Digital payments to surge in Malaysia
The research, which surveyed consumers across the globe on payment preferences, has found that some 63 percent 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, reflecting a widespread appetite for innovation.
The research showed that Malaysian consumers are among the most enthusiastic to embrace payment innovation, as 93 percent are likely to use five or more payment methods in the next 12 months.
While cash is still Malaysia's most used payment method, 70 percent of consumers used it in the last year, narrowly edging out QR code payments with 64 percent, usage of digital payment methods is set to rise in the next year.
This preference for innovation applies to other emerging technologies as well, with 89 percent of Malaysian consumers saying they are keen to use artificial intelligence (AI) to manage their finances, particularly for fraud detection, payment automation, product personalization, and predicting financial outcomes.
Meanwhile, as payment options grow, consumers are seeking hyper-convenient ways to manage money that fit seamlessly with their digital usage habits, the research revealed.
It highlighted they want flexibility to customize how they pay, tapping into digitally native methods like peer-to-peer or peer-to-merchant payments, QR codes, wearables, and social commerce.
"These findings reaffirm that the digital evolution in payments has firmly taken center stage in Malaysia. With digital-first and mobile-first lifestyles shaping consumer behavior, innovation and security in payments will be key to sustaining this momentum," said Beena Pothen, country manager of Malaysia & Brunei at Mastercard.
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