The Pandemic in Malaysia has accelerated Malaysia to be a cashless society by 2025 and not 2028 if it had not happened, Visa, the world’s leader in digital payments said.
In a finding that was released today, from its latest Visa Consumer Payment Attitudes Study, it said most Malaysian consumers (55%) can successfully live for more than a week without using cash. This represents a 13 percent increase compared to the previous year.
It said that the pandemic has also prompted Malaysian consumers to choose digital payments over cash in the longer term, where more than one in four of the respondents (28%) said they are likely not to use cash after the pandemic
Visa said that Malaysians believe that a cashless society also brings several benefits such as curbing the spread of the virus (58%), providing users with the ability to track financial records easily (54%), lowering the risk of theft (52%), offering users a hassle-free experience, eliminating the need to queue at banks (52%), among others.
The study also revealed that there is a growth in cashless payment adoption, especially via QR payments (60%), mobile wallets (54%), and contactless cards (51%). This is primarily seen in categories such as bill payments, supermarket, retail shopping, purchases at convenience stores, and food and dining.
Ng Kong Boon, Country Manager for Visa Malaysia, said: “It is clear that events in the past years have caused a significant change in the way we live and work. The pandemic has accelerated digital transformation and how Malaysians choose to pay and be paid.
At Visa, we are following the change in consumer behaviour closely. From the insights we have gathered from the study over the years, the shifts towards using more digital payments in Malaysia are here to stay.”