Leading e-wallet usage in Malaysia 2023, by type

According to a survey conducted in 2023 on e-wallet usage in Malaysia, 55 percent of respondents stated that they mainly used their e-wallets to pay for tolls, parking, or other transportation services. This was followed by usage in food and beverage outlets, with 51 percent of respondents stating that they used their e-wallets in these establishments.

Touch ‘n Go leading the Malaysian e-wallet market

The leading e-wallet brand among the wide array that are currently available in Malaysia is Touch ‘n Go. Nearly 90 percent of Malaysian consumers surveyed in 2023 said that they had used this particular e-wallet in the past three months. Touch ‘n Go was first introduced as a contactless payment card in 1997. The card was the first digital payment system used on toll booths and public transportation in Malaysia. In 2017, Touch ‘n Go launched its e-wallet, which users can download via an app on their smartphones. Since then, its use has expanded beyond just paying for tolls.

Malaysia goes cashless

Malaysian consumers are increasingly preferring to go cashless, citing convenience as their main reason for using digital payment systems. Moreover, most stores in the country now accept various e-payment systems, making it easier for consumers to pay with only their smartphones. The value of electronic money transactions in Malaysia reached more than 100 billion Malaysian ringgit in 2023, a significant increase compared to the year before.