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

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Feat Image Mobile Wallet
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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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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

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