{"id":56913,"date":"2023-07-07T09:00:07","date_gmt":"2023-07-07T01:00:07","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=56913"},"modified":"2023-07-06T19:06:33","modified_gmt":"2023-07-06T11:06:33","slug":"cashless-payments-malaysia","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/cashless-payments-malaysia","title":{"rendered":"Is Cash On The Way Out"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With eWallets and contactless payments becoming more widespread, you might be wondering if cash is no longer king in Malaysia. According to Visa Inc., seven out of 10 Malaysian consumers are now actively using contactless card payments regularly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to this, the <\/span><a href=\"https:\/\/www.visa.co.th\/dam\/VCOM\/regional\/ap\/documents\/visa-cpa-report-smt-2022.pdf\" target=\"_blank\" rel=\"noopener nofollow noreferrer\"><span style=\"font-weight: 400;\">2022 Visa Consumer Payment Attitudes study<\/span><\/a><span style=\"font-weight: 400;\"> shows that more than 90% of Malaysians are familiar with contactless payment systems, with almost 70% of them utilising them. This is a notable increase from the 56% recorded in the previous year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report also mentions the top categories that Malaysians spend on using contactless payments. These categories include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">supermarkets (53%)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">retail stores (46%)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">restaurants (44%)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ng Kong Boon, Visa\u2019s Malaysia country manager, says that Malaysia is among the most developed contact payment markets in the Asia Pacific Region, citing eight in 10 Visa transactions being contactless.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cCompared with 2019, only three in 10 Visa transactions made were contactless payments \u2013 contactless payments have grown significantly over the past few years, especially during the Covid-19 pandemic,\u201d he said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report also mentions that three in four Malaysian respondents to the study have attempted to go cashless, with at least 67% of respondents saying that they have tried to go cashless for a few days at a time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other interesting finds include the fact that up to 50% of respondents said that they tend to carry less cash in their wallets compared to before. The top reasons included using more contactless card or mobile payments, more places adopting cashless payments, and fear of carrying cash as it may get lost or stolen<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Majority of Malaysians indicated that they have used credit or debit card payments (92 percent) compared to 86 percent who have used cash.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The study has revealed that more Malaysians are going cashless with the data showing that card payments are overtaking cash transactions. 92% indicated they have used credit or debit cards to make payments compared to 86% who used cash in the period of the study.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The drive to go cashless is being credited to younger Malaysian consumers such as Gen Y and Gen Z. The report also stated that if this continues, Malaysia is expected to become a cashless society by 2023, meaning the majority of consumers will be using cashless methods and no longer relying primarily on cash for their daily transactions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More Malaysians have used credit or debit card payments instead of cash.<\/p>\n","protected":false},"author":58,"featured_media":56914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216],"tags":[980,982,386],"class_list":["post-56913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","tag-cashless","tag-news","tag-visa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Cash Still King In Malaysia<\/title>\n<meta name=\"description\" content=\"A report by Visa Inc. has revealed some interesting information regarding Malaysian adoption of cashless payments. 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