KUALA LUMPUR: Grab, Touch n’ Go eWallet, Boost, and Fave are Malaysia’s most actively used mobile e-wallets applications (app) in the past two years.
According to a research conducted by App Annie Intelligence, a mobile data and analytics platform, together with iPrice Group, an information aggregator platform in Southeast Asia, the Grab app leads the most actively used app.
“It is the most downloaded app on our list as well. However, unlike other mobile apps on this list, Grab is considered as a super-app, integrating its ride-hailing, food, delivery, and other services under a single app,” Iprice said in a statement.
Meanwhile, Touch n’ Go eWallet is the second most used and downloaded e-wallet as of the third quarter (Q3) of 2019.
Iprice said gauging its performance in the past years, the Touch n’ Go eWallet is amongst the fastest growing mobile payment apps in the country.
The e-wallet app currently has more than five million registered users.
In support of the country’s vision to be a cashless nation as aspired in the recent 2020 Budget, the research was conducted to analyse the most important e-wallet trends and key players in Malaysia today.
The prominence of e-wallets in Malaysia has grown significantly in the past years, with its huge growth mainly driven by the government’s efforts and active marketing efforts by various companies.
With a high Internet penetration rate of 80% and smartphone penetration at 63%, the outlook for digital payments and e-wallets is certainly bright entering into the year 2020 and beyond.
Another app, Boost, launched in 2017 and backed by Axiata Group Bhd, has consistently remained as one of the most prominent e-wallets in Malaysia.
The e-wallet currently ranks at third place in monthly active users and total downloads in Malaysia as of Q3 2019, with more than 61,500 merchant partners and over 3.5 million users.
iPrice also revealed that Fave remained a prominent player in the e-payment arena, ranking as the fourth most actively used in its study.
“However, unlike other apps, FavePay does not classify itself as an e-wallet exclusively, differentiating from others as a payment aggregator which allows users to use credit, debit cards or e-wallets on its app,” it said.
Fave, which currently has four million customers on its network, shows big potential to become a super-app in the Southeast Asian region. — Bernama
