Nearly all Malaysians are expected to adopt emerging digital payment methods in the next 12 months, with 99% of consumers indicating likely usage, according to a Mastercard global survey.
The study found that 63% of Malaysians now prefer Tap & Go mobile payments, biometrics, QR codes and mobile wallets over cash or manual card entry, placing them among the most receptive globally towards digital payment innovation. This compares to 53% in Asia Pacific, 25% in North America and 24% in Europe.
While 70% of Malaysians still used cash in the past year, QR code payments followed closely at 64%. Looking ahead, 86% are likely to use instant payments, while 85% and 83% plan to use QR code payments and digital wallets, respectively.
Malaysian consumers are also enthusiastic about financial technologies beyond payments, with 89% keen to use AI for managing finances, such as fraud detection and payment automation. Meanwhile, 91% say their financial situation strongly influences their choice of payment methods.
Super apps and social commerce are also playing a major role, with 75% of Malaysians preferring all-in-one apps for payments and shopping. Among Gen Z and Millennials, over half favour buying through social media platforms instead of traditional websites, with 72% influenced by online personalities in their purchasing decisions.
Security remains a concern, as 84% of Malaysians are worried about data privacy, even though 72% trust biometric payments more than traditional methods.
The findings are part of Mastercard’s global study conducted by The Harris Poll, covering more than 19,000 consumers across multiple regions, including 1,010 respondents from Malaysia.
