ShopeePay has increased its wallet limit to RM30,000 in Malaysia, raising the ceiling for how much verified users can store and spend through the platform.
The wallet limit has been raised from RM9,999 and applies automatically to all existing users who have completed electronic know-your-customer verification.
New users, as well as existing users who have yet to complete e-KYC, will gain access to the higher limit once verification is completed.
ShopeePay said the RM30,000 cap represents the highest wallet limit currently offered by an e-wallet in Malaysia.
The update also raises the daily transaction limit to RM30,000 from RM9,999.
Monthly transaction limits have been increased to RM180,000 from RM20,000, while annual limits now stand at RM360,000, up from RM120,000.
Despite the higher wallet and cumulative transaction limits, payments, transfers and withdrawals remain capped at RM9,999 per transaction, in line with regulatory requirements.
ShopeePay said users are assigned a default daily transaction limit, which can be adjusted within the app.
Any increase is subject to a three-hour cooling-off period as an added security measure.
For comparison, the standard wallet limit for the Merchantrade Money e-wallet is RM20,000, up from RM10,000 previously.
Merchantrade Money users can increase their combined limit to RM50,000 by linking the wallet to an AmBank Islamic Hybrid Current Account-i.
Meanwhile, TNG eWallet recently expanded the limit for its GO+ savings feature from RM9,500 to RM20,000. – FINTECH NEWS MALAYSIA
