Over half of Malaysians have embraced cashless payments in the last three months, with Touch ’n Go (TNG) eWallet emerging as the most popular choice, according to a study by IPSOS, a global market research firm.
More than 15% of M’sians use e-Wallets on a daily basis
This trend highlights a gradual departure from traditional cash-based transactions, signaling a significant transformation in Malaysia’s payment landscape.
In an in-depth study conducted by Ipsos, the usage of electronic wallets (e-wallets) has become integral to daily life in Malaysia, with more than 1/4 of non-cash transactions (26%) coming from e-wallets.
The survey also revealed that more than 15% of Malaysians use e-wallets on a daily basis.
“Although the number of e-wallet users has slightly decreased, the frequency of usage among users has increased. One-fourth of e-wallet users now use it daily, which is more than double the usage rate in 2022.”
“The primary uses of e-wallets are for paying tolls and parking, F&B outlets, and food delivery. The use of e-wallets for retail purchases has decreased as people have returned to physical stores and may prefer using cash or other forms of payment,” it wrote.
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Despite the rise in e-wallet usage, online banking and debit cards remain the primary payment methods among Malaysians, with e-wallets ranking as the third most preferred option.
TnG eWallet is the most used app
TNG eWallet’s unshakeable position as the “national e-wallet” is evident, with a commanding 88% usage rate.
Following closely is Maybank’s MAE, securing the second spot in popularity among Malaysian e-wallet applications with a usage rate of 46%.
Notably, MAE experienced a significant surge in usage, marking a 19% increase from the previous year.
The survey also uncovered that Malaysians typically use up to two different e-wallet apps, with ShopeePay (19%), GrabPay (15%), Boost (4%), FavePay (2%), and Lazada (2%) following TNG and MAE in usage rates.
