set to fully replace cash and cards in the near future, positioning Malaysia at the forefront of Southeast Asia’s digital finance revolution.

The transition to a predominantly cashless society is no longer a question of 'if' but 'when.' With continuous advancements, improved security, and growing merchant acceptance, e-wallets will remain at the heart of Malaysia’s digital economy, offering greater convenience, efficiency, and financial accessibility for all.