Digital wallets, e-wallets, and mobile wallets all refer to digital methods of payment, with the terms often used interchangeably.
An e-wallet is the digital equivalent of a physical wallet, functioning as an app on a mobile device. Consumers need to 'top up' these wallets with cash using credit cards, debit cards, or online bank transfers. Providers also implement strict online security measures to ensure that transactions and user information remain safe and secure.
There are lots of benefits to e-wallets for Malaysian consumers. Transactions made using e-wallets and digital wallets are automatically recorded, providing an easy way for users to track their spending. They can be used to pay for services or goods at participating online and offline merchants, or to transfer funds to other e-wallet users.
Another benefit of digital wallets and e-wallets is that they can be used for online and offline transactions, giving them the same flexibility as credit cards and debit cards.