With cashless payments fast becoming the preferred method for financial transactions, it's hard to find people carrying a lot of cash in Malaysia these days.
With cashless payments fast becoming the preferred method for financial transactions, it’s hard to find people carrying a lot of cash in Malaysia these days.
Fast, convenient and secure, the use of QR Codes is among the most popular methods for cashless payments, and according to a new study, Malaysia is among the world leaders in QR Code usage. According to the latest study by Data Reportal, a platform for global statistics, as shared by The Nation, Malaysia was second only to China in the world for QR Code usage last year, with 66.1% of the population using it monthly.
The study was conducted in 2024 and focuses on QR Code usage via smartphone among individuals aged 16 and above globally. Furthermore, the study found that the global average for monthly QR Code usage last year stood at 50.8%, with Asian countries dominating the top 10 rankings with 5 entries. Another notable finding in the study is how QR Code usage is still low in the United States, with only 35.8% of the population using the cashless method, which is considerably lower than the global average.Well, the popularity of QR Code usage among Malaysians shouldn’t be a surprise as a previous study by Ayden, a global financial technology platform, found that Malaysia has the highest usage of mobile wallets for transactions in the world.
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