Statistics Of E Wallet Users In Malaysia 2020

Assuming an average of three e wallets per user this translates to around 15 7 million malaysians which is around 48 of the country s population of 32 6 million. According to a survey done by pwc malaysia in 2018 only 22 of the respondents were e wallet users with only 9 of respondents expecting to use their e wallets more than 6 times a week. Malaysian mobile subscription with 42 93 million showed 139 from total population.

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Outlook on malaysia s e wallet sector with a high internet penetration rate at 80 and smartphone penetration at 63 the outlook for digital payments and e wallets is certainly bright entering into the year 2020 and beyond.

Statistics of e wallet users in malaysia 2020. Bank transfers are the most used e commerce payment method in malaysia accounting for almost half 46 percent of all transactions or 1 8 billion in 2017. 45 use of this method is forecast to continue to grow at a compound annual growth rate of 25 percent to 2021 when it is expected to retain its top position and account. Malaysia has a mobile penetration rate of 144 8.

Although the e wallet uptake is still low in the country food truck operators and small traders are hoping that more malaysians will gradually shift towards cashless payment. If i use a credit card i might get points but it s not as good as what e wallets offer based on figures from the malaysian statistics department the total population stands a 32 6 million while credit card circulation according to bank negara malaysia is about 10 3 million. In terms of number of users there are a total of 89 86 million e money users as at october out of which 47 11 million are network based.

When i use cash i don t get anything. The digital payments market segment is led by consumer transactions and includes. This took effect in may 2020 and had the unfortunate effect of removing one of boost s most unique features.

Bank transfers dominate as malaysia s preferred payment method. The reluctance of consumers to part with their credit and debit cards paired with the fragmented e wallet market contributed heavily to the slow adoption rate. Global trends demand that malaysia turn cashless into king but here s the problem for e wallets malaysia already has an existing cashless system that many are familiar with and this system is called cards.

An e wallet s competition isn t just another e wallet. A rise in the number of e wallet related scams in 2020 caused boost to discontinue a feature that allowed users to withdraw their credit to a bank account. Total transaction value in the digital payments segment is projected to reach us 12 304m in 2020.

Malaysia digital association 2016 malaysian active mobile users adds to 20 million with penetration rate of 65.

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