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DIGITAL

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TRENDSDigitalpaymentsinMalaysiaCHAPTER

01OverviewTransactionvalueofdigitalpaymentsintheAsia-Pacific(APAC)regionin2022,bycountryandsegment(inbillionU.S.dollars)DigitalpaymentstransactionvalueintheAPACregion2022,bycountryandsegmentTransactionalvalueinbillionU.S.dollarsDigitalCommerce1,500MobilePOSPayments2,00005001,0002,5003,0003,500ChinaJapanSouthKoreaIndiaIndonesiaAustraliaHongKongThailandPhilippinesVietnamMalaysiaSingaporeNewZealand4Description:In2022,ChinaisexpectedtohavethehighesttransactionalvalueinthemobilePOSpaymentsanddigitalcommercesegmentsofthedigitalpaymentsmarketwithavalueofapproximately1.48millionand1.74trillionU.S.dollarsrespectively.ReadmoreNote(s):APAC;*Onlycountrieswithatransactionvalueabove1billionU.S.dollarshavebeenconsidered.TheDigitalPaymentsmarketsegmentisledbyconsumertransactionsandincludespaymentsforproductsandserviceswhicharemade[...]

ReadmoreSource(s):DigitalMarketInsightsDigitalpaymentusersintheAsia-Pacificregionin2021,bycountryandageUsersofdigitalpaymentsintheAPACregion2021,bycountryandageShareofindividuals35-44years60%18-24years25-34years45-54years55-64years80%0%20%40%100%120%PakistanIndiaPhilippinesChinaIndonesiaVietnamMalaysiaAustraliaHongKongThailandNewZealandSingaporeSouthKoreaJapan5Description:In2021,Pakistanhadthelargestshareofdigitalpaymentusersbelongingtotheagegroupof18to24yearsand25to34yearsintheAsiaPacificregionwithpercentagesofapproximately37.6and44.9percentrespectively.AccordingtotheDigitalMarketOutlook,theleastrepresentedagegroupwas55to64years.ReadmoreNote(s):APACSource(s):DigitalMarketInsightsDigitalormobilewalletpaymentsasashareofe-commerceandpoint-of-sale(POS)paymentsintheAsia-Pacificregionin2022,bycountryorterritoryDigitalpaymentsasashareofe-commerceandPOSpaymentsAPAC2022,bycountryShareofpaymentsvaluePOSE-commerce40%0%10%20%30%50%60%70%80%90%56%ChinaIndia81%35%50%28%IndonesiaPhilippinesSingaporeHongKongVietnam39%17%18%33%32%31%27%29%31%31%12%13%AustraliaSouthKoreaThailandMalaysiaNewZealandTaiwan25%25%23%20%24%22%22%10%16%18%10%Japan6Description:In2022,digitalormobilewalletpaymentsamountedto81percentofe-commerceand56percentofpoint-of-sale(POS)paymentsinChina.Incomparison,digitalormobilewalletpaymentstookup18percentofe-commerceandtenpercentofPOSpaymentsinJapanin2022.ReadmoreNote(s):Asia,APAC;2022Source(s):WorldpayCashlesspaymentsadoptionrateinSoutheastAsiain2021,bycountryCashlesspaymentsadoptionrateSEA2021,bycountryShareofrespondents0%10%20%30%40%50%60%70%80%90%100%97%110%SingaporeMalaysia96%95%95%94%92%IndonesiaVietnamThailandPhilippinesCambodiaSoutheastAsia68%93%7Description:Accordingtoasurveyfrom2021,theadoptionrateofcashlesspaymentsinSoutheastAsiawas93percent.Singaporehadthehighestadoptionrateof97percentinSoutheastAsia,whiletheadoptionratewas68percentinCambodiain2021.

ReadmoreNote(s):Asia;AugusttoSeptember2021;6,520respondents;18to65yearsSource(s):Clear;VisaInc.AveragetransactionvalueofdigitalpaymentsinSoutheastAsiaregionin2022,bycountryandsegment(inthousandU.S.dollars)DigitalpaymentsaveragetransactioninSoutheastAsia2022,bycountryandsegmentAveragetransactionvalueinthousandU.S.dollarsMobilePOSPayments2DigitalCommerce3014565.22SingaporeBruneiDarussalamCambodia3.21.561.271.120.220.43Laos0.320.37Malaysia0.980.14PhilippinesTimor-LesteIndonesia0.520.130.160.070.380.050.02Thailand0.78Myanmar0.228Description:In2022,SingaporeisexpectedtohavethehighestaveragetransactionvalueperuserofdigitalcommerceinSoutheastAsiawithavalueofapproximately3.2thousandU.S.dollars.Singaporeisalsoestimatedtohavethehighestaveragetransactionvalueinthemobilepospaymentssegmentat5.22thousanddollars.ReadmoreNote(s):AsiaSource(s):DigitalMarketInsightsCHAPTER

02KeyindicatorsRevenueofthedigitalpaymentsindustryinMalaysia2018-2027(inbillionU.S.dollars)RevenueofthedigitalpaymentsindustryinMalaysia2018-202745403530252041.7436.8231.526.6722.2318.4314.42151059.998.676.80201820192020202120222023202420252026202710Description:Thetransactionvalueinthe'DigitalPayments'segmentofthefintechmarketinMalaysiawasforecasttocontinuouslyincreasebetween2023and2027byintotal19.5billionU.S.dollars(+87.72percent).Aftertheninthconsecutiveincreasingyear,theindicatorisestimatedtoreach41.74billionU.S.dollarsandthereforeanewpeakin2027.Notably,thetransactionvalueofthe'DigitalPayments'segmentofthefintechmarketwascontinuouslyincreasingoverthepastyears.

ReadmoreNote(s):Malaysia;2018to2027Source(s):DigitalMarketInsightsTransactionvolumeofdigitalpaymentmethodsinMalaysiafrom2019to2021,bysegment(inmillion)TransactionvolumeofdigitalpaymentmethodsinMalaysia2019-2021,bysegmentE-moneyInternetbanking2,089FPXanddirectdebitMobilebankingDebitcardCreditcardInterbankGIRO2,108ATM2,5002,0001,5001,0005002,0301,8271,5411,4751,17493649889737648556351510490371372265602031797556020192020202111Description:In2021,thetransactionvolumeforvariousdigitalpaymentmethodsinMalaysia,includinge-money,internetbanking,FPXandmobileinternet,amountedto7.9billiontransactionsintotal.Thisshowedanincreaseby1.9billionintotaltransactionvolumefromtheyearbefore.ReadmoreNote(s):Malaysia;2019to2021Source(s):BankNegaraMalaysia;FintechNewsMalaysiaPenetrationrateofdigitalpaymentsinMalaysia2018-2027PenetrationrateofdigitalpaymentsinMalaysia2018-202760%57.08%55.31%53.55%51.81%50.07%50%40%30%20%10%0%47.39%44.29%40.67%37.27%31.41%201820192020202120222023202420252026202712Description:Thepenetrationrateinthe'DigitalPayments'segmentofthefintechmarketinMalaysiawasforecasttocontinuouslyincreasebetween2023and2027byintotalsevenpercentagepoints.Aftertheninthconsecutiveincreasingyear,theindicatorisestimatedtoreach57.08percentandthereforeanewpeakin2027.Notably,thepenetrationrateofthe'DigitalPayments'segmentofthefintechmarketwascontinuouslyincreasingoverthepastyears.

ReadmoreNote(s):Malaysia;2018to2027Source(s):DigitalMarketInsightsNumberofusersofdigitalpaymentsinMalaysia2018-2027(inmillionusers)NumberofusersofdigitalpaymentsinMalaysia2018-202725201520.0219.218.417.616.8115.7214.5213.1611.919.91050201820192020202120222023202420252026202713Description:Thenumberofusersinthe'DigitalPayments'segmentofthefintechmarketinMalaysiawasforecasttocontinuouslyincreasebetween2023and2027byintotal3.2millionusers(+19.04percent).Aftertheninthconsecutiveincreasingyear,theindicatorisestimatedtoreach20.02millionusersandthereforeanewpeakin2027.Notably,thenumberofusersofthe'DigitalPayments'segmentofthefintechmarketwascontinuouslyincreasingoverthepastyears.

ReadmoreNote(s):Malaysia;2018to2027Source(s):DigitalMarketInsightsTransactionvalueperuserofdigitalpaymentsinMalaysia2018-2027(in1,000U.S.dollars)TransactionvalueperuserofdigitalpaymentsinMalaysia2018-20272.52.01.981.821.631.441.51.251.110.971.00.50.00.750.710.66201820192020202120222023202420252026202714Description:Theindicator'AverageTransactionValueperUser'inthe'DigitalPayments'segmentofthefintechmarketinMalaysiawasforecasttocontinuouslyincreasebetween2023and2027byintotal0.7thousandU.S.dollars(+56percent).Aftertheninthconsecutiveincreasingyear,theindicatorisestimatedtoreach1.98thousandU.S.dollarsandthereforeanewpeakin2027.Notably,theindicator'AverageTransactionValueperUser'ofthe'DigitalPayments'segmentofthefintechmarketwas[...]

ReadmoreNote(s):Malaysia;2018to2027Source(s):DigitalMarketInsightsCHAPTER

03CreditanddebitcardsTransactionvalueofcreditcardsinMalaysiafrom2019to2022(inbillionMalaysianringgit)TransactionvalueofcreditcardsinMalaysia2019-2022200180160177.64143.79138.18140120100801276040200201920202021202216Description:In2022,thetransactionvalueofcreditcardsinMalaysiaamountedtomorethan177billionMalaysianringgit,anincreasecomparedtoaround138billionMalaysianringgitinthepreviousyear.Thetransactionvalueofcreditcardsinthecountryhasbeenincreasinginthepasttwoyears.ReadmoreNote(s):Malaysia;2019to2022Source(s):BankNegaraMalaysiaTransactionvolumeofcreditcardsinMalaysiafrom2019to2022(inmillion)TransactionvolumeofcreditcardsinMalaysia2019-2022800700600715.4556510.1489.35004003002001000201920202021202217Description:In2022,thetransactionvolumeofcreditcardsinMalaysiaamountedtomorethan715milliontransactions,anincreasecomparedtoaround556milliontransactionsinthepreviousyear.Thetransactionvolumeofcreditcardsinthecountryhasbeenincreasinginthepasttwoyears.ReadmoreNote(s):Malaysia;2019to2022Source(s):BankNegaraMalaysiaPercapitatransactionvalueofcreditcardsinMalaysiafrom2017to2022(in1,000Malaysianringgit)CreditcardstransactionvaluepercapitainMalaysia2017-2022655.444.424.244.183.923.94321020172018201920202021202218Description:In2022,percapitacreditcardtransactionsinMalaysiaamountedtomorethanfivethousandMalaysianringgit,anincreasefromaround4.2thousandMalaysianringgitin2021.Duringthesameyear,thevalueofpercapitacreditcardtransactionswasatitshighest.ReadmoreNote(s):Malaysia;2017to2022Source(s):BankNegaraMalaysiaTransactionvalueofdebitcardsinMalaysiafrom2019to2022(inbillionMalaysianringgit)TransactionvalueofdebitcardsinMalaysia2019-202214012010080118.8278.2159.5604020052.39201920202021202219Description:In2022,thetransactionvalueofdebitcardsinMalaysiaamountedtomorethan118billionMalaysianringgit,anincreasecomparedtoaround78billionMalaysianringgitinthepreviousyear.Thevalueofdebitcardtransactionsinthecountryhasbeenincreasingsince2019.ReadmoreNote(s):Malaysia;2019to2022Source(s):BankNegaraMalaysiaTransactionvolumeofdebitcardsinMalaysiafrom2019to2022(inmillion)TransactionvolumeofdebitcardsinMalaysia2019-20221,4001,2001,0008001,200.4736.8600497.92020371400200020192021202220Description:In2022,thetransactionvolumeofdebitcardsinMalaysiaamountedtomorethan1.2billiontransactions,anincreasecomparedtoaround736milliontransactionsinthepreviousyear.Thenumberoftransactionsofdebitcardsinthecountryhasbeenincreasingsince2019.ReadmoreNote(s):Malaysia;2019to2022Source(s):BankNegaraMalaysiaPercapitatransactionvalueofdebitcardinMalaysiafrom2017to2022(in1,000Malaysianringgit)DebitcardtransactionvaluepercapitainMalaysia2017-20224.03.53.02.52.01.53.642.41.831.611.240.931.00.50.020172018201920202021202221Description:In2022,percapitadebitcardtransactionsinMalaysiaamountedtoaround3.64thousandMalaysianringgit,anincreasefromaround2.4thousandMalaysianringgitin2021.Thepercapitavalueofdebitcardtransactionsinthecountrycontinuedtoincreaseinthelastfiveyears.ReadmoreNote(s):Malaysia;2017to2022Source(s):BankNegaraMalaysiaCHAPTER

04InternetbankingValueofinternetbankingtransactionsbyprivatepersonsinMalaysiafrom2016to2022(inbillionMalaysianringgit)ValueofinternetbankingtransactionsbyprivatepersonsinMalaysia2016-20221,4001,2001,169.841,150.681,060.871,000836.858006004002000737.8622.1494.4201620172018201920202021202223Description:ThevalueofinternetbankingtransactionsmadebyindividualsorprivatepersonsinMalaysiaamountedtoaround1,150billionMalaysianringgitin2022,aslightdecreasefromaround1,169billionMalaysianringgittheyearbefore.Thevalueofinternetbankingtransactionsmadebyindividualshasincreasedfrom622billionMalaysianringgittomorethanonetrillionMalaysianringgitinthelastfiveyears.ReadmoreNote(s):Malaysia;2016to2022Source(s):BankNegaraMalaysiaPercapitatransactionvalueofinternetbankinginMalaysiafrom2017to2022(in1,000Malaysianringgit)InternetbankingtransactionvaluepercapitainMalaysia2017-2022250234.57200177.55153.98142.66143.5315010050126.75020172018201920202021202224Description:In2022,percapitainternetbankingtransactionsinMalaysiaamountedtomorethan234thousandMalaysianringgit,anincreasefromaround177thousandMalaysianringgitinthepreviousyear.Thevalueofpercapitainternetbankingtransactionsinthecountryhasbeenincreasingeveryyear.ReadmoreNote(s):Malaysia;2017to2022Source(s):BankNegaraMalaysiaValueofmobilebankingtransactionsinMalaysiafrom2016to2022(inbillionMalaysianringgit)ValueofmobilebankingtransactionsinMalaysia2016-20221,2001,0008001,141.41799.71600458.88400203.852019200100.13201850.69201736.192016020202021202225Description:In2022,thevalueofmobilebankingtransactionsinMalaysiaamountedtoaround1.14trillionMalaysianringgit,anincreasefromnearly800billionMalaysianringgittheyearbefore.ThevalueofmobilebankingtransactioninMalaysiahasincreasedexponentiallywithinthelastfiveyears.ReadmoreNote(s):Malaysia;2016to2022Source(s):BankNegaraMalaysiaPercapitatransactionvalueofmobilebankinginMalaysiafrom2017to2022(in1,000Malaysianringgit)MobilebankingtransactionvaluepercapitainMalaysia2017-20221816141210816.1412.137.82643.281.83201.0320172018201920202021202226Description:In2022,thepercapitavalueofmobilebankingtransactionsinMalaysiareachedmorethan16thousandMalaysianringgit,anincreasefromabout12thousandMalaysianringgitinthepreviousyear.Mobilebankingtransactionsinthecountryhasbeenincreasinginthepastfiveyears.ReadmoreNote(s):Malaysia;2017to2022Source(s):BankNegaraMalaysiaCHAPTER

05E-moneyande-walletsValueofelectronicmoneytransactionsinMalaysiafrom2016to2022(inbillionMalaysianringgit)ValueofelectronicmoneytransactionsinMalaysia2016-202280706050403069.449.827.717.63201920119.17.710020162017201820202021202228Description:ThevalueofelectronicmoneytransactionsinMalaysiareachednearly70billionMalaysianringgitin2022,anincreaseofaround20billionfromthepreviousyear.E-moneyisusuallystoredine-wallets,withsomeofthemostpopulare-walletsinMalaysiaincludingTouchn`GoandGrabpay.Theincreaseintransactionvaluein2022showedthate-walletsarebecomingmorecommonlyusedasacashlesspaymentmethodacrossthecountry.

ReadmoreNote(s):Malaysia;2016to2022Source(s):BankNegaraMalaysiaPercapitatransactionvalueofelectronicmoneyinMalaysiafrom2017to2022(inMalaysianringgit)E-moneytransactionvaluepercapitainMalaysia2017-20222,5002,0001,5001,0005002,125.51,526.4901.72020560.12019338.72018283.8201702021202229Description:In2022,thepercapitavalueofelectronicmoneytransactionsinMalaysiaamountedtomorethan2.1thousandMalaysianringgit,anincreasefromaround1.5thousandMalaysianringgitinthepreviousyear.Thepercapitavalueofe-moneytransactionshasbeenincreasinginthelastfiveyears.ReadmoreNote(s):Malaysia;2017to2022Source(s):BankNegaraMalaysiaNumberofmobilewalletusersinMalaysiain2021,withaforecastfor2026(inmillion)NumberofmobilewalletusersinMalaysia2021-202630252025.515.615105020212026*30Description:In2021,thenumberofmobilewalletusersinMalaysiaamountedtomorethan15millionusers.Thisfigurewasforecastedtoreachmorethan25millionusersby2026.CashlesspaymentmethodsarebecomingmorepopularinMalaysia.

ReadmoreNote(s):Malaysia;2021;*Forecast.ReadmoreSource(s):IDCLeadingusageofe-walletsamongconsumersinMalaysiaasofMay2022,bytypeLeadinge-walletusageinMalaysia2022,bytypeShareofrespondents15%

20%

25%0%5%10%30%35%40%45%50%49%55%Toll/parking/transportationFoodandbeverageoutletsRetailstores46%45%Fooddelivery35%Onlinepurchases33%Billpayment25%Moneytransferstofriendsandfamily22%31Description:Accordingtoasurveyin2022,49percentofrespondentsinMalaysiausedtheire-walletfortoll,parking,ortransportationpurposes.Thiswasfollowedbyusageinfoodandbeveragesoutlets.Inthesameyear,themostpopulare-walletinMalaysiawasTouchn'Go.ReadmoreNote(s):Malaysia;May2022;1,020respondents;18-74yearsSource(s):IpsosMajore-walletservicesusedamongrespondentsinMalaysiain2022Mostpopulare-walletservicesusedamongrespondentsinMalaysia2022Shareofrespondents0%10%20%30%40%50%60%70%80%90%100%Touch'nGo92%GrabPay51%Boost36%34%E-paymentservices/e-walletsfrombanksPayPalBigPay25%14%GooglePayFaveApplePayAliPay9%6%6%5%4%4%3%SamsungPayOthersRazerPayAmazonPayVcash1%1%32Description:AccordingtoasurveyconductedbyRakutenInsightone-paymentusageinOctober2022,around92percentofe-paymentusersinMalaysiaindicatedthattheyhadusedTouch'nGofore-paymenttransactions.GrabPayandBoostwerealsopopularwithMalaysianusers,with51and36percentofrespondentsrespectivelysayingtheyhadusedthesedigitalpaymentproviders.Inthesameyear,thevalueofelectronicmoneytransactionsinMalaysiareachednearly70billionMalaysianringgit.

ReadmoreNote(s):Malaysia;October13to30,2022;8,443respondents;16yearsandolder;amongfemaleandmalerespondentsthathadmadee-paymenttransactionsSource(s):RakutenInsightCHAPTER

06OtherdigitalpaymentsNumberofBuyNow,PayLater(BNPL)usersinSoutheastAsiain2021,byselectedcountry(inmillions)NumberofBNPLusersSEA2021,bycountry12108611.34205.1542.41.5IndonesiaPhilippinesVietnamMalaysiaThailandSingapore34Description:In2021,thenumberofBuyNow,PayLater(BNPL)usersinIndonesiawas11.3million.Incomparison,thenumberofBNPLusersinSingaporewas1.5millionin2021.

ReadmoreNote(s):Asia;2021Source(s):IDC;Varioussources(Centralbank,regulator,paymentnetworkdata)BuyNowPayLater(BNPL)spendingone-commerceinMalaysiain2021,withaforecastfor2026(inbillionU.S.dollars)BNPLspendingone-commerceinMalaysia2021-20261.00.90.80.70.60.50.40.90.30.20.20.10.020212026*35Description:In2021,theBuyNowPayLater(BNPL)expenditureone-commerceinMalaysiaamountedtoaround0.2billionU.S.dollars.TheBNPLpaymentmethodwasforecasttoincreaseandreach0.9billionU.S.dollarsin2026.

ReadmoreNote(s):Malaysia;2021;*Forecast.ReadmoreSource(s):IDCShareofpeoplewhohaveusedquickresponse(QR)codepaymentinMalaysiafrom2020to2021UsageofQRcodepaymentinMalaysia2020-202160%50%50%40%30%20%10%0%25%2020202136Description:Accordingtoasurveyin2021,25percentofrespondentsinMalaysiasaidtheyhaveusedquickresponse(QR)codepayment,adecreasefrom50percentofrespondentsinthepreviousyear.DespiteadecreaseinQRcodeusage,digitalpaymentmethodsarebecomingmorecommoninMalaysia.ReadmoreNote(s):Malaysia;2020to2021;6,520respondents;18-65years;amongrespondentsinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.ShareofpeoplewhohaveusedmobilecontactlesspaymentinMalaysiafrom2020to2021UsageofmobilecontactlesspaymentinMalaysia2020-202145%40%40%37%35%30%25%20%15%10%5%0%2020202137/statistics/1367245/malaysia-mobile-contactless-payment-usageAccordingtoasurveyin2021,40percentofrespondentsinMalaysiasaidtheyhaveusedmobilecontactlesspayment,anincreasefrom37percentofrespondentsinthepreviousyear.ContactlesspaymentisbecomingmorecommoninMalaysia.

ReadmoreNote(s):Malaysia;2020to2021;6,520respondents;18-65years;amongrespondentsinSingapore,Malaysia,Thailand,Indonesia,thePhilippines,Vietnam,andCambodiaSource(s):VisaInc.CHAPTER

07ConsumerbehaviorShareofe-paymentusersamongrespondentsinMalaysiain2022,byageE-paymentusageamongrespondentsinMalaysia2022,byageShareofrespondentsYesNoIhaveneverheardof/donotknowwhate-paymentsare40%

60%

80%0%20%100%120%16to24yearsold25to34yearsold35to44yearsold45to54yearsold55yearsandolder39Description:AccordingtoasurveybyRakutenInsightone-paymentusage,around94percentofrespondentsagedbetween25to34yearsstatedthattheyhadmadeatransactionusinge-paymentmethods,whilefourpercentoftherespondentsfromthatagegrouphadnot.Inthesamesurvey,themajorityofe-paymentusersindicatedconvenienceasaleadingreasonformakinge-paymenttransactions.ReadmoreNote(s):Malaysia;October13to30,2022;9,066respondents;16yearsandolder;amon