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
- 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.
How many points do I need to claim RM5 off a grab ride, or RM10 off my GrabDelivery bill?
If you’re using your points to redeem from Grab’s other services, there’s a fixed points-to-ringgit ratio as below:
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!