Malaysia's payment market is experiencing rapid digital transformation, presenting the following characteristics:
Population and Economic Foundation: - Total population of 32 million, with 137 languages, rich cultural diversity - GDP has maintained stable growth over the past 40 years, laying a solid economic foundation for payment market development
2. Strong Digital Payment Trends: - 70% of Malaysians support the transition to a cashless society - Demonstrating high public acceptance of digital payments
3. Rapid Digital Wallet Adoption: - 40% of the population uses digital wallets - Government provides financial incentives for low-income groups to use digital wallets, promoting financial inclusion
Widespread Online Banking Usage: - Online banking accounts for 50% of transaction volume in the market for major payment service provider Adyen - Reflecting consumer trust and reliance on online financial services
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Popular payment methods
MCash
MCash is commonly used for e-wallet payments in MY.
- Payment type
- E-Wallet
- Buyer coverage
- MY
- Payment currency
- MYR
- Refund
- Partial refund
ShopeePay
ShopeePay is commonly used for e-wallet payments in MY.
- Payment type
- E-Wallet
- Buyer coverage
- MY
- Payment currency
- MYR
- Refund
- Partial refund
Touch'n Go
Touch'n Go is commonly used for digital wallets payments in MY.
- Payment type
- Digital Wallets
- Buyer coverage
- MY
- Payment currency
- MYR
- Refund
- Partial refund
Boost
Boost is commonly used for digital wallets payments in MY.
- Payment type
- Digital Wallets
- Buyer coverage
- MY
- Payment currency
- MYR
- Refund
- Partial refund
FPX
FPX is commonly used for bank transfer (online banking) payments in MY.
- Payment type
- Bank Transfer (Online Banking)
- Buyer coverage
- MY
- Payment currency
- MYR
- Refund
- Partial refund
Malaysia
Country code
MY
Currency code
MYR
Currency unit
RM MYR