Digital wallets, which are also commonly referred to as web wallets, eWallets, or electronic wallets, are now more popular than ever in Malaysia.
In particular, they have become a common payment method for online casinos. With the iGaming landscape recognising the cybersecurity threats to players, they have been leading the charge with alternative payment methods – which include bank transfers, PayPal, crypto, and of course, digital wallets. Whether it’s for deposits or withdrawals, digital wallets are steadily becoming a go-to option for the best Malaysian online casinos.
Let’s dive straight in to discover why digital wallets are the preferred online payment solution for a growing number of iGaming players in this part of the world.
What are digital wallets?
A digital wallet is an online payment solution that enables consumers to pay for goods and services from their Wi-Fi/internet-connected smartphone, tablet, desktop computer, or laptop at the virtual checkout on hundreds of thousands of eCommerce and iGaming websites.
Another way of describing digital wallets is as a digital financial transaction application or service. They eliminate the need to use credit and debit cards at the checkout, bank transfers, or any other less reliable online payment method.
Top five reasons why digital wallets are more popular than ever in Malaysia
There are many reasons why digital wallets have become more popular than ever in Malaysia, but the top five reasons are the following:
- Malaysian digital wallets are perfectly secure
- Malaysian digital wallets are more convenient than credit and debit cards and other online payment methods
- Malaysian digital wallets are easy to use
- Malaysian digital wallets are reliable
- Malaysian digital wallets can be used for deposits AND withdrawals on today’s best Malaysian iGaming sites
These are not the only reasons why Malaysians prefer to use digital wallets at the cashier instead of credit and debit cards, prepaid cards, and bank transfers.
They have also become an incentive. Over the last few years, for instance, the iGaming landscape has been offering various payment methods as a means to keep users less vulnerable to hackers, fraudsters, and data misuse. Digital wallets, in particular, have been pushed by online casinos for their speed, convenience, and encryption-enhanced security – to the point where those gambling in Malaysia are even offered a welcome bonus for signing up to a trustworthy casino site and depositing through a digital wallet.
Players can often deposit from as little as MYR60 or MYR120 (approx. $/€/£10.00 or $/€/£20.00), and deposits are processed instantly when using digital wallets.
Withdrawals can take slightly longer (which is standard at any online casino in the world), but digital wallet withdrawals are still known to be quicker than many other traditional Malaysian online payment methods.
What are the most popular Malaysian digital wallets commonly accepted at Malaysian online casinos in 2024?
Instead of PayPal, Skrill, and Neteller, which are common in other parts of the world, some of the most popular digital wallets currently being used by online casino players in Malaysia for deposits and withdrawals are the Touch ‘n GO eWallet, the GrabPay Wallet, and the DuitNow wallet.
Don’t forget that many top-rated Malaysian casino sites also now accept cryptocurrency digital wallet payments across a more secure blockchain network.
Some of the most commonly accepted cryptocurrencies Malaysian players can use to top up their online casino accounts or cash out their winnings when the time comes are the following:
- Bitcoin ($BTC)
- Tether ($USDT)
- Ethereum ($ETH)
Others include TRON ($TRX), Ripple ($XRP), Litecoin ($LTC), Bitcoin Cash ($BCH), DogeCoin ($DOGE), Dash ($DASH), Solana ($SOL), Avalanche X-Chain ($AVAX), Cardano ($ADA) and soon Send ($SEND).
You can also now find sites that accept various other legitimate cryptocurrencies, such as Polkadot, Stella, Verge, EOS, Shiba INU, Definity Markets, SEND and Cosmos Atom, to name a few.
Malaysian casino sites also tend to accept various other payment methods, such as the Jeton Wallet, Skrill 1-tap, Payz (formerly ecoPayz), E2Pay Shopee, and PayNow, to name a few. In other words, players in Malaysia shouldn’t encounter any difficulties when depositing or withdrawing at online casinos.
Final thoughts
Digital wallets are an efficient and effective way for iGaming players to top up their accounts and withdraw their winnings. They come with high levels of encryption to protect players’ transactions and are now accepted almost everywhere.
