Malaysia Leads in Mobile Wallet Usage – Survey

Malaysia Leads in Mobile Wallet Usage – Survey

KUALA LUMPUR: Malaysia is leading the world in mobile wallet usage, with 63 percent of Malaysians using this facility for shopping, according to global financial technology platform, Adyen.

This is the highest adoption rate worldwide, according to the Adyen Index 2024, a survey based on retail reports from over 38,000 shoppers and 13,000 merchants across 26 markets, including over 1,000 consumers and 500 businesses in Malaysia, conducted from January 15 to February 1, 2024.

Adyen stated that Malaysian consumers are shifting away from physical wallets, with 41 percent now relying on mobile-enabled solutions like tap-to-pay.

“Malaysian shoppers prefer quick and easy payment methods, further boosting the demand for streamlined in-store experiences such as kiosks and one-click payments,” the company said in a statement today.

Regarding the popularity of social transactions among consumers, the index showed that 73 percent of Malaysians use social media for shopping, significantly higher than the global average of 44 percent.

“Malaysians also shop on these platforms about six times a month,” Adyen added.

The research firm also found that millennials are likely the largest group of shoppers on social media platforms compared to any other age group, with 80 percent admitting to making transactions in the past 12 months.

Gen Z consumers showed the largest growth, with 17 percent being first-time buyers among all Gen Z users who have shopped on social media in the past 12 months.

Recognizing this growth potential, businesses have adapted their strategies to align with the evolving preferences of customers, Adyen noted.

“A total of 73 percent of Malaysian retailers reported revenue growth after engaging in social commerce,” it said.

Based on the survey, 45 percent of users also expressed loyalty to retailers that facilitate direct purchases through social media platforms, highlighting the need for seamless omnichannel experiences to foster customer loyalty.

Adyen Malaysia’s Country Manager, Soon Yean Lee, said the recent findings reveal a significant shift towards digital payments and social commerce, with Malaysian consumers leading global trends in mobile wallet usage.

“To maintain customer loyalty and remain competitive, businesses must be agile in meeting these evolving consumer preferences,” he said.

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