More Than Half of Malaysians Use Cashless Payments
Jayson 12 Jan 2024 09:10
According to an Ipsos survey, more than half of Malaysians (51%) use cashless payments, of which e-wallet users account for 25% of the total.
According to the report, among the electronic wallets used by users in the past three months, Touch 'n Go ranked first, accounting for 88%, a year-on-year increase of 4%; the second place was MAE, accounting for 46%, a year-on-year increase of 19% .
Next is Shopee Pay, accounting for 19%, a year-on-year decrease of 2%; Grab Pay, accounting for 15%, a year-on-year decrease of 1%; Boost, accounting for 4%, a year-on-year decrease of 12%; Fave, accounting for 2%; Lazada, Accounting for 2%.
"Although the number of e-wallet users has decreased slightly, the frequency of user use has increased. One in four users use e-wallets every day, which is more than double the usage rate in 2022."
The report notes that e-wallet usage has increased for food purchases, but has declined for retail and online purchases.
In addition, the Ipsos report also said that a large proportion of Malaysians still rely on cash for transactions.
"Despite the decline in the use of non-cash payments, online bank transfers and debit cards remain the preferred payment methods among Malaysians. E-wallets remain the third most popular option."
According to the report, among the electronic wallets used by users in the past three months, Touch 'n Go ranked first, accounting for 88%, a year-on-year increase of 4%; the second place was MAE, accounting for 46%, a year-on-year increase of 19% .
Next is Shopee Pay, accounting for 19%, a year-on-year decrease of 2%; Grab Pay, accounting for 15%, a year-on-year decrease of 1%; Boost, accounting for 4%, a year-on-year decrease of 12%; Fave, accounting for 2%; Lazada, Accounting for 2%.
"Although the number of e-wallet users has decreased slightly, the frequency of user use has increased. One in four users use e-wallets every day, which is more than double the usage rate in 2022."
The report notes that e-wallet usage has increased for food purchases, but has declined for retail and online purchases.
In addition, the Ipsos report also said that a large proportion of Malaysians still rely on cash for transactions.
"Despite the decline in the use of non-cash payments, online bank transfers and debit cards remain the preferred payment methods among Malaysians. E-wallets remain the third most popular option."
