The world of financial tech — also known as fintech — has been on the rise the past few years. Technology has grown at such a tremendous rate that the very idea of having to pay for products and/or services without the use of physical cash is something that many couldn’t have predicted just 10 years ago. Sure, credit cards have been around for many years now and it is a form of cashless payment, but even that comes with its own setbacks. E-wallets were created to counter banks and its approach to forcing consumers to sign up for a credit card plan.
But what are e-wallets? For those that have been living under a rock, an e-wallet is a digital wallet that contains one or more currency purses. These e-wallets require funds within its account in order to purchase goods and/or services. PayPal is one such e-wallet payment option that is widely used around the world and is known for its security and safety for its users.
E-wallets these days are more than just allowing one to purchase goods and/or services online. You can now utilise wireless e-wallet payments to purchase almost anything. While this has been available for quite some time now around the world, only recently has Malaysia gotten itself involved with e-wallet payments as well.
This has since allowed Malaysians to disregard cash and cards entirely as everything can be paid directly through your smartphone. It has also opened the doors wide open for many foreign e-wallets to make its way into Malaysia, especially from various tech conglomerates around the world.
The adoption rate for Malaysians when it comes to e-wallets are at an all-time high; in just 30 years or so, Malaysia is expected to become a fully cashless society, much like what China has been able to do in such a short period of time.
2019 has seen plenty of e-wallets arrive into our shores, most of which offer pretty much the same services. What differs are the benefits one gets when utilising a specific e-wallet. Be sure to scroll down below to read on about these e-wallets and what you will get with it.
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