Best Business E-Wallets in Malaysia 2026

Malaysian businesses can't avoid cashless payments anymore. Customers expect to pay by QR, and taking those payments into a personal account creates headaches at tax time and during Companies Commission of Malaysia (SSM) compliance checks.

Business e-wallets keep commercial transactions apart from personal spending. They also give you sales records and a way to move money to your business bank account. Fees and settlement times vary between platforms, and what works for a nasi lemak stall won't work for an online boutique.

This guide compares four business e-wallets for domestic payments: TNG Digital Business Account, Boost Biz, GrabPay and ShopeePay. For international payments, cross-border sales or multi-currency operations, WorldFirst World Account covers what local e-wallets don't.

How To Pick The Right Business E-Wallet

Sign-up requirements vary by platform. TNG Digital registers both SSM-registered businesses and individual traders without SSM registration, and says most merchants are approved instantly. Boost lets individual merchants without SSM registration take DuitNow QR payments, but card payments need a company registered with SSM. ShopeePay asks for documents based on your business type and reviews applications within seven working days. Grab sets out its document requirements when you apply.

All four platforms issue DuitNow QR codes, Malaysia's national QR standard run by Payments Network Malaysia (PayNet). One DuitNow QR code lets customers pay with any participating banking app (Maybank, CIMB, Public Bank and dozens more) or compatible e-wallet. Someone with MAE can scan a Boost QR. Someone using TNG eWallet can scan a GrabPay QR. You don't need a separate standee for each e-wallet.

Transaction fees are where most of the cost gap between platforms sits. TNG Digital Business Account charges nothing on QR payments received. Boost Biz and ShopeePay both charge a 1% merchant discount rate (MDR) on QR payments. Grab doesn't publish its merchant rates and agrees them with each merchant at sign-up. With percentage pricing, your total monthly sales decide the fee, not how the sales are split, so a mamak restaurant taking RM50,000 through 1,000 payments pays the same as a furniture shop taking RM50,000 through 20 payments. Transaction size counts for limits instead. TNG Digital Business Account caps each payment at RM9,999.99, so a RM12,000 sofa can't be paid in one scan.

Settlement time is how long it takes for a customer's payment to reach you. TNG Digital Business Account and Boost Biz's Merchant Wallet both credit payments the moment the customer pays, and you then move the money to your bank. Boost settles DuitNow QR payments to your bank on T+1, with a minimum settlement of RM100. ShopeePay pays out on a schedule you choose, from next day (T+1) to weekly or monthly. T+1 means the next working day, and weekends and public holidays don't count. A nasi lemak stall buying fresh ingredients daily needs its money within a day. A boutique restocking monthly can wait longer.

Check two more things before you commit. Multi-user access decides whether staff can see payments come in without full control of the account. Add-on fees, such as card terminals and payment links, can cost more than the transaction fee for a small business.

All Four Platforms Compared Side By Side

The four platforms differ most on transaction fees and add-on costs. The table shows how they compare.

TNG Digital Business Account is the only one of the four with no fee on QR payments received. Boost Biz and ShopeePay charge the same 1%, so add-on fees and settlement options decide which costs less. Grab doesn't publish its rates, so ask for them in writing before you sign.

Monthly Costs At Four Different Business Sizes

TNG Digital Business Account costs RM0 at every level. Do note its limits. Each payment is capped at RM9,999.99. Individual traders without SSM registration have a monthly transaction limit of RM75,000 and an annual limit of RM720,000, and SSM-registered businesses RM625,000 a month and RM6 million a year. At RM100,000 and RM200,000 a month, a business would need to be SSM-registered to stay within the limit. Once a business reaches its monthly or annual limit, new sales go to its registered bank account the next day (T+1) instead, until the new month or year begins.

Boost Biz and ShopeePay cost the same on transaction fees at every level. Boost Biz's one-time RM100 activation package and any monthly add-ons sit on top of the figures above.

Types Of Business E-Wallets In Malaysia 2026

TNG Digital Business Account Has No Monthly Fee Or QR Payment Fee

TNG Digital Business Account is the business account from TNG Digital, the company that runs TNG eWallet. TNG Digital launched it in 2025, and merchants who joined TNG eWallet on or after 18 June 2025 have it switched on automatically. Earlier merchants can activate it in the app. There's no registration, monthly or annual fee, no minimum balance, and no transaction fee on QR payments received. Payments are credited to the Business Account instantly, and DuitNow transfers to your bank account are free.

Individual traders without SSM registration can hold up to RM60,000, with a monthly transaction limit of RM75,000 and an annual limit of RM720,000. SSM-registered businesses can hold up to RM500,000, with a monthly transaction limit of RM625,000 and an annual limit of RM6 million. Each payment or transfer is capped at RM9,999.99, regardless of your wallet size.

You track sales and transactions in the Merchant Dashboard and can download statements covering up to 90 days. TNG Digital also offers a payment gateway for online stores and a Soundbox that announces each payment out loud. Businesses with more than one owner can register a multi-owner account and give each user a role (Maker, Checker, Maker & Checker, or Viewer), and up to 20 team members can get view-only access.

TNG Digital says TNG eWallet is used by more than 25 million Malaysians and residents, so most customers won't need to download anything new.

Example: Aminah runs a nasi lemak stall in Petaling Jaya. She serves about 100 customers daily, making roughly RM3,000 per day or RM90,000 monthly. She pays no transaction fee or subscription on those sales. Each payment lands in her Business Account as the customer pays, and she moves money to her Maybank account by DuitNow transfer at no charge. Her stall is SSM-registered, so the RM625,000 monthly limit covers her sales. Without SSM registration, she'd reach the RM75,000 individual trader limit partway through the month, and sales after that would go to her bank account the next day (T+1) until the new month began.

Boost Biz Charges 1% On QR Payments With Paid Add-Ons

Boost merchants run their business through the Boost Biz app. Boost charges a 1% MDR on DuitNow QR payments, and its pricing page lists a one-time RM100 activation package covering your DuitNow QR code, store marketing materials, the business portal, settlement reports and customer support. Any fee waiver depends on your agreement with Boost.

Payments land in the Boost Biz Merchant Wallet as soon as the customer pays, so you can use the money straight away to pay suppliers or bills instead of waiting for T+1 settlement to your bank account.

Boost also sells payment devices. The Boost Soundbox Lite, which announces each payment out loud, costs from RM150 plus delivery. The Boost Terminal takes card and DuitNow QR payments and costs RM788 to buy outright plus RM20 a month, or RM288 upfront and RM48 a month from the seventh to the 24th month on rent-to-own. Card payments on Boost's in-store devices cost 0.60% for debit cards and 1.30% for local credit cards. Boost Biz merchants can also accept International QR Payments from participating foreign banking apps and e-wallets, at the same 1% MDR.

For online stores, Boost Connect's payment gateway is a separate product with its own pricing. It charges 0.85% on online DuitNow QR payments and a RM499 annual fee, with the setup fee waived for now.

Example: Lim runs a bakery chain with outlets in SS2, Bangsar and Damansara Utama, with combined monthly sales of RM65,000. At 1%, she pays RM650 a month in transaction fees. She uses the money in her Merchant Wallet to pay flour suppliers the same day.

GrabPay For Merchants Links Payments To GrabFood

Grab's merchant checkout solutions let retail and F&B businesses accept GrabPay and PayLater by Grab, in-store and online. Grab doesn't publish its merchant fees. After you leave your details, a Grab representative contacts you, verifies your business documents and sets up the integration.

Once you're live, the GrabMerchant portal tracks transactions and payouts, gives you sales insights and reports, and lets you issue refunds at any time through the app or portal.

The main reason to choose GrabPay is GrabFood. If you already take delivery orders through Grab, keeping payments in the same system cuts manual work. Do note that if your business doesn't do delivery and doesn't gain from Grab's customer base, you'll likely pay more than you would on TNG Digital Business Account, Boost Biz or ShopeePay without the main benefit. Ask Grab for its rates in writing before you sign.

ShopeePay Charges A Flat 1% on Every Transaction

ShopeePay's merchant solution, run through the Shopee Partner App, applies a 1% MDR to all ShopeePay merchants. The fee isn't capped, so larger payments carry proportionally larger fees. Shopee finalises any other service fees and taxes with you during onboarding.

ShopeePay's higher wallet limit suits pricier items. With verified limits up to RM30,000, a customer can pay for a RM3,000 laptop in one scan, and the fee on that sale is RM30.

You choose how often ShopeePay pays out. Daily settlement arrives the next day (T+1), weekly settlement lands every Monday, and monthly settlement lands on the first day of the month. ShopeePay also supports SPayLater, so customers can spread larger purchases into instalments while you receive the full payment.

Example: Siti sells premium apparel through Instagram and Shopee, processing RM200,000 a month. On her RM80,000 in Instagram sales (200 orders averaging RM400 each), she pays 1%, totalling RM800. A gateway charging 1.2% would cost her RM960. ShopeePay's RM30,000 wallet limit also means her higher-spending customers don't hit a limit at checkout. She uses daily settlement, so Monday's sales reach her bank on Tuesday, in time to restock for the weekend.

Hidden Costs Most Businesses Discover Too Late

Advertised transaction fees don't show every cost. These are the ones to ask about before you sign.

Setup And Add-On Fees

TNG Digital Business Account has no registration fee. Boost's pricing page lists a one-time RM100 activation package, and its devices cost extra. ShopeePay agrees on service fees and taxes with you during onboarding.

A Boost Terminal bought outright costs RM908 in the first year: RM788 for the terminal plus RM20 a month for the six months after Boost's launch promotion waives the first six. On rent-to-own, the first year costs RM576: RM288 upfront for the first six months, then RM48 a month for the next six. Boost's online payment gateway adds a RM499 annual fee.

Chargeback And Dispute Fees

These apply when customers dispute payments by claiming they didn't receive goods, that you charged the wrong amount, or that the transaction was unauthorised. TNG Digital Business Account has no dispute fee. Boost charges RM50 per chargeback request on card payments through its terminals and payment gateway. Grab and ShopeePay don't publish dispute fees on their merchant pages, so ask for the terms in writing, especially if you sell expensive items.

A business with five card chargebacks a month on Boost would pay RM250.

Refund Processing Fees

TNG Digital Business Account has no refund fee. ShopeePay doesn't charge its MDR on refunded transactions. Grab lets you issue refunds at any time through GrabMerchant but doesn't publish any refund charges. Boost's payment gateway charges RM0.70 per refund on online banking payments only.

QR Code Printing

TNG Digital Business Account merchants can download their QR code from the Merchant Dashboard and print it, and new merchants receive complimentary items from TNG Digital. Boost's RM100 activation package includes store marketing materials.

Withdrawal Fees To Bank Accounts

DuitNow transfers from TNG Digital Business Account to a bank account are free. Boost Biz lets you cash out from the Merchant Wallet or wait for T+1 settlement to your bank, which needs at least RM100 to go through. ShopeePay pays out on the daily, weekly or monthly schedule you pick.

Monthly Fees When Sales Drop

Device subscriptions charge the same amount whether you sell or not. A rented Boost Terminal costs RM48 a month from the seventh to the 24th month, even in slow months, and Boost's payment gateway charges its RM499 annual fee regardless of sales.

This affects seasonal businesses most. A Raya cookie seller or Chinese New Year gift basket business might process RM30,000 a month in peak season but only RM3,000 in slow months, and still pay every subscription in full.

Currency Conversion Fees For International Customers

TNG eWallet is open to Malaysian residents who meet TNG Digital's criteria, not only citizens, and international visitors from selected countries can register for a TNG eWallet account. Neither group needs a Malaysian bank account, so these customers can pay a TNG Digital Business Account merchant by scanning its QR code. All payments are in RM, and the Business Account doesn't offer foreign currency exchange.

Boost Biz merchants can accept International QR Payments from participating foreign banking apps and e-wallets through their existing Boost DuitNow QR code, with the activation fee waived and a 1% MDR.

How To Handle LHDN E-Invoicing With Your Business E-Wallet In 2026

Phase 4 of LHDN's e-invoicing rollout started on 1 January 2026 and covers businesses with annual turnover of up to RM5 million. From 1 September 2026, the government raised the exemption threshold from RM1 million to RM3 million, so businesses with turnover from RM3 million to RM5 million need to match their e-wallet sales to e-invoices validated by LHDN. The exemption doesn't apply where a holding company, related company, joint venture or non-individual shareholder has turnover of RM3 million or more. Your Boost Biz or TNG Digital Business Account dashboard shows what you earned, but the apps don't produce validated e-invoices on their own.

An e-wallet statement is proof of payment, not a tax invoice. It lacks the data fields a valid e-invoice needs (up to 55), including Tax Identification Numbers (TIN) and Malaysia Standard Industrial Classification (MSIC) codes. Retail businesses can keep collecting through DuitNow QR and issue a consolidated e-invoice, totalling their e-wallet sales for the month and submitting one record through the MyInvois portal within seven days of the month ending. Do note that since 1 January 2026, any single transaction above RM10,000 needs its own e-invoice and can't go into a consolidated one.

Business-to-business (B2B) sales need more care, because corporate clients need a validated e-invoice to claim the expense. Your e-wallet records need to feed into MyInvois-compatible accounting software, such as Xero, SQL Account or AutoCount, which submits each e-invoice to LHDN for validation.

Phase 4 businesses have an interim relaxation period until 31 December 2027, with penalty enforcement from 1 January 2028. It's a transition window, not an exemption, so use it to connect your e-wallet records to compliant accounting software.

Domestic E-Wallets Vs International Payment Solutions

The four platforms in this guide (TNG Digital Business Account, Boost Biz, GrabPay and ShopeePay) are built for domestic transactions. Customers pay in RM, money settles in Malaysia, and everything runs within Malaysia's payment system.

If your business handles international transactions, you'll need a different solution. These e-wallets can't hold payments in USD, SGD, EUR or other foreign currencies, and they can't send international wire transfers to overseas suppliers.

When You Need International Payment Capabilities

• You export products to Singapore, Thailand or other ASEAN markets
• You sell on international marketplaces like Amazon, eBay or Etsy
• You pay overseas suppliers or manufacturers
• You receive payments from foreign clients in their currencies
• You operate in several countries and need multi-currency accounts

How International Solutions Differ

WorldFirst World Account lets businesses open local currency accounts in more than 20 currencies with no setup fee, monthly fee or minimum balance. You can collect payouts from more than 130 marketplaces and payment gateways, hold the money in the currency it arrives in, and convert to ringgit when you choose. Fees apply when you convert currencies or send money out.

For example, a Shopee seller who also sells on Lazada Singapore and Amazon US might use ShopeePay for Malaysian customer payments (1% fee, RM deposits) and WorldFirst for international marketplace sales (holds SGD and USD, and converts to ringgit when the rate suits).

Many growing businesses end up using both a domestic e-wallet for local sales and an international payment account for cross-border work, because the two do different jobs.

For purely domestic businesses serving Malaysian customers, the four e-wallets in this guide cover your needs. For businesses with international operations, compare international payment solutions that handle multi-currency transactions.

Matching An E-Wallet To Your Type Of Business

The right platform depends on what your business does and how customers pay you.

Restaurants And Cafes

If you take delivery orders through GrabFood, GrabPay keeps your payments in the same system. Ask Grab for its rates first, because they aren't published.

For dine-in customers, a TNG Digital Business Account or Boost Biz QR code covers most diners, and DuitNow QR lets customers of other apps pay too.

Retail Shops Selling Physical Products

TNG Digital Business Account suits walk-in shops that want to avoid transaction fees. If customers want to pay by card, the Boost Terminal takes cards and DuitNow QR on one device, from RM788 outright or RM288 upfront on rent-to-own, plus card fees of 0.60% for debit and 1.30% for local credit cards.

For single items above RM9,999.99, such as furniture, jewellery or high-end electronics, TNG Digital Business Account can't take the payment in one scan. ShopeePay's verified wallet limit of RM30,000 covers bigger single sales at 1%.

Online Stores And Social Media Sellers

ShopeePay fits if you already sell on Shopee, and SPayLater lets customers pay in instalments. Boost Connect's payment gateway includes payment links you can send over WhatsApp or email, with a RM499 annual fee.

Food Trucks, Night Market Vendors And Bazaar Sellers

TNG Digital Business Account and Boost Biz both take DuitNow QR payments from individual traders without SSM registration. On TNG Digital Business Account, individual traders can transact up to RM75,000 a month. You'll need reliable mobile data to receive payments.

Service Providers With Appointments

TNG Digital Business Account suits walk-in customers or end-of-session payments, and payments are credited instantly.

Contractors And Trades

TNG Digital Business Account suits contractors. Job values are typically high (RM500 to RM5,000 per job), and there's no transaction fee on QR payments received. Each payment is capped at RM9,999.99, so a job above that can't be paid in a single scan.

Home-Based Businesses

ShopeePay suits home bakers taking orders over WhatsApp and Instagram. Weekly settlement fits a weekly baking cycle. A baker who closes orders on Sunday, bakes on Monday and Tuesday and delivers Wednesday to Friday receives that week's payments the following Monday.

Personal E-Wallets Work But Come With Big Drawbacks

Many small business owners start with a personal e-wallet. It works early on, but mixing personal and business transactions creates problems that grow over time.

Tax season is the first headache. Sorting out which of 500 TNG eWallet transactions were business income and which were groceries and lunch takes hours, and your accountant will bill you for that time. Sending customers your personal QR code or phone number also looks less professional, especially for larger purchases. A business QR code with your company name looks more legitimate and takes little time to set up.

Personal accounts also lack the tools a business needs. TNG Digital Business Account and Grab's Business GrabPay Wallet are built for receiving payments, with sales tracking, statements and merchant support that personal wallets don't have. TNG Digital requires the Business Account to be used only for business transactions.

Frequently Asked Questions About Business E-Wallets

Is SSM registration required for all business e-wallets in Malaysia?

Not for all of them. TNG Digital Business Account accepts individual traders without SSM registration, with a RM60,000 wallet size and a RM75,000 monthly transaction limit. Boost lets individual merchants without SSM registration take DuitNow QR payments, but card payments need an SSM-registered company. ShopeePay asks for documents based on your business type, and Grab sets out its requirements when you apply.

You can register a business online with SSM. It costs RM30 a year for a sole proprietorship under your own name, or RM60 a year for a sole proprietorship or partnership under a trade name. The certificate needs to be renewed to stay active.

Do these business e-wallets work with DuitNow QR?

Yes. All four platforms issue DuitNow QR codes, so customers can pay with any participating banking app or compatible e-wallet, such as Maybank, CIMB, TNG eWallet and MAE. Most merchants need only one standee, unless they want GrabFood integration (GrabPay) or SPayLater (ShopeePay).

How do I compare transaction fees between platforms?

Multiply your monthly sales by each platform's rate, then add any setup and monthly fees. On RM50,000 a month, that's RM0 on TNG Digital Business Account and RM500 each on Boost Biz and ShopeePay. For GrabPay, ask Grab for its rate.

Use your sales from the past three months rather than one month, so seasonal dips show up. Check the limits too. TNG Digital Business Account caps each payment at RM9,999.99, and individual traders have a RM75,000 monthly transaction limit.

Can multiple e-wallets be used at the same time?

Yes, and most businesses eventually do. You can display several QR codes at your counter, or let customers pick their payment method at your website checkout.

The downside is that tracking sales across platforms gets messier, because you'll need to reconcile several settlement dates. Most accounting software (including Xero, SQL and QuickBooks) can handle this if you set up categories properly, but it takes more careful bookkeeping.

Some businesses use different platforms for different jobs, for example, one QR code at the counter and ShopeePay payment links for online orders.

Does PIDM protect business e-wallet balances?

No. Business e-wallet balances aren't protected by Perbadanan Insurans Deposit Malaysia (PIDM) the way bank deposits are.

E-wallet providers are approved e-money issuers regulated by Bank Negara Malaysia and must keep customer funds in trust accounts separate from company operating funds. That gives some protection, but not the PIDM guarantee.

Withdrawals could still be delayed if an e-wallet company runs into financial trouble. Instant settlement means your money lands in the e-wallet sooner, so move balances you don't need to your bank account regularly. DuitNow transfers from TNG Digital Business Account are free, and Boost Biz lets you cash out from its Merchant Wallet.

Does e-wallet income need special tax reporting to LHDN?

No. E-wallet income is business income like any other. LHDN taxes your profit the same way whether customers paid in cash, by bank transfer or by e-wallet, so you declare total business revenue and pay tax on profit as usual.

Business e-wallets keep transaction records automatically, which makes it easier to show that your declared income matches reality if LHDN audits your business. Cash is harder to document.

Keep the settlement records. When e-wallet money reaches your business bank account, that's your proof of income received, and your accountant will need these records for your annual tax filing.

Do any of these platforms support LHDN e-invoicing?

None of the four platforms issues LHDN-validated e-invoices on its own. E-wallet settlement records aren't MyInvois e-invoices, which LHDN validates in XML or JSON format. Businesses that must implement e-invoicing need to pair their e-wallet with MyInvois-compatible accounting software such as SQL Account, AutoCount or Xero Malaysia, which produces the e-invoice.

Since 1 September 2026, businesses with annual turnover below RM3 million are exempt, unless a holding company, related company, joint venture or non-individual shareholder has turnover of RM3 million or more.

What's best for a small kedai runcit or neighbourhood shop?

TNG Digital Business Account or Boost Biz. TNG Digital Business Account charges no fee on QR payments received and settles instantly. Boost Biz charges 1% on QR payments and also settles instantly into its Merchant Wallet. Either QR code accepts payments from other DuitNow apps, so customers can pay with whatever they already use.

Compare Business Payment Solutions

For domestic transactions, the platforms compared in this guide (TNG Digital Business Account, Boost Biz, GrabPay and ShopeePay) cover most local QR code payments.

For international payments and multi-currency operations, compare international payment solutions such as WorldFirst World Account, which handles cross-border transactions, foreign exchange and multi-currency accounts for Malaysian businesses operating globally.