E-wallets: Accelerating the journey to financial inclusion

October 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.


are e-wallet users. 34% use their e-wallets more than 6 times in a week


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?

E-wallets: Accelerating the journey to financial inclusion

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.

E-wallets: Accelerating the journey to financial inclusion

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.

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Contact us

Yennie Tan

Yennie Tan

Deals Partner Deals Strategy & Operations, and Healthcare Leader, PwC Malaysia

Tel: +60 (3) 2173 0551

Clarence Chan

Clarence Chan

Partner, Digital Trust and Cybersecurity Leader, PwC Malaysia

Tel: +60 (3) 2173 0344

Kok Feng Chan

Kok Feng Chan

Senior Manager, Deals Strategy and Operations, PwC Malaysia

Tel: +60 (3) 2173 1559