E-wallets: Accelerating the journey to financial inclusion
02 Nov 2021
In September 2021, PwC Malaysia carried out a nationwide survey to assess the usage of e-wallets during the COVID-19 pandemic lockdown. 1,682 respondents across all major demographic groups, employment status and income groups participated in the survey.
93%
are e-wallet users. 34% use their e-wallets more than 6 times in a week
15%
of those with e-wallets use at least one digital financial product. And 40% have expressed interest in purchasing digital financial products using their e-wallets in the future
Top 3
preferred digital financial products sought by e-wallet users are micro-investments, debit cards and insurance/takaful
Since our previous survey in May 2018, e-wallets have emerged more as a commonly used digital payment method for Malaysians. The average transaction frequency on e-wallets has almost doubled and weekly transaction values have increased more than three-fold.
Although there are over 40 e-money issuers currently in operation in Malaysia, the market is saturated and dominated by a handful of key players. In recent years, the industry has witnessed growing interest from investors as well as the trend of consolidation.
In the battle of e-wallets, players with a larger customer and merchant base, and capital, will triumph. Increasingly, e-wallet players have also strengthened their product offerings through digital financial services, for example, micro-investments, debit cards, and insurance, which may be the next growth frontier.
How can e-wallets secure their place in the future?
Innovative payments offerings
Introducing innovative payment solutions such as multi-modal payments can play a part in enhancing the user experience
Digital financial inclusion
E-wallets have a role in meeting the call for financial inclusion, and tapping into underserved markets. Collaborations with financial services providers to integrate products into their e-wallets can help level competition with other FinTech providers.
Expand ecosystem offerings
Broadening the e-wallet ecosystem by offering lifestyle services through partners facilitates e-commerce and other daily transactions, multiplying the touch points between users and their e-wallets.
E-wallets:
Accelerating the journey to financial inclusion
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