Finding your perfect e-wallet: which service suits you best?

How many e-wallet apps do you have installed on your phone? Which e-wallet offers you more benefits or cashback? The emergence of rapidly advancing technology has significantly transformed various industries, particularly the financial sector, on a global scale. The advent of electronic payment, or e-payment, and digital fintech has initiated a paradigm shift towards a cashless society, in which the use of physical currency for monetary transactions is decreasing. Electronic wallets, or e-wallets, which are an important feature of electronic payment systems are one of the finest inventions of the twenty-first century. The word e-wallet refers to a type of digital wallet that allows users to connect their debit or credit cards to the wallet and conduct transactions with it (Digital Wallet, 2019). Nowadays, Malaysians rely less on utilizing cash and more on contactless payment methods, such as e-wallets, for their daily purchases. Consumers made an average of 221 e-payment transactions per year in 2021, more than double the 170 in 2020 and 150 in 2019, per the most recent data from Malaysia's central bank.