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Learn moreNov 2020
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The number of transactions and transaction value declined in Malaysia in 2020 as a direct result of the emergence of COVID-19 in the country, and the subsequent lockdown measures in the form of Movement Control Order (MCO) which included amongst other factors, work from home measures, or unemployment and decreasing disposable incomes with the latter weakening consumer sentiment. This scenario resulted in many Malays prioritising their spending on essential goods and services, reducing the number of payments that they made during the first half of the year in particular, during an unstable climate.
Malaysian borders were closed to foreigners on 17 March. The Malaysia Movement Control Order (MCO) started on 18 March, and included measures such as limited operating hours for grocery retailers of 08.
The emergence of the pandemic and the subsequent lockdown measures introduced by the government in an attempt to control the spread of the virus significantly hit major business sectors for the country including tourism (due to closed borders), hospitality and airlines, resulting in a spike in unemployment and weaker consumer sentiment. The latter factor has focused Malays’ spending priorities on essential goods and services, and reduced the likelihood of greater spending on big-ticket items which had also led to a decline for credit cards and charge cards in particular.
With the country in lockdown for several months resulting in non-essential stores being closed and fears over potential exposure to the virus if consumers visited physical stores, even as the MCO was gradually eased, an increasing number of Malays headed online to orders goods in 2020. This supported a surge in a number of electronic and digital payment methods, supporting significant growth in the number of transactions and transaction value for both electronic direct/ACH transactions and mobile m-commerce remote.
Local cashless card issuer Touch ‘n Go (TNG) retained its leadership in terms of financial cards in circulation due to the dominance of popular pre-paid cards with the player extending its service over the review period from being mainly a cashless system for public transport and tolls, to becoming another player in mobile payments, developing its own e-wallet and allowing payments in convenience stores and selected retail stores. Speed and convenience are the key drivers of the rise of digital payments and became increasingly relevant under the scenario of the pandemic.
Malay consumers are expected to continue to shy away from using cash payments over the forecast period in a continuation of a trend emerging during 2020 due to the emergence of the pandemic, and supported by the government’s vision for Malaysia to become a cashless society. This scenario is set to lead to further decline in terms of cash transactions over the forecast period, and further growth in the number of financial cards in circulation, primarily driven by debit cards with the latter expected to see a particularly strong performance over the forecast period, driven by an aversion to accruing credit and getting into debt amongst some consumers as they are spending money they already have in the bank.
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Overview
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.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Malaysia, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Malaysia market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Malaysia, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
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.