E-wallets to carve up more market

Easy does it: E-wallet users will be able to track their spending with everything recorded digitally.The year 2020 and beyond will see the continued rise in popularity of e-wallets which stole the financial technology limelight in 2019.This year will see nothing short of that as service providers will be ramping up their game.

There is also a thrust by the government to push for a cashless nation through the e-Tunai Rakyat initiative, which will see a disbursement of RM450mil starting a fortnight from now. All these efforts are in line with Bank Negara’s vision to make e-payments the preferred medium of economic transactions in Malaysia.

Credit cards played second fiddle at a transaction volume of only 416 million for the January-October period and 447.1 million in 2018. This then poses the next question: Are there too many e-wallet providers in Malaysia? With a total of 47 e-money licences issued by the central bank, the e-wallet scene is still quite a crowded battleground.The aggressive play last year has seen some smaller providers fizzling out because the business model of providing incentives and cashbacks during this incubation period was not sustainable.

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