What Are The E-wallet Trends In Malaysia?
The increasing use of E-wallets in the Southeast Asian region has put Malaysia in the limelight of the digital revolution. Consumers are moving from cash to contactless payments, as they find the modern convenience of managing their daily finances through their mobile phones more enjoyable. However, the E-wallet trend in Malaysia is moving at an even faster pace as the use of cash has decreased during the COVID pandemic. A study conducted by Mastercard in 2020 showed that Malaysia is a leader among its Southeast Asian (SEA) neighbors in terms of digital wallet usage. The study also found that E-wallet usage is 40 percent in Malaysia, 36 percent in the Philippines, 27% in Thailand and 26% in Singapore. Mastercard collected data from 10,000 consumers in the Asia Pacific region. Where customers use E-wallets? In SEA countries, E-wallet usage has increased by 8% since 2019. Among all payment methods, cash was still the most preferred payment method for the SEA population in 2020 followed b