Electronic money (e-money) is money stored electronically that can be used to pay for goods and services without using physical cash. E-money is commonly used through e-wallets, prepaid cards and other digital payment services.

1. Types of E-Money
 

E-money generally comes in two forms:

• Network-based e-money: E-money stored in an electronic account and typically accessed through mobile apps or online platforms, such as e-wallets and wallets embedded within other apps or services.

• Card-based e-money: E-money accessed through prepaid cards or stored-value cards. The balance may be stored directly on the card or maintained in an electronic system linked to the card.
   

E-money can also be categorised based on where it can be used:

• Open-loop e-money: Can be used to make payments at multiple merchants that accept the relevant payment network or service, such as participating retail stores, restaurants and online businesses.

• Closed-loop e-money: Can only be used within a specific merchant, brand or designated group of merchants, such as store-specific prepaid cards or gift cards.
   

2. Common Features of E-Money
 

Depending on the E-Money Issuers, users may be able to:

• Reload or top up: Add money to their e-money balance through bank transfers, payment cards or other supported methods.

• Make payments: Pay for goods and services through QR codes, mobile apps, online payments or card terminals.

• Transfer money: Send e-money to other users or transfer funds between supported accounts.

• Receive money: Receive funds or transfers from other users.

• Pay bills: Pay utility bills, reload mobile prepaid credit or make other eligible payments.

• Check balances and transactions: View available balances and past transactions.

• Withdraw or redeem funds: Transfer eligible balances to a bank account or request a refund, where permitted.

The features available may vary depending on the E-Money Issuers and the type of e-money offered.
 

3. What Are White-Label E-Wallets?

Some e-wallets are offered through white-label arrangements, where an approved E-Money Issuers provides e-money services in partnership with another company.

Under such arrangements, the partner offers the e-wallet to customers under its own brand, while the approved E-Money Issuers remains responsible for the e-money funds and operations.

For example, a retailer may offer a branded e-wallet to its customers through a partnership with an approved EMI.
 

4. How Can You Check Whether an E-Money Issuers Is Approved by Bank Negara Malaysia?

Depending on the feature of E-Money, E-Money Issuers may require approval from Bank Negara Malaysia.

You can check whether a Non-Bank E-Money Issuers approved by BNM through BNM's Non-Bank E-Money Issuer Directory.

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