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."