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5 Popular Cashless Payment Companies in Malaysia

A brief outlook on the popular cashless payment companies in Malaysia.

Even before the global pandemic, there has never been a shortage of cashless payment companies in Malaysia. 

According to a 2019 report by Fintech News Malaysia, there are over 53 payment brands and counting, with more than half of all Malaysians using some form of cashless payment method when purchasing items. 

With many brands offering promotional coupons, cashback, and also the adoption of mobile payments, it is no surprise to see that cashless payments are quickly becoming the norm in everyday life.

Aside from Beepmix, here’s a list of 5 popular cashless payment solutions in Malaysia:

GrabPay

Arguably the most popular one out there. GrabPay is part of the Grab Platform ecosystem; enabling users to book rides (Grab Ride-hailing), dining (Grab Food) and also grocery shopping (Grab Mart).

With constant coupons and promotions from Grab across its different platforms, it is no surprise more and more users (and merchants) have started adopting GrabPay.

GrabPay has a presence in a number of counties in Southeast Asia as well. However, do take note that the available credit does not convert to local currencies. Users will have to manually top up their available credit if they intend to use it abroad.

Touch ‘n Go

Originally a physical card used for paying tolls on the road, they have evolved into dominating the transport and also parking market.

A key component in drawing users to use their service is their Money-back Guarantee policy which will compensate users within 5 days if their e-wallet is charged with unauthorized purchases and(or) reloads.

Boost

Boost has successfully branded themselves as a "lifestyle e-wallet" with an impressive number of major brands tied up with them.

Another feature they have is BoostUP, where users can earn "Boost Coins" on transactions made. These coins can then be used to redeem rewards which range from vouchers, gadgets, and many more.

Boost also offers bill splitting (albeit only with other Boost users) which attracts a lot of users as well as merchants.

FavePay

Originated as a deal platform back in 2015, Fave has now integrated a payments feature within their mobile app.

This platform has all types of deals from dining, massages, hair stylists, and even holidays. With all the deals available across different lifestyle activities, it is no surprise their user-base has increased tremendously over the years.

To sweeten the deal for users, FavePay also offers cashback rewards and allows users to earn loyalty points for future deal purchases.

Setel

Setel is used as an easier and faster way to fill one's car with fuel without having to leave the car.

The unique thing about this cashless payment method is that it uses GPS location tracking in order to facilitate payments.

This cashless payment system unfortunately has a slight drawback as this cashless payment system is only available in a handful of Petronas stations at the moment. 

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