Malaysia Is Adopting Digital Payment Methods Faster Than North America & Europe

According to Mastercard, 99% of Malaysians are set to embrace emerging digital payment methods within a year.

The research surveyed consumers across the globe on payment preferences and covered five regions: North America, Latin America and Caribbean, Europe, Middle East & Africa, and Asia Pacific. APAC markets included Australia, China, India, Indonesia, Japan, Malaysia, Singapore, Thailand, and Vietnam.

Malaysia has outpaced those in North America (25%) and Europe (24%) in the adoption of digital payments. 

The survey found almost 63% of Malaysian consumers prefer using new and innovative methods such as Tap & Go mobile payments, biometric payments, QR codes, and mobile wallets over traditional methods like cash or manual card entry.

Cash still remains the most used payment method in Malaysia, with 70% of Malaysians having used it in the past year. However, QR code payments follow closely at 64%.

Consumers want convenient and flexible ways to manage their money that fit with their digital usage habits. 92% of Malaysians want businesses to make purchasing as simple as possible, and 86% expect to be able to buy anything at any time, regardless of the payment method used.

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