Malaysia has been trying to embrace cashlessness for a decade. To date, the Malaysian Central Bank (BNM) has issued 47 non-bank e-money licences non-bank e-money licences Service providers that are authorised by the Malaysian central bank to issue and manage electronic money in the country to spur the e-wallet race.
Covid, of course, has really sped up the process. Businesses are increasingly finding digital payments safer and more convenient than handling cold, hard cash. The top three e-wallets in Malaysia—Boost, GrabPay and Touch ‘n Go eWallet—have all seen their merchant touchpoints merchant touchpoints A touchpoint is a way for consumers to interact with a business, and in this case, it's through digital payments including e-wallet payments.