It revealed that adoption of e-wallet is highest among banked consumers (31%), followed by underbanked at 17%, and unbanked at 9%. Other areas, including Transportation and fuel, realized this increase too.Īnother study by BCG (Boston Consulting Group) provided a different view of the market. The food delivery services also saw an upsurge in the payments via e-wallets as everyone was trying to stay indoors during the pandemic. Needless to mention that the e-Penjana campaign also elevated the growth chart. It is due to the continuous promotion of contactless payments (via offers and discounts).
The surge in the number of users utilizing the power of contactless payment technology is fueled by several industries supporting digital payments.įood & Beverages, Convenience Stores, and the Groceries industry continue to see growth in the number of customers paying via e-wallets. The study also revealed that on average, Malaysian customers used 2-3 e-wallets during Q3 2020. Among all the payment methods, cash was still the most preferred payment method for the SEA population in 2020, followed by credit/debit cards at 22.7%, and e-wallets at 22%.Īnother study regarding e-wallet trends in Malaysia by Oppotus, found that 60% of the Malaysian customers have used an e-wallet in Q3 2020, which is more than double the number from 27% in Q3 2019. Where Customers use E-Wallets?Īcross SEA nations, the use of e-wallets has risen by 8% from 2019. Mastercard gathered data from 10,000 consumers across the Asia Pacific region. The study also found that the use of e-wallets in Malaysia is at 40 percent, followed by the Philippines at 36 percent, Thailand at 27%, and Singapore at 26%. These all trends will help you develop eWallet app.Ī Study by Mastercard in 2020 revealed that Malaysia is leading its Southeast Asian (SEA) neighboring countries in terms of usage of digital wallets. Seeing the increasing demand for digital payment solutions in Malaysia, more and more digital wallet providers are now offering innovative solutions in the market. However, The E-Wallet Trends In Malaysia is moving at an even faster pace because of the reduction of cash usage experienced during the covid pandemic. The rising use of e-wallets across the Southeast Asian region has brought Malaysia to the limelight in the digital revolution.Ĭonsumers are shifting from cash to contactless payments, as they find the modern convenience of managing their everyday finance via their mobile phones much more pleasant.
Did you check this eWallet trends in Malaysia?
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