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Learn moreNov 2018
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In line with the push towards Malaysia becoming a cashless society, Bank Negara Malaysia (BNM) announced its focus on mobile payments in 2018 to complement debit cards in displacing cash. Debit cards have been placed at the centre of this focus due to the lifestyles of younger consumer groups that have been pushing the expansion of e-payment services.
According to the Mastercard Online Shopping Study 2017, debit cards are the second most used payment method for online transactions, yet there is still room in the industry to boost the number of active debit card users. The use of mobile wallets has also created significant demand for debit cards as non-bank mobile wallets require top-ups from a bank account, which is usually linked to a debit card.
Statistics from BNM revealed substantial transaction volume and value growth in debit card usage during 2016-2018. ATM cards double up as debit cards in Malaysia, which means consumers with bank accounts automatically own a debit card without hassle.
According to the Internet Users Survey 2017 conducted by the Malaysian Communications and Multimedia Commission, online bank transfers were the most preferred payment method for online shoppers. Direct payment via bank accounts allows consumers to bypass the need for debit cards.
The unbanked population presents a challenge, as these individuals do not own an account with any bank or financial institution. According to the Financial Stability and Payment Systems Report 2017 by BNM, 8% of the Malaysian population were unbanked.
Payment and online banking fraud remained low in 2017, according to BNM, although payment card fraud losses increased marginally in both transaction volume and transaction value terms. Card-not-present fraud such as unauthorised online transactions accounts for the majority of total fraud cases and total fraud losses.
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Discover the latest market trends and uncover sources of future market growth for the Debit Transactions industry in Malaysia with research from Euromonitor's team of in-country analysts.
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Euromonitor’s industry reports, including Debit Transactions in Malaysia, originate from our database within our Consumer Finance market share and market size database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.