Payment methods in Malaysia

Let’s go to #Malaysia 🇲🇾 ! A little walk to discover all the payment methods in Malaysia.

Nuggets unearthed locally, global actors working there, different types of payment methods.

In 2022, Malaysia has a population of over 32.7 million, and its e-commerce turnover is expected €8.4bn (2022).

 


 

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 

Payment by bank transfer

  • 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

  • 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

  • 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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