Cash is out, and e-wallets are in. Digital wallets have become an integral part of daily life in Malaysia. Whether paying for groceries or grabbing a bite at the mamak, Malaysians appreciate the speed, convenience, and security that digital payments offer.

DuitNow QR codes, for one, are a familiar sight at pasar malams and cafes, making cashless living simple and accessible almost everywhere.

With digital wallets so deeply embedded in our routines, choosing the right e-wallet can really impact how you spend, save, and manage your money. Maybe it’s time to dig deeper. Which are the top five e-wallets in Malaysia for 2025, and how do they compare?

Last updated: 23 May 2025

A Snapshot of the Top E-Wallets in Malaysia

Here’s an overview of the top five e-wallets in Malaysia and what they bring to the table.

Touch ‘n Go eWallet

Touch ‘n Go eWallet is one of Malaysia’s most widely used digital wallets, with purportedly over 23 million verified users and more than 2 million merchants on board. According to Statista and a survey in 2024, a remarkable 92% of respondents said they had used the e-wallet in the past three months.

So, what makes it the a go-to choice?

For one, Touch ‘n Go is deeply embedded in everyday life, especially for toll payments, including RFID-enabled lanes, though these services are managed separately by Touch ‘n Go Sdn Bhd.

Beyond that, its broad merchant integration ensures smooth payments whether you’re shopping online, in-store, or even paying for insurance.

But it’s not just for spending. Touch ‘n Go also offers a range of investment features. GO+, for example, gives users access to Principal e-Cash,  a Shariah-compliant money market fund.

You can also explore other money-growing options like e-Mas for buying and selling gold, ASNB for low-risk investments, and e-Trade, which offers competitive brokerage fees and is managed by Affin Hwang Investment Bank.

All features within the TNG eWallet app, including payments and financial services, like GO+, e-Mas, and e-Trade, are managed and operated by TNG Digital Sdn Bhd.

Touch n Go eWallet offers insurance, personal loans, flight bookings, parking payments, and more, showing that it truly envisions to become the all-in-one everyday payment app for Malaysians.

GrabPay

Part of the Grab Financial Group, GrabPay’s offerings comprise deliveries, mobility, financial services, enterprise and more, all through its app.

Beyond the usual favourites: GrabFood for convenient food deliveries and those late-night cravings, GrabMart for online groceries, and GrabExpress for sending packages and documents, GrabPay has expanded into a wider range of financial services.

Users can now take advantage of Grab PayLater, a Buy Now, Pay Later option that offers greater flexibility at checkout. There’s also Grab Insurance, which provides Ride Cover, offering protection in case your pickup is delayed, and Travel Cover, which includes comprehensive travel insurance with COVID-19 coverage.

GrabPay has also integrated GXBank’s savings account and FlexiCredit offerings on its app, making it easier for Grab users to apply for services from the digital bank.

Boost

Boost earns its spot among Malaysia’s top e-wallets with a growing presence across Southeast Asia. While it positions itself as a regional fintech force, its real strength lies in offering practical, easy-to-access financial tools for both individuals and businesses.

For everyday users, Boost rolls out features like Boost PayFlex, a shariah-compliant instalment plan that stretches up to 24 months,  along with a wide range of micro-insurance options, covering everything from general and life insurance to takaful and car coverage.

On the business side, Boost helps merchants get ahead with flexible financing, digital payment solutions for both in-store and online use.  Boost Connect BNPL, a shariah-compliant solution, stands out, as it lets businesses offer their own branded BNPL instalment plans to boost sales and better support customer needs.

MAE

MAE is the next addition to this list of top e-wallets in Malaysia, combining the convenience of a digital wallet with the full functionality of a banking app. It supports DuitNow QR, bill payments, zakat contributions, and is especially known for its Secure2U feature, with a safer way to approve transactions via a tap or a Secure TAC.

But MAE goes beyond payments. It encourages smarter money habits with features like Tabung, a goal-based savings tool for short-term plans, and a detailed spending summary that helps you track where your money goes, from meals and shopping to financial services.

You can also manage a wider range of financial needs directly through the app, including applying for cards, fixed deposits, personal loans, insurance, and investment products, all from your phone.

ShopeePay

ShopeePay, the mobile wallet by Monee, is available not only in Malaysia but also in Indonesia, Singapore, Thailand, Vietnam, and Brazil. It’s a popular choice among Malaysia’s top e-wallets, offering a wide range of financial services.

These include bill payments, prepaid top-ups, insurance plans, and SPayLater—a Shariah-compliant Buy Now, Pay Later (BNPL) option with 0% fees for up to three months when used on Shopee.

The ShopeePay app was launched locally in March this year as part of the Shopee ecosystem. Shopee users can easily log in using their existing Shopee credentials. To keep accounts secure, the app features two-factor authentication and Tap Secure.

Future updates will introduce cross-border transfers, rewards, savings options, and the ability to purchase transportation tickets.

How to Pick the Right E-Wallet For Your Needs

There isn’t a one-size-fits-all solution when it comes to digital wallets. The right choice depends on your lifestyle and spending habits. If you commute daily and want investment options, Touch ‘n Go might be best. If you rely on Grab for transport and delivery, GrabPay offers great integration.

MAE is a solid pick for those seeking financial discipline, while Boost rewards frequent users with cashback and vouchers. For Shopee lovers, ShopeePay is the perfect e-wallet extension, which could eventually include more payment solutions to really liven how these users transact on the app.

Think about which features matter most to you, whether it’s budgeting tools, rewards, or travel perks. The right e-wallet should make managing your money easier, not harder.

Still torn between options though? There’s no rule against using more than one.

What’s Happening Next for E-Wallets in Malaysia?

The e-wallet landscape is set to evolve further in 2025 and beyond. With rising demand for digital banking services, we may see deeper integrations with financial planning tools and credit facilities.

Cross-border payment capabilities will continue to grow, allowing seamless regional transactions. Meanwhile, government-backed initiatives and open banking may lead to better interoperability across platforms.

While this expansion brings exciting innovation and choice, it also means users will need to be more discerning, choosing solutions that balance cutting-edge features with security and reliability.

Frequently Asked Questions (FAQs)

What are the different types of e-wallets in Malaysia?

In Malaysia, e-wallets generally fall into three categories: open-loop, closed-loop, and bank e-wallets. Open-loop e-wallets like Touch ‘n Go, Boost, and GrabPay work like prepaid cards and need to be topped up before use.

Closed-loop e-wallets, such as Lazada Wallet, are limited to its specific platforms or brand ecosystems. Bank e-wallets like MAE and CIMB Clicks are linked to your bank account.

How many digital e-wallets are there in Malaysia?

According to Bank Negara’s official website, there is a total of 47 nonbank-emoney-issuers. These include other providers like ShopeePay, Setel by Petronas, and Wise in the list, too.

Source of main image: Mikail Nilov on Pexels