QR mobile payments promote cashless payments in Malaysia, says GlobalData

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.