What is e-Wallet?
An e-Wallet is a secure digital payment application that allows users to store funds electronically, make cashless transactions, and transfer money conveniently through a mobile device. It can be linked to bank accounts or cards for seamless top-ups and payments, and is widely used for in-store purchases, online shopping, and peer-to-peer transfers.
e-Wallet VS Terminal
| Aspect | e-Wallet | Payment Terminal |
|---|---|---|
| Definition | A mobile app that stores money digitally for cashless payments. | A physical device (POS/EDC machine) that processes card payments (credit/debit). |
| Payment Method | Scan QR code, tap phone (NFC), or online checkout. | Insert, tap, or swipe a bank card. |
| Fund Source | Preloaded balance from bank, card, or online transfer. | Directly linked to customer’s bank account or credit card. |
| Device Needed | Smartphone with internet connection. | Physical card terminal provided by the bank/payment provider. |
| Usage | Widely used for small, fast, cashless payments (retail, F&B, transport, online shopping). | Common for in-store payments where customers prefer using debit/credit cards. |
| Extra Features | Can store vouchers, loyalty points, tickets, and allow peer-to-peer transfers. | Mainly for processing payments only (some may print receipts). |
| Examples | Touch ‘n Go, GrabPay, Boost, PayPal, Apple Pay. | Maybank terminal, CIMB terminal, Visa/MasterCard EDC machines. |
