Card payments in Malaysia to hit RM387bil this year, says data firm

KUALA LUMPUR: The Employees Provident Fund (EPF) has released a revised list of unit trust funds that qualify under the EPF Members Investment Scheme (EPF MIS) effective April 1, 2024.

PETALING JAYA: The move towards a cashless society is expected to see Malaysians use their credit and debit cards to spend some RM387bil this year, according to a data and analytics company.

The study found that card payment value in Malaysia registered a healthy compound annual growth rate of 14.3% between 2019 and 2023, reaching RM351.2bil last year. "In 2022, Malaysia launched a campaign promoting cashless payment alternatives for all governmental transactions. This included capping interchange fees for domestic and international debit cards at 0.10% and 0.27%, respectively, and at 0.6% for credit cards.

It also showed that credit and charge cards accounted for 60.7% share of the overall card payment value last year while debit cards accounted for the remaining 39.3%.

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