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QR mobile payments promote cashless payments in Malaysia, says GlobalData

Tuesday 18 February 2020 10:50 CET | News

Data and analytics company GlobalData has published a report revealing that Malaysia is making progress to grow e-payments adoption through QR-code mobile payments.

The total card payments’ value is set to increase from USD 50.4 billion in 2019 to USD 81 billion in 2023, according to GlobalData. GlobalData’s report, ‘Malaysia Cards & Payments: Opportunities and Risks to 2023’, reveals that the rise in electronic payments is also supported by the growing adoption of mobile wallets, a trend that is prevalent in other Asian markets such as China and India. 

According to GlobalData’s 2019 Banking and Payments Survey, 56.5% of the respondents in Malaysia had mobile wallet and used it, and only 6.5% of the respondents never heard about mobile wallets. To encourage the adoption of mobile payments among consumers and SMEs, the government along with other payment participants is increasingly considering QR-based mobile payments as a viable alternative for cash.  

 QR code-based payment is becoming a major trend in Asia-Pacific with several countries such as China (eg. Alipay), Singapore (SGQR), and India (Paytm) having already adopted this mode of payment.

 




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Keywords: GlobalData, Malaysia, online payments, QR payments, cashless payments, digital payments, ecommerce, Paytm, SGQR
Categories: Payments & Commerce | Online Payments
Countries: Malaysia
This article is part of category

Payments & Commerce