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!
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, Touch ‘n Go 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 eWallet (although they’ve 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 eWallet.
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 Touch ‘n Go eWallet for all purchases. To be exact, 80% of respondents aged 55+ voted Touch ‘n Go eWallet as the best eWallet.
76% of respondents aged 55 and above prefer to use Touch ‘n Go 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 Touch ‘n Go eWallet belonged to the 55+ age group. Similarly, 75% of users who voted for Touch ‘n Go eWallet as their preferred eWallet for in-store purchases were 55 years old and above.
Boost trails behind as Malaysians’ second favourite eWallet.
While Touch ‘n Go 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 appFemale, 25 – 34 age group
I hope they can develop an inter-eWallet credit transfer featureMale, 18 – 24 age group
Ability to pay for all utility bills including Maxis, TNB and Pejabat TanahMale, 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, Touch ‘n Go 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.