Leading e-wallet usage in Malaysia 2024, by type

According to a survey conducted in 2024 on e-wallet usage in Malaysia, 60 percent of respondents stated that they mainly used their e-wallets to pay for food and beverages. This was followed by usage in retail purchases, with 57 percent of respondents stating that they used their e-wallets in these establishments. 

Touch ‘n Go leading the Malaysian e-wallet market

The leading e-wallet brand among the wide array that are currently available in Malaysia is Touch ‘n Go. Around 92 percent of Malaysian consumers surveyed in 2024 said that they had used this particular e-wallet in the past three months. Touch ‘n Go was first introduced as a contactless payment card in 1997. The card was the first digital payment system used on toll booths and public transportation in Malaysia. In 2017, Touch ‘n Go launched its e-wallet, which users can download via an app on their smartphones. Since then, its use has expanded beyond just paying for tolls.

Malaysia goes cashless

Malaysian consumers increasingly prefer to go cashless, citing convenience as their main reason for using digital payment systems. Moreover, most stores in the country now accept various e-payment systems, making it easier for consumers to pay with only their smartphones. The value of electronic money transactions in Malaysia reached more than 164 billion Malaysian ringgit in 2024, a significant increase compared to the year before.