Most popular e-wallet services used among respondents in Malaysia 2022

According to a survey conducted by Rakuten Insight on e-payment usage in October 2022, around 92 percent of e-payment users in Malaysia indicated that they had used Touch 'n Go for e-payment transactions. GrabPay and Boost were also popular with Malaysian users, with 51 and 36 percent of respondents respectively saying they had used these digital payment providers. In the same year, the value of electronic money transactions in Malaysia reached nearly 70 billion Malaysian ringgit.

Sole e-payment system on Malaysian expressway

It is not surprising that Touch n’ Go was the leading e-wallet in Malaysia, with its user numbers far exceeding its competitors. Since it was first introduced in 1997, Touch n’ Go became the only government-approved electronic payment system on Malaysian toll roads and expressways. Due to its widespread usage over more than two decades, including in public transportation and on parking meters, Touch n’ Go had the highest brand awareness compared to other e-wallet providers in Malaysia in 2021.

Increasing number of competitors

With cashless transactions starting to become more popular across Malaysia, consumers now have a wider selection of digital payment service options to choose from. In January 2023, the Malaysian government said that there was the possibility of other e-payment methods being accepted on toll roads and expressways. This could spur more growth in the e-payment sector, with the gross transaction value (GTV) of digital payments in Malaysia expected to reach around 200 billion U.S. dollars by 2025.