In the last three months of 2023, cashless payment methods in Malaysia, including e-wallets, online bank transfers, and debit/credit cards, have seen a decline, dropping from being the primary payment method during the peak of the pandemic to only being utilised by 51% of Malaysians.
Malay Mail reports that according to Ipsos Malaysia, online banking and debit cards are the most commonly used, each at 35%, followed by e-wallets at 26%, and credit cards at 9%. While there’s a slight decrease in non-cash payment usage, half of Malaysians still engage in such transactions, with e-wallets being used by one-fourth of the population.
The 25 to 34-year-old age group leads in using online bank transfers and e-wallets, though there’s a slight drop compared to the previous year. The 45 to 74-year-old age group witnessed an increase in online banking and e-wallet usage.
Touch ‘n Go is the most frequently used e-wallet, with 88% usage, followed by Maybank’s MAE application.
E-wallet transactions are predominantly for tolls, parking, transportation, food and beverage outlets, and food delivery. The use of e-wallets for retail purchases has decreased as people return to physical stores and may prefer alternative payment methods.
The number of e-wallet brands used has remained stable at around 1.8 over the past three years, indicating a preference for a maximum of two e-wallet brands.
