![\"\"](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/04\/In-partnership-with-AEON-Credit-Service.jpg\")
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Retail conglomerate AEON has taken its first steps into the larger world of digital payments. The AEON Wallet app is not so much an independent effort as it is part of a larger group ecosystem from AEON Group to provide a better shopping experience.<\/p>\n
Having the backing of a huge corporation certainly has its benefits, especially if that corporation provides access to the biggest chain of departmental stores in Malaysia. That said, can it compare to the more established competition?<\/p>\n
In this comparison, we will be looking at the new AEON Wallet, Boost, Grab Pay, Samsung Pay, and MaybankPay. These generally represent the more widely available options for Malaysians.<\/p>\n
https:\/\/www.youtube.com\/watch?v=yVAHXsgFlfs<\/p>\n\n
| <\/th> | AEON Wallet<\/th> | Boost<\/th> | Samsung Pay<\/th> | Grab Pay<\/th> | MaybankPay<\/th>\n<\/tr>\n<\/thead>\n |
|---|---|---|---|---|---|
| Payment type<\/td> | QR Code<\/td> | QR Code<\/td> | QR Code, MFT, NFC<\/td> | QR Code<\/td> | QR Code<\/td>\n<\/tr>\n |
| Platform<\/td> | Android, iOS<\/td> | Android, iOS<\/td> | Samsung Galaxy smartphones<\/td> | Android, iOS<\/td> | Android, iOS<\/td>\n<\/tr>\n |
| Credit Transfer<\/td> | No<\/td> | Yes<\/td> | No<\/td> | No<\/td> | Yes<\/td>\n<\/tr>\n |
| Loyalty programme<\/td> | Yes<\/td> | Yes<\/td> | Yes<\/td> | Yes<\/td> | Yes<\/td>\n<\/tr>\n |
| Loyalty card support<\/td> | Yes<\/td> | No<\/td> | Yes<\/td> | No<\/td> | No<\/td>\n<\/tr>\n |
| Notable merchants<\/td> | \nAEON Store, AEON BiG, AEON Wellness, AEON MaxValu, AEON MaxValu Prime \n<\/td> | \nBorders, MBO, SYABAS, Telekom Malaysia \n<\/td> | Anyone with a credit card terminal<\/td> | \nTeaLive, Inside Scoop, Grab e-hailing \n<\/td> | TGV cinemas, McDonalds, Mydin, Watsons<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<\/span>Payment system<\/span><\/h2>\nAll these e-wallets are available on the same platforms, at least in general. The main exception is Samsung Pay. It runs on the Android operating system, but is also limited to selected Samsung Galaxy branded smartphones. More importantly, not all of these smartphones feature the MFT technology either (removing a huge reason to use Samsung Pay).<\/p>\n In this case, the AEON Wallet has a leg up on the competition. The e-wallet itself is not a standalone product and is tied to the AEON Members Plus Visa Card, prepaid card. Because of this, the payment system is also available in an offline form. For the moments when your phone battery is dead and you really need to pick up groceries.<\/p>\n <\/span>Rewards<\/span><\/h2>\n![\"\"](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/03\/AEON-Wallet-Header-800x266.jpg\") <\/p>\n |
Let\u2019s face it, the real selling point for any e-wallet is how often you\u2019re able to use it. There\u2019s no point in signing up for one that isn\u2019t accepted by any stores. In this regard, Samsung is likely the most accessible. Thanks to its massive network and international availability. Yes, the Samsung Pay wallet works anywhere your credit cards do. Allowing it to seamlessly travel around the world, or at least to countries where it\u2019s officially available. Again, the only drawback to Samsung\u2019s solution is that it is limited to a single platform.<\/p>\n
MaybankPay doesn\u2019t work outside of Malaysia, while GrabPay technically \u2018works\u2019 within Southeast Asia. In this case, it\u2019s a matter of the payment system being available in the region; but the wallet cannot convert currencies. Leaving the user to top up with the local currency when they reach a new country and then being unable to use it when they leave.<\/p>\n
This is worsened by the fact that GrabPay deactivates currencies<\/a> that aren\u2019t used after 12 months.<\/p>\n The AEON Wallet app doesn\u2019t work overseas, but that doesn\u2019t mean it\u2019s completely left out of the conversation. AEON\u2019s solution is tied to the AEON Members Plus Visa Card<\/a>; which is incidentally backed by Visa and can be used globally. In other words, you can still partially benefit from the ecosystem even if the app isn\u2019t available.<\/p>\n At the moment, each e-wallet fills its own niche. Covering specific segments of society and their own use cases. GrabPay is great for people who make heavy use of Grab\u2019s services, while Boost and MaybankPay are better for everyday purchases. Samsung Pay is essentially a more premium service for those already locked into the ecosystem.<\/p>\n So where does the AEON Wallet fall? AEON Wallet is mainly targeted at supporting AEON stores to provide better shopping experience. This is not exactly a small number, and a significant portion of Malaysians do their weekly shopping at one of the many AEON branches.<\/p>\n Is there a single e-wallet to cover everyone? Not likely. The current market is fragmented, with each provider using its own unique QR code system. Systems that are not yet interchangeable. This is slowly changing, with CIMB introducing its own proprietary QR codes that can be used across multiple e-wallets like Boost and vcash.<\/p>\n Similarly, Maybank and Grab<\/a> have an agreement to allow their e-wallets to share a payment system.<\/p>\n<\/span>Which is best?<\/span><\/h2>\n