Marlo Dubreuil: What Features do eWallets Have?

e-wallet features in malaysia

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.