Malaysian consumers and businesses are increasingly using e-wallets and cashless payment options, with electronic money (e-money) leading in transaction numbers. E-money transactions reached 3.65 billion from January to September, followed by debit and credit cards.
Consumers and businesses alike are responding well to the convenience of using e-wallets and cashless payment options. -YAP CHEE HONG/The StarElectronic money , which includes e-wallets and mobile banking apps, has recorded the biggest number of transactions, compared with other electronic payment tools.
As of September this year, the figures continued to rise to 179.33 million users, according to Bank Negara. Economist Dr Geoffrey Williams said the growth of e-payments in Malaysia was in line with global trends. Cheques had the highest transaction value among other e-payment tools, logging a total of RM681.1bil from January to September this year.Cheques have also consistently recorded the highest cumulative value of transactions throughout the past five years:The data shows that the value of cheque transactions, although still exceeding the rest, has been shrinking over time.
Because changing into a fully cashless society will take time, Yeah said cash will still remain an important component of the country’s financial system. “The transformation into a cashless society is expected to accelerate in the coming years given the rising penetration of mobile phones, Internet access and banking services coverage,” he said.
“Second, cybersecurity issues expose the entire economy to the risk of collapse if the e-payments system is hacked. “Going cashless is certainly good for the economy as it raises efficiency and lowers transaction costs besides enhancing convenience and flexibility for consumers and businesses.
E-Wallets Cashless Payments Electronic Money Malaysia Transactions
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