Malaysia Tops Global Rankings In Mobile Wallet Adoption, Reports Adyen

The fintech platform reported that mobile wallets are becoming the preferred method of payment, leading to a decline in the use of physical wallets.
(Credit: TechTRP)

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Malaysia has emerged as the global leader in mobile wallet adoption, with six out of 10 people using it for transactions.

The Edge Malaysia reports that according to a survey published by financial technology (fintech) platform Adyen, more than one-third of consumers no longer carry physical wallets in Malaysia.

The surveyed shoppers also favoured QR codes, with Malaysians being the fastest to adopt this payment method globally.

The survey involved 38,000 consumers and 13,000 merchants globally. In Malaysia, it included 1,000 consumers and 500 businesses.

Results also showed that 73% of respondents had made online purchases through social media platforms, with TikTok Shop being the most popular choice. Furthermore, 73% of merchants reported revenue growth after enabling social commerce.

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