Statistics Of E Wallet Users In Malaysia 2020
Global trends demand that malaysia turn cashless into king but here s the problem for e wallets malaysia already has an existing cashless system that many are familiar with and this system is called cards.
Statistics of e wallet users in malaysia 2020. If i use a credit card i might get points but it s not as good as what e wallets offer based on figures from the malaysian statistics department the total population stands a 32 6 million while credit card circulation according to bank negara malaysia is about 10 3 million. Total transaction value in the digital payments segment is projected to reach us 12 304m in 2020. Assuming an average of three e wallets per user this translates to around 15 7 million malaysians which is around 48 of the country s population of 32 6 million.
A rise in the number of e wallet related scams in 2020 caused boost to discontinue a feature that allowed users to withdraw their credit to a bank account. Bank transfers dominate as malaysia s preferred payment method. In terms of number of users there are a total of 89 86 million e money users as at october out of which 47 11 million are network based.
Although the e wallet uptake is still low in the country food truck operators and small traders are hoping that more malaysians will gradually shift towards cashless payment. When i use cash i don t get anything. The digital payments market segment is led by consumer transactions and includes.
The reluctance of consumers to part with their credit and debit cards paired with the fragmented e wallet market contributed heavily to the slow adoption rate. Malaysian mobile subscription with 42 93 million showed 139 from total population. Outlook on malaysia s e wallet sector with a high internet penetration rate at 80 and smartphone penetration at 63 the outlook for digital payments and e wallets is certainly bright entering into the year 2020 and beyond.
Malaysia has a mobile penetration rate of 144 8. An e wallet s competition isn t just another e wallet. This took effect in may 2020 and had the unfortunate effect of removing one of boost s most unique features.
Bank transfers are the most used e commerce payment method in malaysia accounting for almost half 46 percent of all transactions or 1 8 billion in 2017.
