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In Malaysia, a big push towards going fully cashless

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Tan Ai Leng

Published Tue, Jun 21, 2022 · 05:50 AM
    • Digital-payment platform providers say they are seeing an increase in merchants asking for cashless payment services.
    • Digital-payment platform providers say they are seeing an increase in merchants asking for cashless payment services. PHOTO: BT FILE

    MORE Malaysians are relying less on using cash these days and turning more towards contactless payment options such as e-wallets for their daily spending.

    According to latest available data from Malaysia’s central bank, consumers made an average of 221 e-payment transactions each in 2021 — higher than the 170 in 2020 and 150 in 2019. The number of active e-wallet users has also jumped to 13.5 million in 2021, from 8.7 million in 2020.

    A recent study conducted by Visa on consumer payment attitudes in South-east Asia found that up to 74 per cent of Malaysian consumers have managed to go cashless, and that it will take just 3 more years for the country to become regarded as a cashless society.

    DigitalisationAsean BusinessMalaysiaDigital currencies

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