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

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

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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%.

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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

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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.

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

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