The number of financial cards in circulation in Malaysia increased slightly in 2019, whilst card payment transactions saw strong growth in both current value and volume terms. Credit card transactions continued to dominate card payment transactions in value terms in 2019.
Non-bank parties are becoming involved in the payments industry, and retail outlets have been receptive, moving into the new era by accepting cashless payments via e-wallets such as Alipay and WeChat Pay MY. Such e-payments are accepted at selected retail outlets across the country, including convenience stores.
In 2017, payment transactions using foreign-issued QR code mobile payment services were recorded at Malaysian merchants. In view of this trend, local banks have been introducing QR code transactions and supporting Bank Negara Malaysia’s agenda to accelerate the country’s migration towards a cashless society.
Players in financial cards and payment are constantly launching new products to attract consumers, with the choice of card driven as much by rewards and benefits as by other features. Consumers are attracted by cards created for a certain lifestyle, such as co-branded cards.
The number of financial cards in circulation is expected to continue to rise Malaysia in the forecast period. Nevertheless, current value and volume transactions are expected to see much higher growth, indicating a greater number of transactions per card.
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Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Malaysia with research from Euromonitor's team of in-country analysts.
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