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Technology

Grab squanders lead in Malaysian e-money race as local rivals surge

Touch 'n Go and Boost seek other opportunities including digital banking

Grab helped pioneer Malaysia's e-payments, but cashback rewards and other incentives by rivals have eroded the company's position. (Nikkei Montage/Souce photos by Reuters and Kentaro Iwamoto)

KUALA LUMPUR -- Malaysia's push to create a cashless society has moved a step closer, with e-wallets gaining serious traction among working adults and millennials in major cities.

The transition to e-money received a major push from the Malaysian government last month, when it announced a budget giveaway of a one-off e-money credit of 30 Ringgit ($7.24) for every Malaysian aged 18-plus who earns up to $25,000 a year.

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