Visa has released its Consumer Payment Attitudes (CPA) study which highlights the progress of a cashless Malaysia. The survey found that seven in ten consumers in Malaysia have attempted to adopt a cashless lifestyle, with Gen Z and Gen Y driving this trend.
Nearly four in five respondents in these age groups have successfully gone cashless in Malaysia.
The study also highlights a shift in cash-carrying habits, with nearly half of the respondents carrying less physical cash.
Key reasons include increased use of contactless payment methods (61%), more places accepting cashless payments (54%), and concerns over the safety of carrying cash (42%).
The CPA study indicates a growing trend of digital payment acceptance among Malaysian merchants, bolstering the country’s shift towards a cashless society.
Digital payments are now widely used in Malaysia, with 91 percent of consumers utilising card payments.
Contactless payments are the most preferred method, accounting for 20 percent of transactions, followed by QR payments (12%) and online payments with credit or debit cards (10%).
Malaysian preferences for contactless card payments continue to grow, with more than 90 percent of consumers aware of this method and over 60 percent actively using it.
Ng Kong Boon, Visa Country Manager for Malaysia said,
“This increase in digital payments acceptance is a reflection of how well Malaysia has evolved in terms of the payment landscape. More merchants and consumers see the benefits of digital payments as a convenient and secure way to pay. In fact, contactless payments have really outperformed in the country compared to a few years ago.
Today, more than nine in 10 Visa transactions are contactless payments, compared to 2019 where it was slightly over 50 percent. Visa looks forward to continuing working with key stakeholders in the payment ecosystem to drive the adoption of digital payments, leading to a more digitalised Malaysia.”
Featured image credit: Edited from Freepik
