Cross-border ecommerce is an essential part of Malaysian online shopping and makes up 44% of all ecommerce sales.
More than half (52%) of Malaysian online shoppers spend cross-border (JP Morgan).
And with a relatively young, digitally savvy population, Malaysian consumers are willing to look far and wide for the right products.
Payment by card
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Despite the rise in popularity of digital wallets, cards are still going strong in growth. The number of credit card transactions increased by 42% between 2015 and 2020.
Payment by bank transfer
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In the case of e-commerce payment, bank transfer is the most popular payment method in Malaysia (46% of online purchases)
Financial Process Exchange (FPX) is a popular bank-transfer method.
- With local actors such as:
- Maybank
- CIMB Clicks
- PayNet / FPX
- RHB
- DuitNow
- Bank Islam
- Public Bank
- AmBank
- AffinBank
- HongLeong Bank
Payment by installment and BNPL
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BNPL Payments are Expected to Grow by 109.5% to Reach $601.2 million in 2022
- With local actors such as:
- MrPayLater
- Paylater
- Ablr
- IOUpay
- Split
Payment by digital wallet and X-Pay
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Malaysia leads Southeast Asia in digital wallet use by 40% take-up, as compared to neighbouring countries, the Philippines (36%), Thailand (27%) and Singapore (26%).
There are nearly 40 different e-wallets available in the country!
- With local actors such as:
- Boost
- MAE by Maybank
- Touch’nGo wallet
- Bigpay
Payment methods in Malaysia interesting you?
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