Malaysia leads mobile wallet usage in Southeast Asia

PETALING JAYA: Malaysia leads the pack in Southeast Asia when it comes to mobile wallet usage, as the Covid-19 pandemic has driven the momentum towards the digital economy in the region by necessitating rapid adoption of ecommerce, digital payments and preference for online activities, according to the latest Mastercard Impact Studies report.

The report, gathering input from consumers across 10 markets in the Asia Pacific region, examined the effects of extraordinary events on attitudes and behaviors among consumers and/or business professionals.

In Southeast Asia, Malaysia led on usage of mobile/digital wallets, ahead of Philippines, Thailand and Singapore. Malaysia’s usage of digital payments was also higher in comparison to other markets in Southeast Asia.

On the contactless cards front (both debit and credit), Malaysia tied with Singapore with approximately 24% of consumers in both markets saying they are using contactless payments more.

Other online activities also saw heightened interest. Malaysians spent more time online with top activities comprising surfing the net for news and entertainment (75%, followed by online video streaming (57%), social networking (55%) and home delivery of food or groceries (50%).

Additionally, about 64% of Malaysians said they will conduct online shopping in the same frequency as currently or before the pandemic even after restrictions are lifted. Similarly, consumers expect to continue home deliveries (54%) and working from home (45%).

Mastercard Southeast Asia Emerging Markets division president Safdar Khan said many consumers and businesses have been quick to adapt to the digital world and cashless payments in order to stay safe and maintain a sense of normalcy.

“Even as organisations and markets prepare for recovery, consumer concerns over their safety and well-being will be at the forefront of any strategy—and this is evident in the way that consumers in Southeast Asia are now shopping and transacting,” he said.

The report findings also showed alongside these changes in digital habits, Malaysia also saw a shift in payment methods. About 40% of consumers reported they were using mobile/digital wallets more, followed by contactless debit cards (26%) and contactless credit cards (22%) whilst cash usage declined (64%) since the beginning of the pandemic.

source https://www.thesundaily.my/business/malaysia-leads-mobile-wallet-usage-in-southeast-asia-CC2620037