fbpx
Connect with us

News

Study: 63% of Malaysians Utilise Mobile Wallets for Transactions, The Highest in The World!

Published

Feat Image Mobile Wallet
Source: Freepik & 123rf

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

A recent study by Adyen, a global financial technology platform, has found that a whopping 63% of Malaysians utilise mobile wallets for transactions, the highest in the world!

This is according to the Adyen Index 2024, a retail-based survey of over 38,000 shoppers and 13,000 merchants across 26 markets.

 

Malaysians lead the world in mobile wallet usage

164869552 L Normal None

For illustration purposes

As per BERNAMA which quoted the index, the study also included over 1,000 consumers and 500 businesses in Malaysia from 15 January to 1 February 2024.

The index further found that Malaysian consumers are shifting away from physical wallets, with 41% now relying on mobile-enabled solutions such as tap-to-pay.

Meanwhile, a staggering 73% of Malaysians are found to utilise social media for shopping, much higher than the global average of 44%.

New Normal After Covid Epidemic Asian Female Payment Progress Buy Scaning App By Smarthine Cashless Touchless New Lifestyle Shopping Department Store Cashier Counter 609648 1260

For illustration purposes

In lieu of this, Adyen also noted how Malaysians shop on these social media platforms approximately 6 times per month.

As for the age group which utilises social media platforms for shopping, the index found that millennials were the most likely to do so, with 80% saying they had done so in the last 12 months.

Meanwhile, Gen Z consumers clocked the greatest growth, with 17% of the age group who have shopped on social media over the past 12 months being first-time buyers.

 

Malaysian retailers experience revenue growth after enabling social commerce

Attractive Casual Smart Asian Female Woman Online Shopping Purchase Online With Credit Card Data Laptop Technology Lifestyle

For illustration purposes

Accordingly, Adyen said that businesses have swiftly adapted strategies to align with evolving customer preferences, with 73% of Malaysian retailers reporting experiencing revenue growth after enabling social commerce.

Moreover, 45% of consumers have expressed loyalty to retailers who facilitate direct purchases via social media platforms, emphasising the need for seamless omnichannel experiences in fostering customer loyalty.

Customer Giving Credit Card Cashier Desk With Pos Terminal Payment Cropped Shot Closeup Hands Shopping Concept

For illustration purposes

So, what do you guys think of the study’s findings? Share your thoughts with us in the comments!

 

Also read: S’porean Accidentally Overpays RM7,022 via e-Payment for Meal at Eatery, Wants Refund on The Spot

Feat Image Netsa

Source: 123RF
Source: pch-vector

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Feat Image Killing Feat Image Killing
News17 mins ago

The Inconsistent Law Allowing Local Councils in M’sia to Kill Stray Dogs by Shooting Them With Firearms

The killing of a stray dog, affectionately known as ‘Kopi’, in Besut, Terengganu, sparked outrage nationwide last month as the...

Collage 12 2 Collage 12 2
News1 hour ago

64yo Woman Turns Her Home into a Literal Prison With Iron Bars to Keep Drug-Addicted Son at Home

A 64-year-old woman from Thailand has come up with desperate measures in an attempt to help her 42-year-old son overcome...

My Post 1 2024 11 13T162127.643 My Post 1 2024 11 13T162127.643
News2 hours ago

21yo Woman Dies in Freak Accident After Container Overturns & Crushes Her Car at Penang Traffic Light

A young woman lost her life while a man was injured after the vehicles they were in were hit and...

My Post 1 2024 11 13T151827.903 My Post 1 2024 11 13T151827.903
News2 hours ago

Defence Minister: Year 1 UPNM Students Will Be Separated from Seniors to Prevent Bullying

Recently, the National Defence University (UPNM) has been riddled with controversy surrounding several bullying and abuse cases among their cadets,...

Collage 10 1 Collage 10 1
News5 hours ago

M’sian Courier Company Issues Apology After Viral Video Shows Van Driver Running Over Dog in Banting

A recent video circulating online shows a GD Express (GDEX) delivery driver making a routine delivery in a housing area...

Collage 9 1 Collage 9 1
News7 hours ago

34yo M’sian Found Dead After Allegedly Falling into a Water Container in His Home Bathroom

In recent news, a man was found dead after he was believed to have fallen into a water container in...

My Post 1 2024 11 13T105621.505 My Post 1 2024 11 13T105621.505
News7 hours ago

“They’ve amassed RM4.3mil” – Robbers Behind 44 Safe-Breaking Cases Shot Dead By PDRM at Jalan Imbi 

A group of Vietnamese nationals were shot dead at Jalan Imbi, Kuala Lumpur, at 11:30pm last night (November 12) during...

Feat Image Lhdn Evasion Feat Image Lhdn Evasion
News1 day ago

Here’s How M’sians Can Anonymously Report Someone Who’s Evading Taxes to LHDN

Previously, we shared how Malaysian entrepreneur and influencer Cik Epal claimed that her ex-husband, Jofliam, who owns a pizza business,...

Announcement

Latest Videos



TRENDING TODAY