Mobile payment value doubles to RM100b
Financial transactions made via the mobile channel continued to gain traction among the Malaysian population. — AFP file pic
This was supported by a continued increase in subscribers to mobile banking services to 6.6 million subscribers in 2018 versus 4.4 million in the previous year, Bank Negara Malaysia said in its Financial Stability and Payment Systems Report 2018 released today.Of the 47 non-bank e-money issuers in Malaysia, three in four offer mobile payment solutions.
“Although still at a nascent stage, mobile payments are increasingly displacing cash in day-to-day purchase transactions,” it said. As at end-2018, more than 65,000 registrations were recorded among merchants for the acceptance of mobile payments, of which more than half were facilitated by non-bank e-money issuers.
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