TABLE OF CONTENTS
- Key indicators
- Payment methods
- Which payment method do Malaysian consumers prefer to use when shopping online?
- Market overview
Bank transfers - 46%
Card - 29%
Other - 11%
Digital wallet - 7%
Cash - 7%
Which payment method do Malaysian consumers prefer to use when shopping online?
| Bank transfers are the most popular payment method in Malaysia right now, handling 1.8bn USD in 2017 and this number is still growing. The available methods in the country are Bank Transfer Malaysia and PayMaya.|
Malaysian also like to pay with their credit cards. Interestingly, penetration with credit cards within the population is low, far more nationals possess debit cards.
At the same time, digital wallets are gaining grassroots popularity. One of the E-wallets with the biggest number of users within the country is Boost, as it has one of the widest range of features.
Despite the usage of cash is decreasing in Malaysia, cash-based payment methods still have a significant share of the market. One of the most popular methods to pay by cash within the county is 7-eleven.
One of the pandemia of the COVID-19 consequences is the boost in online shopping and smartphone penetration in Malaysia. In 2020 eCommerce revenue reached 4bn USD and the number is predicted to grow to 12.6bn USD by 2024. The government of Malaysia supports the development of the E-commerce market by lifting non-tariff barriers, investing in the market, and promoting it to get the international businesses engaged.