The new payment options are either by bank transfer for Malaysia’s banked population or cash-based for the 80% who do not have a credit card. Users can walk into storefronts and load digital accounts with cash or with their bank accounts to make purchases online.
According to the press release, Malaysia’s ecommerce market of about EUR 1.1 billion registers a continuous growth as Malaysian consumers are embracing digital banking. The ecommerce growth rate in the country is set to double by 2020 to 20.8%.
Currently, 25 million people in Malaysia are already internet users; 93% of 16-24 year olds log on daily as well as 88% of 25-34 year olds, and even 69% of people over the age of 55. Their commonly sought after goods include fashion/beauty items, electronics, and sports/hobby goods; however, it is projected that furniture and appliances will be the most purchased online goods in Malaysia by 2022, according to the press release.
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