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E-wallet use increases in Malaysia during movement control order

Friday 1 May 2020 13:31 CET | News

The use of contactless payments and e-wallets has risen during the movement control order (MCO) in Malaysia.

E-wallets have become a crucial part of the ‘new normal’ during the MCO. As a result, some players from the industry develop new contactless features that aim to help SMEs carry on with their businesses. 

Touch 'n Go e-wallet is offering incentives such as cashback and free delivery for food orders, encouraging online food traders to go cashless. In addition, GrabPay Malaysia's cashless transactions have grown by about 1.7 times since the MCO, according to Straits Times.

Moreover, Malaysia-based Maybank has temporarily waived merchant transaction fees to encourage contactless payments. The bank has also seen a spike in the adoption of its MAE e-wallet, which allows users to pay for purchases by scanning QR codes with their smartphones, with sign-up rates more than doubling during the MCO. 

Since there are around 50 licensed ‘e-money issuers’ in Malaysia, including five banks, more contactless solutions are expected to rise. Furthermore, the Penang government is planning to make all public markets go cashless by June 2020.

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Keywords: e-wallet, MCO, movement control order, Malaysia, contactless payments, QR code, GrabPay, MAE
Categories: Payments & Commerce | Mobile Payments
Countries: Malaysia
This article is part of category

Payments & Commerce