Which eWallet are you using in Malaysia? Why SEA Ltd loosing so much money in their Digital Payment?
Malaysia is one of the highest adoption on eWallet in world. One of the high adoption reason is because of government support and giving out lots of incentive to eWallet user.
Malaysia also got a lots of eWallet, info gotten from website that Bank Negara has granted 53 e-Money license.
Every provider is throwing money & rebates to capture the market & get as many user as possible during this growing stage.
Below is top 10 eWallets in Malaysia.
Personally, I don't load money to all eWallet as I can easily lost track which account have how much balance. But on above top 10, I do use 5 of the eWallet currently or before - Touch n Go, Boost, Razer, Lazada Wallet and most reason and most frequest e-wallet that I'm using - Shopee Pay.
But currently I'm only actively using Touch n Go & Shopee Pay. TnG is tag to my car RFID, this is one of the strongest point for TnG to keep customer using their wallet. There are also wide retail store accepting TnG e-Wallet in Malaysia.
Another new e-Wallet that I using currently is Shopee Pay. If you are SEA Ltd investor, you will notice SEA Limited is burning money in their Digital Financial Services business (Shopee Pay). On FY2020 report, DFS only contribute $113mil revenue, but it lost $511million. This was because Shopee pay is giving lots of rebate to user who use their Shopee pay wallet.
Above is some of the rebate screenshot from my Shopee Pay, there is lots of promotion that you spent RM15, it will give you RM3 rebate. It was 20% rebate compare to what you spent. Because of all these rebate offer, i decided to drop others ewallet and use Shopee Pay more. Now you should know why SEA Ltd is loosing so much money at this category.
Which eWallet you are using more currently and why?
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