The Ultimate Ewallet Lowdown For Retailers And Businesses

How The Ewallet War Impacts Consumers, Retailers, And Businesses In Malaysia

How does the current ewallet war affect retailers and businesses? Find out here!

To date, there are 44 ewallet providers in Malaysia, made up of 5 banks and 39 non-bank businesses such as Boost and GrabPay. That's a big jump from the small handful of ewallet providers that entered the market back in 2016.

It all started with thelaunch of Visa Checkout in March 2016. Then the first bank to offer ewallet, CIMB, joined the ewallet train when it launched its mobile wallet app, CIMB Pay, in December 2016.

It can be argued that Alipay - owned by the Alibaba Group - started the war for the Iron Throne of "Ewalleteros" when this giant came into the market in May 2017.

Ewallet picked up steam when RazerPay launched in July 2018 and grabbed 300,000 Malaysian users in 48 hours.

1. What's an ewallet?

2. Pros and cons of ewallets

3. List of ewallet providers in Malaysia

4. Card-based vs. network-based

5. Small scheme vs. large scheme

6. Static vs. dynamic payment

7. How do they make money?

8. How does Bank Negara Malaysia (BNM) regulate ewallet? -https://www.bnm.gov.my/index.php?ch=ps&pg=ps_regulatees

9. Consumers

10. Retailers

11. Top ewallet provider comparison

What's an ewallet?

An ewallet is a virtual wallet. Its payment method involves loading funds to a virtual wallet in an app, and then using those funds to make payments. A prediction for the future is that ewallets will be synced to the bank accounts of users to remove the extra step of topping up an ewallet.

There are over 2 million ewallet users in Malaysia alone involved this form of cashless transaction. And many retailers have taken note and started to accept ewallet payment.

So to give you businesses a competitive edge, POS providers such as StoreHub have partnered up with various ewallet providers so you can accept ewallet payments with ease.Businesses can fully integrate with their POS systems to view ewallet sales reports in their BackOffice.

How does ewallet impact consumers?

Consumers are becoming more and more sophisticated each day.

And technology is also getting more advanced. Phones have more features than ever, and offer a variety of comprehensive solutions for day-to-day life.

Ewallets greatly benefit consumers.

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