Wavpay

What Wavpay does

Wavpay is a Bank Negara Malaysia-approved e-money issuer operating a consumer e-wallet in Malaysia, headquartered in Petaling Jaya, Selangor. The core product is a mobile e-wallet application available on iOS, Android, and Huawei AppGallery that integrates with the country's national payment rails — DuitNow QR, DuitNow Transfer, NAD (PayNet), FPX, JomPay, and DuitNow OBW — and supports QR payments, peer-to-peer transfers, bill payments, mobile top-ups, OTC cash reload and withdrawal, and remittance. The platform is structured around three KYC-tiered account levels (Entry RM3,000, Ultimate RM10,000, Premium RM20,000) and incorporates features such as electronic Know Your Customer with AML/CFT screening, Purpose Bound Pocket for restricted-use disbursements, and in-wallet Shariah-compliant money market fund investments through a partner platform. Compliance posture includes AMLA, the Personal Data Protection Act 2010, MACC Act 2009, and the Whistleblower Protection Act 2010.

The group's commercial model spans B2C and B2B2C distribution. On the consumer side, the app is free to download and use, with monetization limited to a 1% convenience fee on credit card reloads (effective 4 November 2024), a RM1.50 over-the-counter withdrawal fee, and a RM0.10 account cancellation fee. On the B2B side, Wavpay operates an Omni Channel white-labelling program that embeds a full e-wallet into partner-branded mobile apps — MydinPay with retail group Mydin is the flagship deployment. The group also runs three wholly-owned subsidiaries: Wavpay E-Commerce Sdn Bhd (in-app marketplace plus a Credit Sale Facility with instalment plans up to 60 months), Wavpay Credit Sdn Bhd (micro-financing cash loans via wavpaycredit.com.my), and Wavpay Digital Services Sdn Bhd. Merchant acquisition flows through a dedicated merchant portal (merchant.wavpay.net), with QR and POS terminal acceptance, OTC cash-in/cash-out via participating merchants, and a Disbursement Services Program for corporates. The company reports 1.9 million nationwide touchpoints for QR payments, reload, and withdrawal services, and is a member of the Ombudsman for Financial Services (OFS) for dispute resolution.

Name

Wavpay

Legal name

Wavpay Systems Sdn Bhd

Website

https://wavpay.net

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Wavpay is a Bank Negara Malaysia-approved e-money issuer that operates a consumer e-wallet and Omni Channel white-label platform in Malaysia, offering QR payments, transfers, remittance, BNPL, and micro-financing.

Ownership category

akta.pro rank

Product category

Mobile Payments / Digital E-Wallet

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Sales Financing (52222)

akta.pro primary industry

Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC)

akta.pro secondary industries

Digital Wallet Infrastructure (Tokenization, Wallet-as-a-Service) (FSAMAEAI), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), International / Cross-Border BNPL & Multi-Currency POS Financing (FSAGAIAN)

Keywords

• Mobile e-wallet
• Digital payments
• Merchant QR payments
• White-label wallet
• Micro-financing services

Headquarters

HQ city

Petaling Jaya

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Credit Card Reload Convenience Fee: Wavpay charges a 1% convenience fee on all e-wallet reloads made using credit cards, effective 4 November 2024. Reloads via online banking and over-the-counter at participating merchants are free of charge.
2. Over-the-Counter Withdrawal Fee: A fee of RM1.50 is charged for over-the-counter withdrawals at participating merchant outlets. DuitNow withdrawals to a registered bank account are free.
3. Account Cancellation / Full Withdrawal Fee: A fee of RM0.10 is charged for full withdrawal upon account cancellation or termination.
4. E-Marketplace Transaction Fees: Wavpay E-Commerce Sdn Bhd charges a Payment Fee on successful marketplace transactions, deducted from the buyer's purchase amount along with applicable taxes, with the balance remitted to the seller.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Wavpay operates a Bank Negara Malaysia-approved e-wallet mobile application offering digital payments (DuitNow QR scan-and-pay, P2P transfers), bill payments (JomPay, mobile top-up, parking), in-app Shariah-compliant money market fund investments, salary advance (Advance Gaji), international remittance via licensed partner, and merchant services (QR acceptance, POS terminals, OTC reload/withdrawal). It complements the consumer app with an Omni Channel white-label platform enabling business partners to embed a branded e-wallet into their own mobile apps (deployed as MydinPay) and a related E-Marketplace/credit-sale platform operated by Wavpay E-Commerce Sdn Bhd.

Product overview

Wavpay offers a comprehensive digital financial ecosystem centered on the Wavpay E-Wallet mobile application. The portfolio includes the core E-Wallet for cashless payments and transfers, supplemented by MydinPay (omni-channel white-label solution), investment products (WavpayInvest with Shariah money market funds), remittance services, cash loans, and a merchant ecosystem with QR payments, POS terminals, and over-the-counter services. Additional offerings include an E-Marketplace for e-commerce, Credit Sale for instalment purchases, Advance Gaji salary advance, and Disbursement Services Program for corporate partners. The platform integrates with Malaysia's national payment infrastructure including DuitNow, NAD, FPX, and JomPay.

Differentiator

Problem solved

Functional benefit

Brands

• MydinPay: An omni-channel digital payment solution branded under the partnership with Mydin, integrated within the Wavpay e-wallet ecosystem.
• WavpayInvest
• Advance Gaji

Products and services

• Wavpay E-Wallet Digital e-wallet mobile application (iOS 14+, Android 9+, Huawei AppGallery) enabling cashless transactions for Malaysian consumers, including DuitNow QR scan-and-pay, peer-to-peer transfers, bill payments (JomPay), mobile top-ups, ticket and parking payments, DuitNow transfers, remittance via licensed partner, and in-wallet Shariah Money Market Fund investments, structured around three e-KYC-verified tiers (Entry RM3,000 / Ultimate RM10,000 / Premium RM20,000).
• MydinPay White-labelled Omni Channel e-wallet solution embedded into Mydin's branded mobile app, providing merchants' customers with secure in-app digital payments, loyalty and rewards integration, data encryption and authentication, and access to integrated financial services.
• Remittance International money transfer service operated through a licensed remittance partner and integrated into the Wavpay E-Wallet, enabling Malaysian users (and foreign workers on the Ultimate tier) to send funds abroad up to specified daily and aggregate limits.
• Cash Loan (Wavpay Credit) Cash loan / micro-financing service operated by related entity Wavpay Credit Sdn Bhd through wavpaycredit.com.my, providing credit access to individuals and business owners and complementing the Wavpay E-Wallet offering.
• E-Marketplace E-commerce marketplace operated by Wavpay E-Commerce Sdn Bhd and integrated into the Wavpay E-Wallet, where third-party sellers list goods for purchase and Wavpay charges a Payment Fee on successful transactions deducted from the buyer's purchase amount before the balance is remitted to the seller.

Quantifiable outcome

• 1.9 million nationwide touchpoints enabling cashless transactions

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• Payments Network Malaysia Sdn Bhd (PayNet) — NAD OperatorcoreTechnology or IntegrationPayNet operates the National Addressing Database (NAD), which links Wavpay e-money accounts to recipients' DuitNow IDs and facilitates payments referencing DuitNow IDs. Wavpay uses NAD for recipient name verification during DuitNow transfers and manages DuitNow ID registrations through the NAD service.
• Investment Partner (Shariah Money Market Fund)coreTechnology or IntegrationWavpay partners with an investment platform to offer in-wallet Shariah Money Market Fund investments, with a maximum investment cap of RM10,000 aggregate. This enables Wavpay Ultimate and Premium account holders to invest in Shariah-compliant money market funds directly from their e-wallet.
• MydinPay (Omni Channel Partner)flagshipOEM/ Whitelabel/ Licensing PartnerMydinPay is a flagship white-labelled e-wallet solution under Wavpay's Omni Channel program, launched as a dedicated digital payment option for Mydin merchants. It provides seamless in-app transactions, loyalty and rewards integration, and data encryption with secure authentication, demonstrating Wavpay's white-labelling capability.
• Licensed Remittance PartnercoreTechnology or IntegrationWavpay offers foreign remittance services via a licensed remittance partner, enabling users to send money internationally. Ultimate account holders can send up to RM30,000 aggregate per day, with a separate limit of RM5,000 per day for foreign workers.
• Wavpay E-Commerce Sdn BhdcoreOthersWavpay E-Commerce Sdn Bhd (Company No. 1299178-X) is a related entity operating the E-Marketplace platform and Buy Now Pay Later (BNPL) / credit sale services accessible within the Wavpay e-wallet app. It provides the e-commerce infrastructure for in-app product purchases and instalment payment plans.
• Wavpay Credit Sdn BhdminorOthersWavpay Credit Sdn Bhd operates the Wavpay Credit website (wavpaycredit.com.my) offering cash loan services. This is a related entity providing micro-financing services that complement Wavpay's e-wallet offering.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Touch 'n Go eWallet (TNG Digital): Malaysia's largest e-wallet operator, BNM-regulated, offering consumer payments, bill payments, investments, and merchant QR acceptance. Direct head-to-head competitor to Wavpay in the same Malaysian e-money market with overlapping product breadth and target customer segments.
• GrabPay (Grab Holdings): Super-app e-wallet deeply embedded in Malaysian ride-hailing and food delivery, serving consumers and merchants with payments, loyalty, and increasingly financial services. Comparable to Wavpay as a consumer-merchant wallet, with a far larger user base and platform breadth.
• BigPay (AirAsia): Malaysian e-wallet and digital financial services app spun out of AirAsia, offering payments, remittance, and travel-linked financial products. Comparable to Wavpay in multi-product fintech scope and Malaysian e-money regulation.
• Boost (Boost Holdings, Axiata/Razer): Malaysian e-wallet operator offering consumer payments, bill payments, mobile reload, and merchant acceptance. Direct competitor in the same BNM-regulated e-money space with overlapping target users and merchant acquiring products.
• Setel (Petronas): Malaysia-licensed e-wallet originally focused on fuel payments at Petronas stations, now expanding into broader consumer payments and merchant acceptance. Direct peer in the BNM-regulated Malaysian e-wallet space.
• ShopeePay (Sea Limited): Consumer e-wallet integrated with Shopee's dominant Malaysian e-commerce marketplace, supporting online and offline QR payments. Comparable to Wavpay's marketplace-plus-wallet structure but with massive distribution advantage through Shopee.

Regional players

• GCash (Mynt / Globe Telecom): Philippines' leading e-wallet offering consumer payments, savings, credit, and merchant services under BSP regulation. Comparable to Wavpay as a Southeast Asian multi-product e-wallet, but operating in a different geography with a much larger user base.
• DANA (PT Espay Debit Indonesia): Indonesian e-wallet offering consumer payments, merchant QR, and embedded financial services. Comparable to Wavpay as a Southeast Asian e-wallet with white-label and B2B2C orientations, but serving a different national market.
• OVO (PT Visionet International): Indonesia-based e-wallet offering consumer payments, investments, and merchant QR acceptance. Comparable to Wavpay in Southeast Asia multi-product e-wallet positioning, but focused on the Indonesian market rather than Malaysia.

Broad incumbents

• MAE (Maybank): Bank-led e-wallet from Malaysia's largest bank, offering transfers, payments, and investments inside the Maybank app. Overlaps with Wavpay on consumer payments and remittance, but anchored by a full bank rather than a stand-alone e-money issuer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/wavpay
• Instagraminstagram.com/wavpayewallet
• Xx.com/wavpayfintech
• LinkedInlinkedin.com/company/wavpay-systems-sdn-bhd

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wavpay