Launched in 2019, GoPayz was introduced to provide accessible, affordable, and inclusive financial services to consumers.
GoPayz stood out in the e-wallet market by offering both virtual and physical payment cards, diverging from the QR-based payment systems common at the time. It supported multiple payment networks, including Mastercard, UnionPay, and Visa, providing users with greater flexibility.
Beyond payments, GoPayz offered a range of additional services, such as personal accident, life, and motor insurance, unit trusts, currency exchange, telco prepaid top-ups, parking payments, and zakat contributions.
To retrieve any remaining balance in their GoPayz accounts, users must request account closure by 31 March 2025. This can be done via the GoPayz app or by completing a designated form and submitting it via email. Refunds will be processed within seven business days and transferred directly to the user’s bank account.For those who do not close their accounts by the deadline, an alternative refund option will be available. Starting 5 January 2026, users can appeal to the Registrar of Unclaimed Moneys to recover their balances.
GoPayz users are also advised to redeem their accumulated GoPointz loyalty points by 31 March 2025. Any unused points will be forfeited after this date.
The closure of GoPayz reflects a shift in U Mobile’s business strategy, ending its six-year journey in the competitive e-wallet sector. Users are encouraged to take immediate action to avoid losing balances and rewards.
Since 2019, Malaysia's e-wallet market has grown rapidly, with transaction value reaching USD 27.76 billion in 2024, according to Statista. This growth has been driven by rising smartphone penetration, which reached almost 90% of the population, and government initiatives like the eTunai Rakyat program, which provided USD 102.3 million in subsidies to encourage digital payments. Dominated by players such as GrabPay, Touch 'n Go eWallet, and Boost, the sector has shifted consumer behaviour, with QR-based payments accounting for a significant portion of transactions. A 2022 survey by Visa revealed that 74% of Malaysians had adopted e-wallets, up from 58% in 2020, reflecting a clear move toward cashless transactions.
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