99 Per Cent of Malaysians Open to Digital Payment Next Year - Mastercard Survey
KUALA LUMPUR, July 22 (Bernama) -- Digital payment adoption is set to surge in Malaysia, with 99 per cent of consumers likely to use emerging digital payment methods in the next year, according to a survey by Mastercard.
The survey also stated that Malaysian consumers want a choice in payment types, with 93 per cent likely to use five or more payment methods in the next 12 months.
“While cash is still Malaysia’s most used payment method -- 70 per cent of consumers used it in the last year, narrowly edging out quick response (QR) code payments (64 per cent), usage of digital payment methods is set to rise in the next year,” it said.
According to Mastercard, in Malaysia, 86 per cent of consumers are likely to use instant payment services, while 85 per cent and 83 per cent expect to use QR code payments and digital wallets, respectively, in the year ahead.
“This preference for innovation applies to other emerging technologies as well, with 89 per cent of Malaysian consumers (compared to 86 per cent across APAC more broadly) saying they are keen to use artificial intelligence (AI) to manage their finances, particularly for fraud detection, payment automation, product personalisation, and predicting financial outcomes.
“There is also rising demand for payment options to maximise the value of their wallets: 91 per cent of Malaysians agree that their current financial status plays a substantial role in their choice of payment methods, amongst the highest globally,” it added.
A survey by Mastercard, administered from Sept 4-20, 2024, has gathered responses from 19,302 consumers across five global regions, including 9,131 consumers in the Asia Pacific and 1,010 in Malaysia.
The five regions include North America, Latin America and the Caribbean, Europe, the Middle East and Africa, and the Asia Pacific (comprising Australia, China, India, Indonesia, Japan, Malaysia, Singapore, Thailand, and Vietnam).
Mastercard emphasised that digital payment adoption is fast gaining traction locally as Malaysians adopt innovative payment options and leapfrog into mobile-first ecosystems.
“New research by Mastercard has found that almost two-thirds (63 per cent) of Malaysian consumers prefer using new and innovative methods such as ‘tap and go’ mobile payments, biometric payments, QR codes and mobile wallets over traditional methods like cash or manual card entry.
“This compares to just 25 per cent in North America, 24 per cent in Europe and 53 per cent in Asia Pacific overall, underlining Malaysian consumers’ receptivity to adopting emerging digital payment solutions,” it said.
Mastercard country manager for Malaysia and Brunei Beena Pothen said that with digital-first and mobile-first lifestyles shaping consumer behaviour in Malaysia, innovation and security in payments will be key to sustaining this momentum.
“Mastercard remains committed to driving progress in this space, leveraging its global insights, leading technology, and deep expertise to advance the future of payments -- delivering greater convenience and confidence in every payment experience for consumers in Malaysia,” she said.
-- BERNAMA
