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