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Grab edges out Boost and Fave to be ranked MY’s most actively used mobile e-wallet

The Grab app has been ranked Malaysia’s most actively used mobile e-wallets in the third quarter of 2019 (Q3 2019), despite GrabPay being launched in Q3 2018. According to research by iPrice and App Annie, Grab is still considered a super-app with services such as ride-hailing, food, and delivery integrated under a single application.

While the company is unable to reveal the exact number of active users, MD of GrabPay (Malaysia, Philippines, and Singapore) Ooi Huey Tyng stated previously in a report that one in five GrabPay users access the app daily, either for transport, food, parcel delivery or offline in-store payments.

Coming in second was Touch n’ Go eWallet , which iPrice and App Annie listed as one of the fastest growing mobile payment apps in the country. When it first launched in Q2 2018, the app was ranked fourth but quickly rose to become the second most used e-wallet app in Malaysia as of Q3 2019. According to TNG Digital, the app currently has more than five million registered users and more than 100,000 merchants on its platform. One of its successful initiatives is the free RFID fitment PayDirect campaign, which saw 100,000 drivers sign up for the feature, according to TNG Digital.

Ranked third and fourth respectively in terms of monthly active users were Boost and Fave. Launched in 2017 and backed by Axiata Group, iPrice said Boost has consistently remained one of the most prominent e-wallets in Malaysia. Boost is also ranked third in total downloads in Malaysia for Q3 2019. According to its website, Boost has more than 61,500 merchant partners and over 3.5 million users.

Meanwhile for FavePay does not classify itself as an e-wallet exclusively. According to iPrice, it differentiates itself as a payment aggregator which enables users to use credit, debit cards or e-wallets on the app. FavePay is also actively used in Singapore, coming in as the third most actively used e-wallet in the country, iPrice added.

(Photo courtesy: 123RF)

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