In spite of cash use remaining relatively high in Malaysia, new payment technologies are expected to gain momentum in the short term. The key opportunity is to provide products and services that are as easy to use, convenient, and secure as cash in order to actively promote digital payments.
"Consumer Payments Country Snapshot: Malaysia 2016", report examines the consumer payments market in Malaysia, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the main regulatory players in the Malaysian market.
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This report provides the following -
- Analyzes the consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their positions in the market have changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Malaysia are deploying these tools to meet customer needs.
- Explores the online payment market in Malaysia by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Providers should promote card adoption and use merchant partnerships, reward programs, and benefits to encourage card use, while educating Malaysian consumers about the advantages of using payment cards over cash.
- Although of moderate size in terms of absolute value, Malaysia’s e-commerce market is forecast to report a CAGR of 16% over 2016-21, larger than most other Southeast Asian markets (only behind Indonesia).
- While contactless card technology in Malaysia has currently reached penetration of just over 37%, the complete migration to EMV standards with contactless functionality and educational campaigns by Malaysia’s central bank are expected to increase contactless card penetration among Malaysian consumers.
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Bank Simpanan Nasional
Hong Leong Bank
Touch N Go
What this report offers
- Understand the key facts and figures in the consumer payments market in Malaysia.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Malaysian market and use this knowledge to inform product design.
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