Love Savings? You’ll Love Boost’s Latest Online Campaign

Malaysians love our savings, don’t we?

We love them so much that according to findings from our Best eWallet in Malaysia for 2020 survey, 54% of Malaysians use eWallets mainly for the cashback, promotions and rewards. 

Now, Malaysians can jump for joy with a new initiative that will enable us to earn even more cashback and rewards just for shopping with our eWallets – the Shop Malaysia Online initiative.

What do I need to know about the Shop Malaysia Online initiative?

The Shop Malaysia Online initiative is an e-commerce initiative under Pelan Jana Semula Ekonomi Negara (PENJANA) or the National Economic Recovery Plan. 

This initiative was rolled out to stimulate the economy through online consumption. Specifically, it sees the government collaborating with various eWallets and e-commerce platforms such as Boost to promote online shopping amongst Malaysians.

About Shop Malaysia Online with Boost 

Boost is one of the official e-Wallet partners for the PENJANA Initiative. 

Boasting the widest merchant network nationwide to date with over 170,000 merchants nationwide, Boost has long been in favor of supporting local businesses, with over 60% of their merchants comprising small and micro-SMEs such as mom and pop convenience stores, public market traders and hawker stall owners.

Throughout the Shop Malaysia Online campaign, Boosties can now shop and enjoy savings from over 5,000 participating online merchants!

It’s not just savings either, paying with Boost has never been more convenient with their “Tap and Pay” feature. With this new feature, all you need to do is enter a 6-digit PIN to verify your transaction. No usernames, no passwords, no waiting for the TAC/OTP.

From now till 30th September 2020, the rewards just don’t stop if you’re a fellow Boostie as you could get up to RM100 worth of cashback and more! 

In total, there are 4 main ways users can benefit from using Boost throughout this Shop Malaysia Online campaign.

1- Shop online and earn up to RM10 cashback with Boost Partner Wallet

Boost Partner Wallet is the perfect feature for loyal users as you can Shake for instant cashback and save on the next transaction! 

A ‘Partner Wallet’ is a sub-wallet within a user’s Boost account that automatically stores cashback for dedicated merchants and each user can have multiple Partner Wallets. This helps ensure users don’t miss any savings and is especially useful for when users shop at their favourite merchants. 

Any cashback a user has in a Partner Wallet will be automatically deducted in the next transaction made at the respective merchant.

Who are these Featured Boost partners, then?

At the time of writing, there are 15 merchants spanning from locally-grown Jobbie Nut Butter to online grocer Potboy, and even major pharmacy Watsons.

Users only need to spend a minimum of RM50 on selected partners to get up to 10% cashback (depending on the merchant).

Each user is entitled to a maximum of 3x cashback capped at RM10 each. Make sure to use your precious cashback before 30th September 2020 too, as unused cashback balance will expire afterwards.

This means that if you find yourself spending at a particular merchant particularly often, this feature can help you save on every purchase – and all you have to do is use the respective Boost Partner Wallet to pay!

2- Get up to 6x Coins during 8.8 Online Boost Day

If you haven’t heard of the 8.8 Online Boost Day, you’re in for a treat! This month would be Boost’s biggest Online Boost Day and the rewards are gonna get a little out of control.

From 6th to 8th August 2020, spend a minimum of RM150 in one transaction and enjoy up to 2x the amount of coins for all local Boosted online partners! 

With over 5,000 online partners, get ready to get your online shop on!

Transactions made at key online partners such as PrestoMall, Jocom, HappyFresh and even Durian Bear would even earn you up to 6x the amount of coins.

Thought that was it? Boost will also #KasiTambah an extra RM5 Online Boost Day Surprise Shake that would be credited into a random Partner Wallet. 

Users are limited to 2 redemptions throughout the entire 3 days of the August Online Boost Day.

3- Special discount vouchers of up to 20% for selected partners

What’s a campaign without discounted online vouchers?

On top of extra cashback and coins, Boost is also handing out more voucher goodness and even more savings with special discounted vouchers of up to 20% across F&B, travel and online shopping categories.

Some notable vouchers to get your hands on include Lazada, Hermo, MPH Online Bookstore, Vouk Hotel and Vivatel Kuala Lumpur.

4- Fulfill Boost’s Special Shop Malaysia Online Mission  and be rewarded with 500 coins

The more you spend, the more you get rewarded.

Boost’s Shop Malaysia Online campaign ties up with a bang with their special Shop Online Boost Mission. Spend a cumulative total of RM500 on Boosted online partners within 5 days to stand a chance of winning an additional 500 coins! 

Join the mission now here!

What do I need so many Boost coins for?

Avid Boosties probably already know how precious Boost Coins are. 

Essentially, Boost coins are akin to reward points. Users earn coins after every transaction made with Boost. 

Of course, this means that the more coins you earn = the more rewards you stand to gain.

Unlike most other eWallets, Boost Coins can not only be used to redeem vouchers and gifts, but can also be redeemed as cashback and credited directly into your Boost eWallet! From there, you can use your cashback however you like – to pay for utility bills or for your weekly grocery trip.

To add to that, here’s a tip just for the savings-savvy – use your Boost coins to redeem gifts or cashback from Partner Wallets instead! This will help you get more bang for your buck as the conversion rates for these are much more preferable compared to redeeming just plain old cashback. 

Partner Wallet categories range from Groceries, Prepaid, Postpaid and even Petrol. They essentially work just like your normal Boost cashback too.

More than just savings with Boost

So far, all we’ve mentioned are cashback, vouchers and discounts.

While savings play a huge part in our decision-making as Malaysian consumers, an eWallet that offers an easy, uncomplicated payment experience is equally key. 

With Boost, online shopping just got a whole lot easier. The online payments feature allows users to pay for their transactions without the fuss of remembering usernames/passwords, or waiting for the TAC/OTP number. 

All you have to do is select “Tap and Pay” on the payment page. From there, a 6-digit pin or quick scan of your fingerprint is all you need to verify your transaction. 

Click here to find out if your favourite merchant accepts this handy function.

Don’t forget to pay with Boost when you shop online!

From coins to cashback to vouchers, this period is the best time to do all your shopping since Boost will help to shave a little off the bill. 

Even if you may not be an avid shopper, use this opportunity to grab all your necessities online!

Download, register and verify your account with Boost now so you can enjoy a seamless spending experience throughout this campaign. 

Another initiative under PENJANA that you might have already benefited from is the Free RM50 eWallet credit. If you haven’t claimed yours yet, our guide here spells out exactly how to claim it your free RM50 eWallet credit!

From https://blog.ewhallet.com/boost-latest-online-campaign/

from
https://ewhalletexperttipsinfindingtherightewalletinmala.wordpress.com/2020/08/08/love-savings-youll-love-boosts-latest-online-campaign/

From https://kimberlyroberts0.blogspot.com/2020/08/love-savings-youll-love-boosts-latest.html

from
https://kimberlyroberts0.wordpress.com/2020/08/08/love-savings-youll-love-boosts-latest-online-campaign/

Touch’n go eWallet leading the eWallet War by a mile

Malaysia is well-known (at least amongst ourselves) for being a country jam-packed full of eWallets. 

In recent years, the top few contenders have managed to pave a path for themselves towards the summit of the cashless scene, each carving a well-earned spot for themselves at the top – Touch ‘n Go eWallet, Boost, GrabPay, ShopeePay etc. 

But which one is truly the best of the best?

In our recent article where we compared the top eWallets in Malaysia for 2020, we had the opportunity to find out right from the user’s mouth. 

Below, we’ve summarised the juiciest findings from our Best eWallet in Malaysia for 2020 Survey. Read on to find out what fellow Malaysians had to say!

Survey Introduction

The Best eWallet in Malaysia for 2020 Survey was held for a period of slightly less than a month, with the total number of respondents amounting to 245 (n = 245).

The 245 respondents surveyed can then be further categorised by gender, age, marital status and income level. 

• Majority of respondents are male at 58% 
• ⅓ of respondents are over the age of 55
• Majority of respondents earn RM35k or below in annual gross income
• 44% of respondents are between the ages of 18-34

Touch ‘n Go eWallet leading the game in 2020.

Touch ‘n Go eWallet comes out on top as the firm favourite for Malaysians overall. 

In the survey, TNG eWallet triumphed over all other Malaysian eWallets throughout all categories – groceries, online shopping, in-store purchases, petrol and dining in. 

The only exception is food delivery, where GrabPay proved to be the more popular option. 

This comes as no surprise since food delivery isn’t a primary service established within Touch ‘n Go (although TNG is partnered with DeliverEat). On the other hand, Grab holds the upper hand with their GrabFood feature which also incentivises users to pay using the Grab eWallet. 

As for which eWallet respondents thought was best? More than half (55%) voted for Touch ‘n Go.

55+ age group most loyal fans of Touch ‘n Go eWallet.

Behind Touch ‘n Go eWallet’s success seems to be a loyal backing from older users. 

As an overarching theme, users in the 55+ age group consistently showed a preference for using TNG eWallet for all purchases. To be exact, 80% of respondents aged 55+ voted TNG eWallet as the best eWallet. 

76% of respondents aged 55 and above prefer to use TNG eWallet to pay for groceries. In comparison, 43% of 18 – 34 year olds and 46% of 35 – 54 year olds voiced a similar opinion. 

A similar landslide difference can be seen in the preferred eWallet of choice for all other categories too.

For online shopping, 62% of users who voted for TNG eWallet belonged to the 55+ age group. Similarly, 75% of users who voted for TNG eWallet as their preferred eWallet for in-store purchases were 55 years old and above.

Boost trails behind as Malaysians’ second favourite eWallet.

While TNG eWallet won the hearts of most respondents, Boost doesn’t lag too far behind. 

We were also able to glean a closer look at Boost’s user demographic from the survey. For starters, Boost was the only eWallet where a clear difference in gender preference can be seen. 

Compared to women, 10% more men prefer to use Boost for their online shopping needs and found it to be more rewarding. Men’s preference for using Boost is also reflected throughout all other categories as well. 

Men aside, singles and middle-aged users (aged 35 – 54) proved to be stronger fans of Boost too. 

The older the user, the less diversified their eWallet portfolio.

While we know that committing to a single eWallet can be more convenient, this doesn’t seem to be the case for most Malaysians.

Respondents of all age groups tend to use multiple eWallets at once, where 78% of respondents opted to use different eWallets when paying for different categories. 

However, one group in particular preferred to stick to the bare minimum – the 55+ age group. 

The survey found that younger users tend to diversify their eWallet portfolio more. Meanwhile, only 22% of respondents use the same eWallet to pay for all their purchases – a type of user we like to call super users. 

Malaysians are generally satisfied with what eWallets have to offer.

A congested eWallet scene means that for us users, there’s little left to be desired. 

We’re spoiled with a plethora of features, cashback galore and so many promotions one can hardly keep track.

For the most part, Malaysians seem to echo this fact in that 37% of respondents are satisfied with the functionality of current eWallets, and don’t expect anything more.

Of course, there’s always room for improvement. Some functionalities other respondents expressed a desire for include public transport payments and more options for utility payments.

Check out some other features respondents thought would be a good addition:

Financial usage breakdown like BigPay, missions like Boost and toll linking like TNG all in one app

Female, 25 – 34 age group

I hope they can develop an inter-eWallet credit transfer feature

Male, 18 – 24 age group

Ability to pay for all utility bills including Maxis, TNB and Pejabat Tanah

Male, 35 – 44 age group

Most Malaysians use eWallets for the cashback and promotions.

Among the various usage drivers, cashback and promos stood out as the main draw for users –  having garnered 54% of all respondents votes.

Does this come as any surprise? Not really. 

We Malaysians love our rewards, and we’re always on the hunt for the eWallet we can reap the most from.

Knowing this, TNG eWallet’s leading position as the most popular choice for respondents can be well explained for, since it’s also perceived as the most rewarding eWallet.

The findings above are just the tip of the iceberg. Subscribe to our mailing list to be notified when we publish other interesting statistics.

From https://blog.ewhallet.com/malaysia-best-e-wallet-2020/

from
https://ewhalletexperttipsinfindingtherightewalletinmala.wordpress.com/2020/07/21/touchn-go-ewallet-leading-the-ewallet-war-by-a-mile/

From https://kimberlyroberts0.blogspot.com/2020/07/touchn-go-ewallet-leading-ewallet-war.html

from
https://kimberlyroberts0.wordpress.com/2020/07/21/touchn-go-ewallet-leading-the-ewallet-war-by-a-mile/

E-Wallet Laws and Regulations in Malaysia: Here’s What You Need to Know.

• eWallets in Malaysia must apply for a license from Bank Negara Malaysia (BNM)
• BNM has put in place a number of safeguards to protect users 
• eWallets in Malaysia are subject to multiple laws/regulations/legislations

So far in our eWallet 101 series, we’ve covered everything from the pros and cons of eWallets to how safe your money is when held by eWallet companies. 

This time around, we’re starting off on a more serious note by looking into the legalities of things. 

What are the laws and regulations governing eWallets in Malaysia? 

Do we even have any in the first place?

E-Wallet laws and regulations in Malaysia

In recent years, the Malaysian government, Bank Negara Malaysia and other relevant authorities have made their stance on the push for a cashless society clear. They’re all for it! 

One of the areas we can see this is in the comprehensive regulatory framework put in place for eWallets, particularly those looking to apply for authorisation.

The awesome team of editors, lawyers and researchers at Payments Compliance have looked into this extensively. Read their full guide to e-money licensing here.

No.	Regulation/legislation	What it contains for eWallets
1	Financial Services Act 2013 (758)	Official laws and regulations for eWallets.
2	Guideline on Electronic Money	Broad principles and minimum standards to be observed specifically by eWallets / e-money issuers.
3	Submission Requirements for Application for Approval to Operate a Payment System or to Issue a Designated Payment Instrument or to be Registered to Provide Merchant Acquiring Services	Procedures and required documents to be prepared by eWallets looking to obtain licensure from Bank Negara.
4	Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Electronic Money and Non- Bank Affiliated Charge & Credit Card (Sector 4)	Risk management procedures eWallets must comply with in accordance to the domestic anti-money laundering and counter financing of terrorism regulatory framework.

That’s a lot of documents to go through! Below, we’ve extracted some key points that may be most relevant to you as an eWallet user.

Applying for Licensure

• E-Wallet applicants are required to submit an application in writing to BNM together with a covering letter and the documents set out in Submission Requirements for Application for Approval to Operate a Payment System or to Issue a Designated Payment Instrument or to be Registered to Provide Merchant Acquiring Services

• E-Wallets storing more than RM200 per user must possess RM5 million or 8% of outstanding electronic money liabilities in capital funds

Operational and Compliance Requirements

• The Guideline on Electronic Money states that eWallets must submit to the bank its annual audited financial statements and monthly statistical reports on the operation of its e-money scheme

• Maintain separate records and accounts for e-money activities from other business activities

Management of Funds

• Funds collected from users should be deposited and managed separately from the issuer’s working capital funds to avoid commingling

• Funds shall not be invested in any form of assets other than as bank deposits

Risk Management

E-Wallets are obliged to implement a robust security risk management framework that will address:

• Data confidentiality
• System and data integrity 
• User authentication
• Non-repudiation

What isn’t covered by our existing eWallet laws and regulations?

According to Payments Compliance, Malaysia’s current regulatory framework does not extend to closed-loop eWallets. 

We’ve addressed open-loop vs closed-loop eWallets before, but closed-loop eWallets are essentially eWallets that are exclusive to a specific retailer. A prime example would be Starbucks’ loyalty cards.

Does PIDM protect my money in eWallets?

PIDM is a government agency which protects our deposits in banks.

Outside of banks however, perhaps the biggest concern for users using other forms of financial services (such as investment apps or eWallets) is whether or not our money is protected in the same way.

The answer? 

Yes! PIDM protects eWallet users indirectly by protecting the funds that are placed by eWallet companies in PIDM member banks. 

However, remember that non-bank eWallets such as Grab and Boost are not PIDM member institutions, hence PIDM does not directly protect e-money which is being used as a payment instrument. 

What does this mean for me as an average eWallet user?

In a nutshell, the eWallet landscape in Malaysia is a pretty safe and secure place for users. 

Thanks to efforts from relevant authorities pushing the transition to a cashless economy, we’re lucky to have a comprehensive regulatory framework in place for eWallets applying for licensure. 

If there’s one thing to take away from this article, it’s to never use unauthorised eWallets – no matter how irresistible their offers! 

Remember that these laws and regulations only apply to licensed eWallets. Click here to view the full list of non-bank e-money issuers.

Now that you’ve got the basics of eWallet laws and regulations in Malaysia down pat, check out our other eWallet resources to make the most of your eWallet usage. 

From https://blog.ewhallet.com/e-wallet-laws-and-regulations-in-malaysia/

from
https://ewhalletexperttipsinfindingtherightewalletinmala.wordpress.com/2020/07/15/e-wallet-laws-and-regulations-in-malaysia-heres-what-you-need-to-know/

From https://kimberlyroberts0.blogspot.com/2020/07/e-wallet-laws-and-regulations-in.html

from
https://kimberlyroberts0.wordpress.com/2020/07/15/e-wallet-laws-and-regulations-in-malaysia-heres-what-you-need-to-know/

Is My Money Safe When I Use eWallets?

It’s often said that the biggest barrier to eWallet adoption is security. 

It’s a proven fact too. In Nielsen’s report last year on Malaysia’s shifting payment landscape, security proved to be the biggest reason why non-users aren’t using eWallets. 

• 50% were concerned about security and fraud related to digital money 
• 34% worry about overspending
• 27% say merchant acceptance is low 

While eWallets are arguably receiving much better response now, security still remains a huge concern. 

Is this worry justified? How safe are eWallets really?

Where are my funds stored when I use eWallets?

As mentioned in our article on how eWallets work in Malaysia, all the funds that users load into their eWallet are deposited by the respective eWallet company into a trust account with a licensed financial institution. 

From here, what the eWallet company can or can’t do with those funds is highly regulated. 

How is my money kept safe when I use eWallets?

When it comes to our money, it’s only wise that we’re wary and skeptical. 

In the case of eWallets however, we can let our guard down to a certain extent – knowing that there are safety and security measures in place.

1- eWallets are heavily regulated by Bank Negara

BNM’s Guideline on Electronic Money is a guideline which outlines the minimum standards and operational requirements for e-money issuers in Malaysia. 

Most importantly, it’s stated that the funds can only be used for:

i) Refund to users

ii) Payment to merchants

With such a large pool of funds at the disposal of eWallet companies, who wouldn’t be concerned about improper usage?

Fret not though, as the usage and management of funds by eWallet companies is heavily regulated. Below, we’ve summarised just a few regulations from the document concerning this.

•  Funds collected from users should be deposited and managed separately from the issuer’s working capital funds to avoid commingling.

• Funds shall not be invested in any form of assets other than as bank deposits.

• E-money issuers must comply with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.

• E-money is subjected to the Unclaimed Moneys Act 1965 (UMA).

2- Less risk, better traceability

Regulations aside, eWallets allow complete traceability of all transactions. In comparison, cash leaves almost no footprint. 

Leaving behind traceable records is important in the unlikely case you become a fraud victim, where being able to easily view your past transaction footprint is helpful. 

Remember also, that your bank account is not directly linked to your eWallet account. 

This means that in the unlikely case of fraud, loss is limited to the funds you already have in your eWallet, which is also capped by the eWallet provider’s imposed transaction limit. 

3- Your identity matters 

To sign up as a new eWallet user, you have to start by registering an account – but it’s not as simple as creating a username and a password. 

Once again, we can thank BNM’s Guideline on Electronic Money for this. 

Among the four security measures highlighted in the document include “authentication”, where an authentication process is required to validate the user’s identity.

How eWallet providers choose to do this isn’t stipulated, and they’re free to choose whatever tools and methods they like – hence why the registration procedure for eWallets in Malaysia tend to vary across the board. 
Check out this table below from our article on how to use eWallets for beginners.

GrabPay	Other than taking a picture of your NRIC or passport, Grab also provides you the option of selfie verification.
Boost	You will also need to provide a 6-digit transaction PIN to ensure only you can authorize all transactions in the app. You will also need to select your telco.
Touch’n Go eWallet	Just like Boost, you will also need to set a 6-digit PIN, as well as a security question on top of that.

How can I stay safe when using eWallets?

• Avoid connecting to public WiFi networks
• Beware of phishing attempts
• Only download eWallets from official websites/app stores (avoid email/message links)

Oh no! There’s an unauthorised transaction on my eWallet. What can I do?

If you detect a transaction you didn’t make, most eWallets such as Grab and Boost will first advise you to check your recent transactions. 

It might also be worth checking with friends or relatives who may have had access to your account and used it to perform the transaction.

Suppose you suspect your eWallet may have been compromised. If so, you will have to submit a request to your respective eWallet to have your case investigated.

Last year, Touch ‘n Go eWallet announced an interesting feature to address users’ security concerns – their Money-back Guarantee.

TNG’s Money-back Guarantee promises full compensation within 5 days if your TNG eWallet is charged with any unauthorised transactions. A feature like this certainly gives TNG eWallet a competitive edge, especially for non-users who still avoid eWallets for security concerns. 

From https://blog.ewhallet.com/is-it-safe-to-use-e-wallets/

from
https://ewhalletexperttipsinfindingtherightewalletinmala.wordpress.com/2020/07/07/is-my-money-safe-when-i-use-ewallets/

From https://kimberlyroberts0.blogspot.com/2020/07/is-my-money-safe-when-i-use-ewallets.html

from
https://kimberlyroberts0.wordpress.com/2020/07/07/is-my-money-safe-when-i-use-ewallets/

Important Factors to Consider when Choosing an eWallet.

So many eWallets, so many choices…

No one wants to be switching to and fro between different eWallets in their phone. 

More than two at any one time, and you’re not only reaping the full benefits of either app – but you’ll probably forget about the money you stored in each of them to begin with.

In our never-ending search to find the eWallet that suits us best, we’ve written this article covering a few key factors that you should consider when deciding on which eWallet to use in the long run.

Let’s look at the bigger picture first

Before we list out the factors in detail, let’s take a look at the 3 overarching factors that all these factors fall under.

• Usefulness 
• Ease of use
• Privacy and Security 

This is quoted from our very own Malaysian academics at the International Islamic University of Malaysia, who published their paper on the Factors Influencing the Use of E-wallet as a Payment Method among Malaysian Young Adults just earlier this year. 

In their paper, the perceived usefulness, perceived ease of use as well as privacy and security all contribute to consumers’ behavioral intention for eWallet usage.

Expanding off these 3 factors, let’s explore more on some of the most important factors Malaysians should consider when choosing an eWallet.

Factors to consider when choosing an eWallet in Malaysia.

• How many merchants do they have?
• Do they charge any fees?
• What rewards will you get?
• How protected is your money and personal data?
• Specific features relevant to you

1- How many merchants do they have?

What’s the point of a fantastic, well-developed eWallet if you can’t use it anywhere?

In our ultimate guide where we compared the top eWallets in Malaysia for 2020, we listed the merchant count for some of the top eWallets in the market. 

Touch n’ Go eWallet boasted a whopping 150,000, while closed-loop eWallets like Setel can only be used at a single merchant by design. 

It’s also important to note that many eWallets don’t have independent merchants but partner with credit card networks. 

GoPayz for example, is accepted wherever UnionPay, Visa and Mastercard is accepted. On the flipside, this rules out smaller merchants who don’t have a credit card terminal. 

Even more important than the number of merchants however, is who those merchants are. 

If you’re someone who tracks your every expenditure, you may notice certain patterns arise in where you’re spending your money. An eWallet which is accepted at all (or most) of the merchants you typically spend with is one to look out for!

2- Do they charge any fees?

EWallets can charge fees for either the merchant or the user. But don’t worry users – you can breathe easy. Most Malaysian eWallets in general are free to use (key: most). 

Most Malaysians aren’t willing to commit to an eWallet if they know they’ll be charged a fee, no matter how small that fee is. We’re willing to bet you feel the same way too.

Hence, always do your due diligence and keep an eye out for possible fees you’ll be charged. Some examples include withdrawal fees, currency conversion fees, and fees to upgrade your account or expand your eWallet limit. 

Read more on our article here where we delve more in-depth into the types of fees eWallets charge.

3- What rewards will you get?

When choosing which eWallet to use, rewards tend to be the primary factor most Malaysians consider first. 

Rewards may come in the form of cashback, promotions with selected merchants, or reward points which are the most ubiquitous. 

Note that most eWallets in Malaysia have more than one layer of rewards in place. We explain the reward schemes for Boost, GrabPay and Touch ‘n Go eWallet in detail here.

4- How protected is your money and personal data?

As concluded by our Malaysian academics in their paper earlier, privacy and security is crucial to eWallet adoption. 

But what does this mean to you as a user?

While there are no specific parameters set out by Bank Negara for a user to assess the risk of an eWallet, the Guidelines on Electronic Money does state that issuers must ensure proper risk management is in place. 

So be wary of eWallets which are not licensed by Bank Negara, read through all the T&C, and comply with the lengthy registration procedures some issuers may require.

5- Other features which may be relevant to you

The above are the most important factors to consider when choosing an eWallet. These 4 key factors aside, you should also base your decision on features which are important for you.

• If you travel often…

An eWallet’s global presence and currency conversion fee are worth noting.

• If you always forget to top up your eWallet…

Look out for an auto-debit feature.

• If you’re always transferring money to your parents/kids/relatives…

An instant transfer feature will not only be convenient, but rewarding too.

• If you find paying your utility bills a drag…

Utility bill payments will be a lifesaving feature for you, and luckily aren’t that uncommon. 

The best eWallet to use in Malaysia according to these 4 features.

Number of merchants	Maybank Anytime Anywhere (MAE)	MAE boasts the most merchants as found in our comparison article, at 250,000+ and counting.
Fees and charges	GrabPay, Touch’n Go eWallet	At present, GrabPay and Touch’n Go eWallet are completely free to use by users, with no hidden fees.
Rewards	Boost	Boost has multiple layers of rewards including CashUP, Shake Rewards and their loyalty programme.
Privacy and protection	GrabPay	GrabPay boasts award-winning anti-fraud technology and in 2016, won the Best Fraud Prevention Innovation 2016 award

Did we miss anything? Which factor is most important to you when choosing an eWallet to commit to? Let us know in the comments below. 

To read more on what features eWallets in Malaysia have, check out our recent article linked here.

From https://blog.ewhallet.com/important-factors-to-consider-when-choosing-e-wallet/

from
https://ewhalletexperttipsinfindingtherightewalletinmala.wordpress.com/2020/07/01/important-factors-to-consider-when-choosing-an-ewallet/

From https://kimberlyroberts0.blogspot.com/2020/06/important-factors-to-consider-when.html

from
https://kimberlyroberts0.wordpress.com/2020/07/01/important-factors-to-consider-when-choosing-an-ewallet/

What Features do eWallets Have?

With all the choices we have when it comes to eWallets in Malaysia, what else matters aside from rewards? 

With more and more eWallets in Malaysia gravitating towards the path of a lifestyle app rather than for purely eWallet purposes, we see a rise in helpful features sprouting up in eWallets both big and small. 

These days, you can use your eWallet to pay bills, buy insurance and do almost everything else under the sun. 

The original purpose of eWallets (to store funds and make payments) has almost become secondary for many users! 

Let’s explore some common features of eWallets…and some a little less common.

Common eWallet features in Malaysia

Store funds 

Not so much a feature per se, but essentially the basic premise for most eWallets. No matter what eWallet you use, you should be able to treat it like a virtual wallet and store funds.

How you upload the funds is a different question. With most eWallets, you upload through FPX online banking or with your credit/debit card. You can even set up monthly auto-debits to automate this process. 

Do note though, that almost all eWallets will have a cap on the maximum amount of funds you can store at one time. 

Touch ‘n Go eWallet for example, only permits a maximum of RM200 as a default, but the eWallet size can be upgraded to RM5000 upon successful account verification.

Pay for purchases both online and offline

It would be unexpected to say the least, if an eWallet doesn’t permit merchant payments. 

With any basic eWallet, you should be able to make transactions physically in-store, as well as pay for purchases made online.

Some eWallets will triumph in this area, with an extensive list of hundreds of thousands of merchants. Others might lack here, limiting your usage, and thereby reducing your capability to reap rewards too. 

Rewards, deals, discounts and more! 

Coupons, cashback, vouchers, discounts…these are typically a “nice to have”, but are very much expected when it comes to eWallets.

An eWallet with no rewards whatsoever provides little incentive for the average user to use it for their daily purchases. 

And while most eWallets in Malaysia don’t lack in rewards, there are the rare few whose rewards hardly add up too much – so keep that in mind when comparing which eWallet to use.

Instant transfer to other users 

Encouraging a cashless economy doesn’t stop at merchants alone. 

Transferring allowance to your parents? Paying someone for a service rendered? Online banking isn’t your only option – especially not when you would otherwise get rewarded for it. 

Most eWallets offer instant transfers as a feature to users, where they can transfer funds to other users of the same eWallet. To encourage this, eWallet providers will typically reward both parties (or just the party who transferred the funds) with reward points. 

If you’re lucky, your eWallet might even allow you to make instant transfers to other eWallets and bank accounts!

Less common eWallet features in Malaysia 

Withdraw cash from ATM

ATM withdrawal is an eWallet feature that’s typically only seen in card-based eWallets for obvious reasons. 

This can be an especially helpful feature when overseas. With the physical BigPay card for example, you can withdraw at any ATM globally for a fee of RM10.00.

Pay for toll and parking

Even on-the-road transactions are made more convenient. Another feature that some eWallets provide is the ability to pay for parking, tolls (namely Touch ‘n Go eWallet) and even petrol. 

Pay for utility bills

That’s right. If you didn’t know already, bill payments are a popular feature in many eWallets in Malaysia!

Alongside telco reloads, such features position eWallets as all-rounded lifestyle apps which help to streamline payments in all aspects of life – rather than just a tool to store and transfer funds. 

Click here for a step-by-step guide on how to pay utility bills with eWallets. 

Buy various financial products 

Malaysians can now use eWallets to get insured and even buy investments. Just recently in May 2020, Securities Commission Malaysia (SC) announced that capital market products can now be sold through e-service platforms.

This isn’t an entirely new concept. GoPayz is one example of an eWallet which builds their concept mainly around insurance products. GoPayz users can pick from various life insurance, motor, travel and personal accident insurance. Users can also easily invest in unit trusts directly from the app.

Touch ‘n Go eWallet has also expressed enthusiasm following SC’s announcement, claiming that they will be rolling out a suite of financial management products of their own. Certainly something we can look forward to!

International remittance 

Just cause an eWallet is based in Malaysia doesn’t mean users can only use it within the country alone. In addition to domestic transfers, many eWallets allow users to send money to their loved ones across the globe. 

International bank transfers incur hefty costs, and are subject to unfavourable exchange rates.

On the other hand, eWallets such as BigPay offer cheaper, fixed transaction fees and competitive exchange rates. For users who often have to remit money across borders, using eWallets can shave off some of the costs (and headache) in the long run. 

Do note that BigPay is limited to 9 countries at the moment – each with varying fees.

What features do Malaysian eWallets have?

If you found this article on eWallet rewards in Malaysia helpful, check out our other eWallet 101 guides and resources! 

Comment below and let us know what’s the most important feature for you when choosing which eWallet to use.

From https://blog.ewhallet.com/what-features-do-e-wallets-have/

from
https://ewhalletexperttipsinfindingtherightewalletinmala.wordpress.com/2020/06/25/what-features-do-ewallets-have/

From https://kimberlyroberts0.blogspot.com/2020/06/what-features-do-ewallets-have.html

from
https://kimberlyroberts0.wordpress.com/2020/06/25/what-features-do-ewallets-have/

How do eWallet Rewards Work in Malaysia? (Boost, Grab, TNG)

Let’s be honest, shall we? 

If eWallets didn’t come with any rewards whatsoever, few of us would be using them to begin with. 

But that’s all fine and well. After all, rewards such as cashback and vouchers benefit all parties involved – users, merchants and providers. 

Read on to find out how to earn and use your rewards, and why eWallet providers are competing neck and neck to offer users the most value for their transactions. 

How do eWallet rewards work in Malaysia?

• User loads funds into their eWallet
• Users spends with a partnered merchant
• User receives rewards depending on their respective eWallet
• Rewards can be used to redeem vouchers or freebies

The entire premise for offering rewards is to encourage Malaysians to load more funds into their eWallet and carry out more transactions with merchants.

The funds are deposited into a trust account with a licensed financial institution as per requirement by Bank Negara.

Here, providers typically reap from funds accumulated in said accounts, partnerships with merchants, as well as merchant fees (among other things).

The concept of earning rewards is simple, but various eWallet providers usually have different types of reward programmes to know of. We explore more on this below.

Types of eWallet rewards

• Rewards points 
• Vouchers 
• Cashback
• Promotions with selected merchants 
• Prizes from in-app games and competitions

Most eWallets layer on multiple programmes for a more rewarding experience. A general starting point is rewards points, where a certain amount of RM spent awards you with points in exchange. 

From there, these points can then be accumulated and used for various purposes depending on the eWallet provider. This could mean purchasing cashback, buying vouchers or using your reward points to claim products/promotions. 

How Boost rewards works

Boost has various layers to their rewards, starting off with their Boost Loyalty Programme. Via this programme, users accumulate coins and use them to redeem vouchers and gifts of their choosing. 

While new Boosters will be given free 50 coins at the start of their membership, the exact number of coins users received per transaction is dependent on Boost. The Ringgit-to-points conversion isn’t made publicly available, but we do know that it depends on:

• the transaction amount
• type of transaction
• your current level

There also tiers within the Boost Loyalty Programme (BoostUP levels). Your level is determined based on how much you have spent and the number of transactions you have made in the last 30 days. 

The more you spend, the higher you level up, and the more coins and rewards you will receive.

That’s not all. Boost also employs more straightforward programmes such as CashUP, where users earn cashback when they shop online from Boosted partners through the Boost app itself. 

Think ShopBack. What’s interesting here is that users can pay with other payments methods and still get to enjoy the cashback. 

The cherry on top? Shake Rewards. For every transaction made, users are entitled to a Shake Reward, a lucky draw of sorts where you quite literally shake your phone. Among the prizes to be redeemed include extra coins, prizes or the grand Golden Ticket, which act as a single lucky draw entry to a Golden Giveaway. 

Shake rewards are applicable for the following transactions types only:

• Mobile Prepaid top up
• Celcom Bill payments 
•  Scan & Pay transactions
•  Utility bill payments
• Parking payments

Rewards expiry. Cashback from the CashUP programme does not expire. Coins from the BoostUP programme are valid for 1 year. 

How Grab rewards works

While Grab may not boast as many types of reward programmes as Boost does, the system is simple to grasp and almost equally rewarding. 

More importantly, the entire Grab ecosystem including GrabRides, GrabFood, GrabExpress and GrabMart all intertwine so that users can reap rewards from almost every aspect of their daily spending. Day-to-day conveniences have never been more rewarding.

Grab’s rewards points conversion at the time of writing is as below. Do note that GrabRewards points will only be rewarded for cashless payments. Utility bill payments aren’t included either.

Member	1.5 points for every RM1 spent
Silver	1.5 points for every RM1 spent
Gold	2.25 points for every RM1 spent
Platinum	3 points for every RM1 spent

These points can then be accumulated to redeem vouchers to be used within Grab, and everything else from air miles to concert tickets. 

As with most eWallets, a rewards points programme means one can expect tiers. Accumulating 200 points and above grants you Silver status, 900 grants you Gold, while 3500 and above puts you at Platinum. 

Rewards expiry: GrabRewards points are valid for 3 months. 

*Tip: Keep your points alive by making at least one transaction every 3 months. 

How Touch ‘n Go eWallet rewards works 

Touch ‘n Go eWallet isn’t exactly known for their extravagant rewards. There simply aren’t any clearly defined programmes for users to earn rewards consistently. 

Instead, TNG eWallet relies primarily on promotional campaigns with partnered merchants. Most of their promotions entail a certain amount of cashback that will be credited into their TNG eWallet.

The bottom line is, with Touch ‘n Go eWallet, it’s pertinent to stay updated so you don’t miss out on exciting deals which are relevant to you. 

Use our site here to discover all the latest eWallet deals in Malaysia!

From https://blog.ewhallet.com/how-do-ewallet-rewards-work-in-malaysia/

from
https://ewhalletexperttipsinfindingtherightewalletinmala.wordpress.com/2020/06/17/how-do-ewallet-rewards-work-in-malaysia-boost-grab-tng/

From https://kimberlyroberts0.blogspot.com/2020/06/how-do-ewallet-rewards-work-in-malaysia.html

from
https://kimberlyroberts0.wordpress.com/2020/06/17/how-do-ewallet-rewards-work-in-malaysia-boost-grab-tng/