26 Jun - 4 min read
First introduced at the end of last year, Setel is an e-wallet that allows you to pay for your petrol transactions at participating Petronas stations. However, Setel doesn’t function just as a method of payment; it’s an app that allows you to select your petrol, the amount of fuel you need, and pay for it, all from inside your car.
Available on both Android and iOS, Setel’s main benefits lie in the convenience and safety it adds to the petrol-pumping process. At the petrol station, you don’t need to get down to use the card machine at the pump or walk over to the counter to make payment. With Setel, your whole transaction can be done in three steps in the comfort and safety of your air-conditioned car:
All that is left for you to do is fill up your tank and you’re done! Topping up funds in your Setel e-wallet is also easy; you can top up with as little as RM1 using your credit/debit card or via online banking, with an option to enable an auto to-up function as well.
And yes, we confirmed that Setel e-wallet reloads are classified as petrol transactions. That said, we cannot confirm if Maybank’s blanket ban on e-wallet reloads extend to Setel as well.
Besides the ease of using the app, a big plus point is that Setel payments are not subject to the pre-authorisation charge imposed on credit/debit card use. Using Setel is a good way to avoid having a few hundred Ringgit held from your account balance for 48 hours.
Moreover, you can even collect Mesra points and keep track of your points history through your Setel app. Once you’ve linked your Mesra card to the app, it automatically collects rewards points for you when you pump so that you don’t even need to bring your physical Mesra card.
It’s also easy to find your way to the nearest Setel-enabled Petronas station as the app has a list and map view of the nearest stations around you, complete with search filters. The filters are actually useful to pinpoint which station has specific facilities (surau, ATM, baby change, etc), fuel type, and food and beverage options. Once you’ve selected which petrol station to go to, you can then navigate there through Maps, Google Maps, or Waze with just a tap.
Right now, Setel can be used at all 273 Petronas stations in the Klang Valley, but is not yet supported at stations outside this area and in other states. However, this will soon be a non-issue as there are plans for all Petronas stations in Malaysia to be able to support the use of Setel by the end of the year.
And obviously, you’ll need to switch to Petronas if you want to use the Setel, since it is wholly owned by Petronas Dagangan Berhad. It is extremely unlikely that Setel will be available to use at other fuel brands in Malaysia.
Despite its impressive growth, Setel has not relied on the habit of giving out promotional benefits or cash incentives to its users. The Setel team believes that the app’s seamless integration and ease of use in Petronas stations (within the Klang Valley, of course) is more than enough reason to continue using it. That being said, Setel does have an ongoing referral programme and a seasonal cashback promotion where you can earn some money for your Setel e-wallet.
Given that Setel offers a convenient and safe refuelling process, it definitely feels like more than just another e-wallet to make payments with. For Malaysians who hate the heat and long queues or have young children in tow, the ability to…settle almost everything while inside their car is quite attractive. Setel also gives assurances that the app is safe for use while inside the car or outside the yellow box next to each fuel pump.
Furthermore, Setel app is a good solution for those who want to keep track of their petrol spending as it shows you all your petrol transactions in one place. Transaction receipts can be viewed in-app and automatically sent to your verified email address – which is more eco-friendly than keeping physical receipts.
So, if you’re already a Petronas user, there’s no reason not to give Setel a try.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world